Alibaba, the Chinese e-commerce giant, has postponed plans to list its shares on the Hong Kong Stock Exchange, according to two people briefed on the matter, as protests continue to rock the Asian financial capital.

The protests and the instability they created in Hong Kong’s stock market led to the postponement of the offering, which had been expected to take place later this month, according to these people. The offering had been expected to raise $10 billion to $15 billion, one person said.

Protests have disrupted the city for months and have begun to disrupt the commerce that makes up its lifeblood. Many economists are now predicting its economy will shrink in coming months because of both the antigovernment demonstrations and the worsening trade war between the US and China.

It is not clear when the company plans to stage the stock offering. A spokesman for Alibaba declined to comment on the plans, which were reported earlier by Reuters.

Hong Kong’s business scene has been increasingly affected by the protesters, who are pushing back against China’s rule. The stock market has fallen about 9 per cent since the end of June, as clashes between demonstrators and the police have grown increasingly violent and showed little sign of slowing down.

Beijing has tried to use its economic sway to try to get the corporate world to back its hold on the territory. Last week, the chief executive of Cathay Pacific Airways, one of Hong Kong’s most successful global brands, said he would resign as the company came under increasing pressure from Chinese regulators and the country’s state-controlled news media.

On Wednesday, Cathay Pacific said its planes were less full in July compared with a year ago, and it said it expects an even more significant impact in the coming months.

China’s state-controlled news media has also pressured global accounting firms like PwC and Deloitte to keep their employees from participating in protests. Alibaba’s decision to postpone its offering did not stem from pressure from Chinese authorities, according to one of the people briefed on the company’s plans.

A semi-autonomous region of China, Hong Kong has long offered access to surging Chinese economic growth while granting the protections of a fiercely independent judiciary, wide freedom of expression, one of the world’s lowest urban crime rates and stable political leadership.

Those factors have helped make Hong Kong one of the world’s favourite places to invest and raise money. Last year, Hong Kong-listed companies raised $69 billion from investors, according to the local exchange operator. In addition, it took steps last year to loosen rules for listing there. A decision by the city’s regulator to allow so-called dual class shares — which gives the founders of a tech company more power — was seen as a broadly positive development for Beijing.