China's biggest e-commerce company Alibaba Group Holding Ltd is postponing its up to US$15 billion listing in Hong Kong.

This latest turn was predicted by some, but more or less confirmed by Reuters, which reported on the knowledge of the matter by two anonymous sources who cannot be named as they were not authorised to speak to media.

What happened

Alibaba's board decided to postpone the Hong Kong listing scheduled to take place in late August 2019.

The board meeting was held before its latest quarterly earnings release in mid-August.

The decision was made based on what is happening in Hong Kong, which is convulsing from 12 weeks of unrest and violence.

More than 700 people have been arrested.

Hong Kong's stock market also fell to seven-month lows in mid-August.

October possible

No new timetable for the listing has been formally set.

However, Alibaba could launch the Hong Kong deal as early as in October.

The e-commerce behemoth is seeking to raise US$10 to US$15 billion.

One source said pushing through with the deal was akin to a reward for Hongkongers: "It would be very unwise to launch the deal now or anytime soon. It would certainly annoy Beijing by offering Hong Kong such a big gift given what's going on in the city."

Alibaba declined to comment on the deal, Reuters reported.