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Alibaba Group’s Sh1.3 trillion ($13.4 billion) Hong Kong listing is shrinking cash levels in the protest-wracked financial hub, with short-term borrowing costs shooting back towards a decade-high marked in July.
Large IPOs and share sales typically hoover up cash in Hong Kong’s relatively small banking system, albeit temporarily. But market players say Alibaba’s listing is having a much bigger impact, due to its blockbuster size and as five months of pro-democracy protests have resulted in recession and sown fears of capital outflows.
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