Alibaba (BABA  ) is planning on listing its shares on Hong Kong's stock exchange to raise $15 billion later this month. The e-commerce giant is pushing ahead with its plans despite the ongoing protests which are seen as a vote of confidence that the island will continue to be financially vital for Chinese companies. Initially, it had looked to list in August but delayed due to the intensifying protests.

The company is expected to receive approval this week from regulatory authorities. If it's successful, then it will mark the largest secondary offering in history for a company on multiple exchanges and possibly the largest this year depending on the outcome of the Saudi Arabia's Aramco IPO. CICC and Credit Suisse (CS  ) are lead bankers in the offering.

Alibaba's secondary offering is coming from a position of strength as its Singles' Day promotion topping $38 billion, and the company just blew out second-quarter earnings and raised guidance for the next year. This performance is remarkable given headwinds from the trade war and the protests which have had a serious impact on Hong Kong's economy.

The company is expected to use proceeds from the offerings to invest in its AI platform, food-delivery efforts, and travel offerings. Alibaba sees AI as the next big frontier and is looking to win market share in the latter categories.

Given this remarkable success, many are questioning why the company is so eager to tap markets for additional cash. As of November 11, the company had a market cap of $486 billion with $33 billion of cash and $21 billion of debt. Rather than financial, the primary reason for the company's listing is political.

Alibaba is looking to increase Chinese ownership of the company which follows an edict from the Chinese government for companies to move back to their home markets. Many Chinese companies are listed on U.S. exchanges, and they are looking to offer shares either in Shanghai or Hong Kong.

Alibaba's decision is actually a consequence of the trade war and increasing tensions between the US and China. Having shares listed on Hong Kong is insurance against the risk of shares on the New York Stock Exchange being delisted. This follows reports that the Trump Administration was looking to retaliate against Chinese companies listed on US exchanges.