CHINESE Internet giant Alibaba Group Holding Ltd. has picked China International Capital Corp. (CICC) and Credit Suisse Group AG to lead a planned Hong Kong share sale, people familiar with the matter said.

The online retailer is in discussions with other investment banks seeking a role on the offering, according to the people. Alibaba plans to file a formal listing application with the Hong Kong stock exchange as soon as the next few weeks, the people said.

The offering could raise as much as US$20 billion, though Alibaba hasn’t finalized a precise fundraising target, the people said. A deal that size would be Hong Kong’s largest share sale since 2010. The transaction could bolster the city’s status as a destination for Chinese mainland tech listings and boost Alibaba’s cash pile as it wages a costly war of subsidies with Meituan Dianping in food delivery and travel.

In the Hong Kong offering, Alibaba will seek to preserve its existing governance structure, where a partnership of top executives has rights including the ability to nominate a majority of board members, one of the people said. Under new rules for secondary listings introduced by the Hong Kong bourse last year, the company can apply for an exemption to standard restrictions in the city that would bar that kind of setup.

Preparations are at an early stage, and details of the offering could change, the people said. Alibaba declined to comment.

Credit Suisse was the left-lead bank on Alibaba’s 2014 U.S. IPO, which raised a record US$25 billion. Alibaba also has an existing relationship with CICC. It owns 11.7 percent of CICC’s Hong Kong-traded shares, making Alibaba the second-biggest holder. (SD-Agencies)