alibaba is said to be continuing a $20 billion share sale in hong kong.his follows the record-breaking ipo in new york in 2014. the news coming as tensions between the u.s. and china escalates, leaving chinese companies grappling with how to deal with an increasingly hostile u.s. government. the megadeal would bring china closer to investors at home. elizabeth: what we know is alibaba is looking at applying for permission to file this ipo later this year. obviously, this sort of a big coup for hong kong after missing out on that initial ipo five years ago, the biggest one ever. this is their opportunity to win back their national treasure of a company. emily: how much if anything does this have to do with trade tensions between the u.s. and china? elizabeth: the timing is really interesting. this is being called a trade war ipo. there definitely seems to be some element of that that people think this is an unattractive time to look for domestic investors, those kind of investors that use this company every day, unlike american investors, who could start t

emily: alibaba shares have taken a dive over the past six weeks or so.tribute that to trade tensions? elizabeth: it is hard to tell. tech stocks are always first to get hit when there is market uncertainty. over the last five years, this has become a huge company and way up based on when they went public. a big success. emily: what is next? what steps could alibaba be taking that we will be looking for toward making a final decision about this listing? elizabeth: the bank mandates around this, who they will be getting, and how things are going in terms of conversations with local investors and the demand they are looking at. we are looking at the second half of this year for them to start this process. they are going in at a very busy time for these tech listings. , not sober and lyft successful, and other companies looking to come to market. this is joining the big march of tech companies raising money from investors. cameron caught up with charles li to talk about their courtship of alibaba. charles: i am happy if this report is indeed correct, that th

alibaba mulls an asia ipo.

emily: what is alibaba trying to do?al: alibaba has not confirmed what kind of proceeds they will be going for. what we know is they are not short of cash. they actually have $30 billion of cash on hand, but this will be a good platform for them to have an extra listing vehicle in asia and they can tap more equities if they want to. again, given the whole trade situation, it is good to have equity platform in asia as a contingency plan in case anything goes wrong in the u.s. emily: thank you so much for your reporting on this. the ceo of nio does not seem to be worried in the face of dropping value. he explains why. >> i think our investors do not understand our long-term value. from the standpoint of nio, we have faith in our long-term value. complicated reasons led to the stock rise and fall which is beyond our control. it's a very complicated thing, especially if there is a shortselling mechanism in the u.s. >> the chinese government is trying to attract the top technologies to list on domestic exchanges. is that some

alibaba is moving closer to what could be hong kong's biggest 2010.sale since alibaba has not finalized fundraising target, but we're told it could raise as much as $20 billion. it raised $25 billion in its american ipo. shery: tesla appeal for help saying components are the brains of the car and the duty on electronic components would raise the car's cost. the waiver was denied saying the theonents are related to china 2025 program. call: it is not just cars going electric. told airbus is confident that its revolutionary propulsion system will be ready by 2035. it is also studying options for materials wings and to a deficiency as part of its target to cut co to perm -- co2 by 2050. shery: broadcom tumbled as the chipmaker cut its full-year revenue forecast. is it mostly because of the trade tensions right now? >> the trade tensions are a big component of it and that is driving more uncertainty into the supply chain, which is leading customers to a sort of pullback on demand. was a big huawei portion but not a key portion, it was not the larger portion of that. you are seeing this as a

tepper's fast pitch here because i am long alibaba. do think it is in the trade war last week and it's been volatile and the sum of the parts and financial and there are different levers to pull and i don't think they have the same regulatory pressure. >> b.k., brian kelly >> b.k. brian kelly is not a buyer for many reasons that people at the end of the desk talked about and i don't think i have the trade war tariff and i think this is right in the crosshairs and so not a buyer. >> i've been in and out of alibaba, and i am out of it right now, but i agree with mr. tepper and i am a bare of alibaba and i see how the trade news shakes out. >> two buys and one sell and the desk has voted and it's your turn now and go to cnbc fast money on twitter and we'll reveal the final results later in the show. also ahead, it's been a turbulent year for shares of amic alieranirnes and we'll tell you what has investors rubbing to the stock more "fast money" straight ahead. ♪ there are roadside attractions. and then there's our world-famous on-road att

is -- laibl alibaba is listed -- alibaba is in new york and it's looking for a listing in hong kong.? tonese companies looking come here. coming home. and where people understand the model better and you might be able to get a higher valuation. and maybe not get caught up in war.rade and all of the implications. >> why would these two banks chosen in particular that you mentioned? and we'll come to that. no u.s. banks in the lead here, that.ing to is that -- >> yes. cicc, a no-brainer. they actually own a minority in this chinese investment firm anyways. credit suisse, they were involved in their new york i.p.o., that helped them raise a record $25 billion. investment has -- i think that's what alibaba really cares about. like you said, there are no u.s. of now. that doesn't mean that they're u.s. investment brokerages in the future. we could see more names being brought to the table. >> the bigger issue here is, you mentioned of course, should u.s. markets worry. thing, you have a tech board in shanghai that's up and running. as an alternative, i guess, to u.s., but the u.s. still h

emily: alibaba shares have taken a dive over the last six weeks or so.tribute that to trade tensions? elizabeth: it is hard to tell. i mean, you know these tech , stocks are always first to get hit when there is market uncertainty. in the trade war certainly doesn't help. but you know over the last five , years, this has become a huge company and still sort of way up based on when they went public. so overall, a big success. emily: so what is next? i mean, what steps could alibaba be taking that we will be looking for toward making a final decision about this listing? elizabeth: one of the big things that we will be looking to sort of report next is the bank mandates around this, who they will be getting, and how things are going in terms of conversations with local investors and the kind of demand they are looking at. if we are looking at the second half of this year for them to start this process, they are going to be going in sort of a very busy time for these tech listings. we had uber and lyft at the beginning of this year in the u.s. not so success

alibaba moves a step closer to a share sale in hong kong. the impending offer could raise as much as $20 billion. shery: let's get you started with a quick check on how markets closed. the s&p 500 finishing at the highest level in five weeks. the nasdaq, the highest level in a month. reversingtors yesterday's office to gain ground in yesterday's session. most were in the green. they were led higher by energy stocks. take a look at wti. wti prices gained as much as 4.5% at one point. apparent attacks onto tankers -- on two tankers building up the tension in the persian gulf and leading investors to get worried about supply around oil. and we saw now on crude, jumping 2% in the last two sessions. u.s. futures at the moment unchanged. let's see how we are shaping up to the asian markets. sophie: this friday, we're facing a mixed session with type and commodity sectors in focus. get activity data from china later this morning. investors will be watching to see if they can avoid the big sses we saw in -- mi in april. that is expected to have held

alibaba is said to be continuing a $20 billion share sale in hong kong.ows the record-breaking ipo in new york in 2014. the news coming as tensions between the u.s. and china escalates, leaving chinese companies grappling with how to deal with an increasingly hostile u.s. government. the megadeal would bring china closer to investors at home. elizabeth: what we know is alibaba is looking at applying for permission to file this ipo later this year.

alibaba. so i'm saying that, you know, despite all these headwinds, apple is already here. alibaba has got a lot of catching up and it will do it i think quickly if, indeed, they get this deal. that's why i keep pointing to this one as one of the top ones that i would buy if we get positive outcomes babb. >> you think you get catch up. >> from alibaba. >> i do. i think that outperformance like crazy over the next quarter if we get positive outcome right here if it's just a stretching out of this, apple continues to just outperform. >> somebody paint me as alibaba is moving higher, somebody paint me the perfect scenario for apple it take out that old high of 233. >> here's what apple has going for it it's a low p/e stock 15 times earnings. it's growing, continues to meet expectations they can beat expectations now for next year if there's a deal. you've got the f.a.a.n.g. risk on trade with the added option of the china deal resolution which matters more to them than any of the other f.a.a.n.g. stocks. >> it's momentum i'm sorry. >> i agree. >> you mentioned with the f.a.a.n

but alibaba isn't short of any cash.d about $30 billion in cash as of march, but it does boost liquidity and diversify funding since they went public in that monster ipo in 2014. they have diversified far beyond e-commerce. they are in off-line retail, logistics, entertainment, delivery. that has put pressure on margins, and it could raise funds for this costly subsidy war they are having right now. >> apple is making contingency plans to deal with an escalating trade war between the u.s. and china. foxconn, the iphone maker's primary manufacturing partner, says that it has the capacity to make u.s. market bound iphones outside of china if necessary. india, as i understand it, is one of the places, among others. this does not seem to be what donald trump had in mind, that they would simply move from one low cost country to another. >> that's right. taiwan is another major location foxconn could move to. this is the reality of the global supply chain for smartphone components. it is a situation where these multinational c

and alibaba, we think, is one of the best we can be with.e are not worried about that at the moment but we will see what happens. you never know how this could escalate, but we've got a lot of confidence with alibaba. emily: traditional tech companies have struggled to break in to china. facebook, twitter, google left china -- ebay, as you know well. [laughter] emily: do you think entertainment could be a new way into china for u.s. business and industry? meg: american entertainment exists in china today. there are quotas on how much foreign content can be imported and there is censorship, but there is no question that i think the chinese entertainment industry is coming of age and growing. and i think there will be more opportunity for worldwide content into china over time. maybe not in the next couple of years, but listen. the china economy is growing, there is a whole middle-class that is emerging in a very major way, and we know that they like entertainment. emily: that was quibi ceo meg whitman. coming up, facebook is building its own

>> well, i don't know what jack did before alibaba but he sure did a great job at alibaba. i think probably ts easier to be a drupt ordisruptor -- look at jobs, if you have had a couple failures maybe it's easier to be a disruptor than if you have had success. liz: the book is called "total rethink." i would wish you good luck but you don't seem to need it. >> i just need the book to sell. liz: david, thank you so much. the irish billionaire self-made. we have the dow losing some steam here but still up 28 points. when we come back, the one, the only, charlie gasparino. #winslow. i'm with winslow. e. this is the durabed of the all new chevy silverado. it looks real sturdy. -the bed is huge. it has available led cargo area lighting. lights up the entire bed. it even offers a built in 120 volt outlet. wow. plug that in for me. whoa! -holy smokes! -oh wow! and the all new silverado has more trim levels than any other pickup. whoa! oh wow! -very cool. there's something for all of us. absolutely. it's time to upgrade. (laughter) you can earn $100 off your deductiblee, for every

killing an investigative story on the tiananmen square massacre and replacing it with a piece on alibaba as a role model for young entrepreneurs and on the current protest story ming pao journalists posted an open letter critical of the paper's biased reporting in favor of the authorities and police and taking issue with editorials that called the protesters rioters is not just about the bill but about. the china's attitude towards press for their own and this understanding of judicial independence so for journalists and editors from hong kong they have been rest or even sentenced to jail by. charges that have nothing to do with their report hong kong being a key information hop for journalists not just in hong kong but the around the world to report on china so that extradition bill will expose each and every of them to risk we've seen creeping self-censorship we've seen. businesses withdrawing their advertising under pressure from needing to do business with china so all those things are very real threats but at the same time compared to the press in mainland china the hong kong media

alibaba mulls an asia ipo. the ecb wants to normalize policy, but rising risks pose a challenge to the plan. >> the real risk would be a n escalation towards a full-fledged trade war. viviana: exclusive insight on volatile markets comes from the top decision makers at pimco and morgan stanley's ceo, james gorman. >> we think we are entering an age of disruption. >> around the world, you are seeing things that are all triggering market reactions, and it is more negative news than positive news. >> plus, huawei's founder and ceo speaks exclusively to bloomberg. ren zhengfei believes his company will come through the u.s. blacklist with flying colors. >> the toughest battle environment doesn't reflect how great we are. viviana: it is all straightahead on "bloomberg best." hello and welcome. ♪ >> hello and welcome. i am viviana hurtado. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. let's start with a day by day

alibaba could raise as $20 billion.25 billion in its new york ipl, the world's largest ever. that is your business flash update. >> call it academic espionage. chinese-americans being removed from top research institutes all a part of trump administration's push to counter china's theft of intellectual property. we had bloomberg's peter waldman who wrote the story, and it is a fascinating read. it is a big, long look at the ramifications. the headline captures it, there has been this ee so's -- ethos on openness on the fight against cancer. how does it slowdown that progress? summer, the director of the national institutes of health sent a letter to institutions around the country saying that we are very worried that you may have people sending ideas to collaborators in china, basically raising questions about the way that basic science is done in these collaboratives, particularly between u.s. researchers and chinese. the place that really kicks at this ball was md at, a huge houston cancer center run by the denver cit

we announced with alibaba, they'resucc thesful cloud company in china. so the key is when you think about many of these companies, huawei, many ware customers. we continue to serve those customers, there is an option for us to play in the cloud computing growth and china in a positive way. >> and for alibaba and other private clouds can be successful in china as it is for azure and google in the u.s. >> others and i am thinking of apple which is increasing looking into services and being less reliant on hardware size. do you see other companies starting to slowly pivot to different alternative, less dependant on china? >> i can't give advice to every company. the hardware economies have to think about -- my advice is first off you got make sure diversity f for software, you have a little bit more exposure to other country because the china still. the hardre penetration. software is still early. sales force and adobe and these are all successful. we are still seeing a lot of opportunity and china is not another country -- we'll have a lot of growth in oth

alibaba, an asian ipo. the ecb wants to norman nice normalize policy, but rising risks.xclusive insight on volatile markets come from pimco and morgan stanley's cpl and jp morgan. >> we think we are entering an age of disruption. >> you see things triggering market reactions, and is more negative news than positive news. founder speaks's exclusively to bloomberg. he says he will come through with flying colors. tough battle environment just reflects how great we are. >> it is all straightahead on "bloomberg best." ♪ >> hello and welcome. youris "bloomberg best," weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. let's look at the top headlines. last weekend, voters across europe went to the hall polls. at stake, the makeup of the european parliament and leadership of the european ecmission and b. >>>> mainstream political parties have held their ground against assaults from populist groups, according to results from the european parliamentary election. they saw the highest turnout in a decade, set to re

alibaba and an asian ipo. viviana: the ecb wants to normalize policy, but rising risks challenge that plan. exclusive insight on volatile markets comes from the top this is makers at pimco and morgan stanley's ceo. >> we think we are entering an age of disruption. >> around the world, we are seeing things that are all triggering market reactions, and it is more negative news than positive news. >> plus, huawei's founder and ceo speaks exclusively to bloomberg. he says he thinks he will come through the u.s. blacklist with flying colors. >> the tough battle environment just reflects how great we are. viviana: it is all straightahead on "bloomberg best." hello and welcome. i am viviana hurtado. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television around the world. let's start with a day by day look at the top headlines. last weekend, voters across europe went to the polls. at stake, the makeup of the european parliament and, ultimate

alibaba is one of the best we can be with.e not worried about that but we will see what happens. you never know how this could escalate but we got a lot of confidence. emily: traditional tech companies have been struggling to break in to china. ebay, as you know well. do you think entertainment could be a new way in for u.s. business and industry? meg: american entertainment exists in china today. their quotas on how much foreign content can be imported and there is censorship, but there is no question i think the chinese entertainment industry is coming of age and growing. there will be more opportunity for worldwide content into china over time. the china economy is growing, there is a middle-class emerging in a major way and they like entertainment. emily: quibi ceo meg whitman. player for thea golden state warriors and eight tech player. investor. he published a memoir that chronicles his life from childhood in springfield, illinois to nba champion. he talked about how technology is being used to track players' health and

alibaba shares doubled in price. the broadcasting of gains. 2019 and he delivered on his promise. shery: softbank still owns about 26%. there will be an additional shares sale. an opportunity for more? >> certainly. unwind a veryd to significant state -- stake. there are several considerations. bookinghat they are their profits and net income on the balance sheet. billion yen is a significant chunk of money. 20%.at stake goes below alibaba shares as collateral. to thestion comes down alibaba growth story yet to be told. paul: is there is concern that there is not enough balance sheet strength to chase all these deals around the world? >> certainly. we know that they are in the process of raising a second vision fund. is actuallydeal part of a significant portfolio. it is a slightly different company right now. they listed their telecom operations. the proceeds are still there. how he intends to raise the amount for contribution. we have some suggestions that they might have a larger stake in the fund. shery: thank you so much. next, we are loo

a vote will be brought up at alibaba's annual meeting next month.he shares were up more than 1% to $159.91. >>> a lockheed martin executive says he's not concerned that the proposed merger of raytheon and united technologies would affect the f-35 program. greg ulmer, the program manager for the f-35 fighter jet, believes the merger will also not p t pressure on company's profit margins. the shares dropped a fraction to $348.69. >>> a health care start-up wants to shake up and simplify part of the very complicated health care system, and its mission sounds very similar to the ones set forth by the jointtu v between berkshire hathaway, jpmorgan and amazon. bert coombs has the story. >> reporter: collective health has administered health plans or tech neighbors like activision, pinterest, and uber, for the last five years. with a new $200 million investment led by tech venture firm softbank, the start-up aims to build its business with midsized and large self-insured employers beyond silicon valley. >> establish new local, regional, and national networ

killing an investigative story on the tiananmen square massacre and replacing it with a piece on alibaba as a role model for young entrepreneurs and on the current protest story ming pao journalists posted an open letter critical of the paper's biased reporting in favor of the authorities and police and taking issue with editorials that called the protesters rioters is not just about the bill but about. the china's attitude towards press for their own and this understanding of judicial independence journalists and editors from hong kong they have been rest or even sentenced to jail by. charges that have nothing to do with their report hong kong being a key information hop for journalists not just in hong kong but the around the world to report on china so that extradition bill will expose each and every of them to risk we've seen creeping self-censorship we've seen. businesses withdrawing their advertising under pressure from needing to do business with china so all those things are very real threats but at the same time compared to the press in mainland china the hong kong media is far

higher earnings are due plus alibaba's home investor listing, may stoke some excitement. quick check on oil. holding near three-month lows. oil still holding below $54 avail -- a barrel. calling into a fresh coming 19 low on friday as the seven handle is on the radar. aussie bonds are playing catch-up. not far off from record lows. strategists are guessing the aussie body are -- bond yield curve is flattening. vocis has an offer after a swedish firm walked away from its takeover bid which sent shares plunging. premium tos a 27% the last close, valuing vocus at 3 billion aussie dollars. let's get the first word news with jessica summers. jessica? >> thanks, paul. grave concerns about a new bill in hong kong that stops the addition of china from april. damaged business environments. hundreds of thousands of people rallied on sunday against the proposal. >> iran is stepping up the rhetoric by warning the u.s. to quote, not expect to stay safe after its diplomatic actions against iran. there were threats over president trump's rejection of the 2015 nuclear deal and the recent

alibaba is moving closer to what could be hong kong's biggest share sale since 2010.na's largest corporation has filed confidentially for a listing. alibaba could raise as much as $20 billion. its newd $25 billion in york ipo, the largest ever. that is the latest bloomberg business flash. guy: we are counting everybody down to the european close. let's take it where -- let's take a look at where european markets are now. ftse digging into negative territory. the dax is still positive. the lead gainer on that market, wirecard. matt miller talking to its boss a little earlier on. four minutes to the close. this is bloomberg. ♪ vonnie: finishing up the day in the european session you can see it is mostly greener flat. flat for the cac 40 in paris. the swiss market coming back from negative to down just three points. the dax is up about .4%. and some of is flat the individual stocks that have caused this to happen -- where card the best performer in the deck. -- in the backs. -- in the dax. earlier onth the ceo saying growth will come from the international component of w

afterholding in alibaba the trade goes through.not pulling on record on alibaba. this chart shows the two-year, the 30-year and the 10 year break evens. mr. bullard says this provides some assurance in the case of a sharp of than expected downturn. my question to you is an economist, are we now u nanchored? our inflation expectations in the united states of america de anchored? janet: i think it is too early to say that. last year we saw this complete collapse in inflation expectations and it upsets the market when the fed governor actually said the balance sheet was on autopilot. then, he backtracked and i think there was a realization, as you say, that in fish in a traditions would come down sharply. relationships are constantly changing labor market behavior, global influences on inflation, they will be very alert to the risk. but when the fed sets policy, yes, they have to pay attention to global development, but also pay attention to their own domestic economy. so yes, all the risks are skewed to further downside surprises in

kong.n hong [indiscernible] benefit from the listings of alibaba and other tech companies from china.hink these are the names of people we would go in for, to own people like stable names. david: how can you like hong kong exchanges if you are not optimistic about the market? he said you're not buying into today's session. i wonder how those things fit together. it seems conflicting. alex: not today, because i think to die the price is a little bit pumped up. we have unusual conditions and i think we can wait. i think we would be benefiting from more listings of chinese companies. names,ng has some growth i think it would be ok, these are the manufacturers as i said the people would like. valuation is high, but if you look at the exchanges sector. [indiscernible] i think it could benefit sentiment as well. rishaad: disco moved to the u.s. quickly here as well. you have three stocks you like there. andosoft, mastercard, dollar general. i had to look it up to my did know what it was. yvonne: the dollar store. think they will have the highest pressure to raise their price. they are named

anchor: yes, the seasonality of the dividend payments and the ipo pipeline, with the alibaba ipo that could strain liquidity, so we are seeing continued strength in hong kong today, and we are seeing risk off across the board, given that the trade headlines not looking any more positive after yesterday. a bounce back when it comes to credit, but not enough, because it was still missing estimates. guys, let's take a look. again falling, about 380 points here in just about half an hour of trade. to continue the worst two-day loss we have seen in a month when it comes to your hong kong shares. we have also seen a 1% drop across the board, with the kospi, and we are seeing some of the risk-off play when it comes to the japanese yen. we are strengthening about 1/5 of 1%. we are in i guess you could say a neutral pboc, but we are seeing some pressure when it comes to the currency, given the dollar seems to be awakening. let's zoom out and see what else we are watching out, of course brent crude hitting below $60 a barrel yesterday. it has been the volatility that we have been seeing in hong

biggest's alibaba's shareholder.the first time they've sold shares in the company and 16 years. that's in 16 years. -- in the company in 16 years. vonnie: we've seen a nice rally this morning after fed chair jay making sured about the expansions are going to continue. the 10 year yield is at 2.13%. not as much movement in the bond market. one of the better performers talks for a purchase. the best performer in the s&p 500, the toymakers, hasbro and mattel. anbro being helped by animated series on netflix. for mattel, it has a licensing pact with hello kitty and friends. the dollar index just a little lighter today. 97.26. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." let's get back to the bloomberg investment summit. david westin has been speaking with the co-ceo of bridgewater associates. they discussed policy the next financial crisis. >> of course, what the fed does will have a material effect on growth. the challenge, of course,

the offering could raise as much as $20 billion, although alibaba has not set a precise target. be hong kong's biggest sale since 2010. shery: shutterfly jump in news offered of $51s a share. $1.74 billion based on the outstanding shares of the end of march. it will assume more than $1 billion of debt as it aims to move shutterfly with a rival. the deal is expected to close in the fourth quarter. paul: foxconn's boss is shaking up his inner circle, appointing his chief financial officer to a new operations committee. the decision to promote the cfo and to foxconn's senior decision-making body shines the light. he's excited to stay back from day-to-day business if the contents and the presidential election next year. still to come, we will have more analysis on the markets. we will be joined by whittier onst manager and checking in futures pricing. we will have news for you in the next hour of daybreak asia. stay with us. ♪ hey! i'm bill slowsky jr., i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity

your social media is each chat, your e-commerce is alibaba your -- alibaba. .nd on the other side, you will have google, facebook, tesla. all these kinds of things. that is the idea. we will have something similar and as you can see in the dynamics of what is happening in particular with huawei, people can see that cold war separation beginning, but it is with tech -- and there is no barbed wire, no total separation. you can still drive a ford in china. it will look quite different. we are not even clear, this is a prediction, we are not even clear it will happen this way. taylor: either a physical or virtual barrier, a tech cold war as you described, this is not easy. take us to the u.k. for countries to take sides, it is not easy. especially when you're are talking about technology. mark: absolutely. the u.k. is a perfect example for how difficult and complicated this will be. you just had the d-day celebrations reminding us of the long, deep alliances between the u.k. and the u.s. they were fast allies all through the cold war. and here you have the u.k. say

first off, alibaba's mega listing. giant has applied for a hong kong listing. ceo still wanted.k continues to search for its next leader. david: when in doubt, turn to a lawyer, right? joining us now is should nelly -- is sonali basak. now hong kong is back in the news in a big way. sonali: seriously. we alluded to this a little yesterday. alibabacitement about listing in hong kong with $20 billion, not insignificant. international, one local bank. when we reported the news, shares jumped a little bit. it shows you the excitement around the steel. also have wall street banks getting in. sonali: that is something they are doing in the u.s. also, financing a lot of unicorns pre-ipo. there's a lot of regulations around doing this. however, it does get you on the deal. it did help morgan stanley with uber. for alibaba, we haven't talked about the debt financing, but i would be surprised not to see morgan stanley on it. u.s. banks are pushing hard into china and want to be on these deals. morgan stanley was co-lead for alibaba in the u.s. as well. there's a lot of unicorns popping up

killing an investigative story on the tiananmen square massacre and replacing it with a piece on alibaba as a role model for young entrepreneurs and on the current protest story ming pao journalists posted an open letter critical of the paper's biased reporting in favor of the authorities and police and taking issue with editorials that called the protesters rioters is not just about the bill but about. the china's attitude towards press for their own and this understanding of judicial independence so for journalists and editors from hong kong they have been rest or even sentenced to jail by. charges that have nothing to do with their report hong kong being a key information hop for journalists not just in hong kong but the around the world to report on china so that extradition bill will expose each and every of them to risk we've seen creeping self-censorship we've seen. businesses withdrawing their advertising under pressure from needing to do business with china so all those things are very real threats but at the same time compared to the press in mainland china the hong kong media

/china trade tension hurting to becomes like alibaba >> we hear it not hurting the u.s.much how much is it hurting the chinese internets? >> i think it restricts it a little bit particularly to david's point on m&a, if there were some larger m&a particularly domestically in the u.s., i think you would continue to see m&a by those chinese popularities internationally, but not domestically in the u.s. >> do we fail to appreciate the size and power of some of those chinese giants ten krent and alibaba amongst them >> those companies are phenomenal companies, they're big companies. i think part of the regulatory debate has to be around, as we hamstring or restrict u.s. large companies, what does that do to the balance of power internationally when you're competing against chinese companies? that's got to be part of the debate, as well. >> what do you see as the biggest existential threat to tech and some of these companies? >> i think the biggest threat might be how this regulatory stuff plays out and trade. when you say tech, hardware and semis away from software ultimately

killing an investigative story on the tiananmen square massacre and replacing it with a piece on alibaba as a role model for young entrepreneurs and on the current protest story ming pao journalists posted an open letter critical of the paper's biased reporting in favor of the authorities and police and taking issue with editorials that called the protesters rioters is not just about the bill but about. the china's attitude towards press for their own and this understanding of judicial independence journalists and editors from hong kong they have been rest or even sentenced to jail by. charges that have nothing to do with their report hong kong being a key information hop for journalists not just in hong kong but the around the world to report on china so that extradition bill will expose each and every of them to risk we've seen creeping self-censorship we've seen. businesses withdrawing their advertising under pressure from needing to do business with china so all those things are very real threats but at the same time compared to the press in mainland china the hong kong media is far