Alibaba’s decision to push ahead with its Hong Kong stock market listing despite worsening unrest came as a surprise to some of the city’s most seasoned investment bankers.

Just a few weeks ago a senior executive at a Hong Kong investment bank scoffed at the idea of the deal happening before the end of the year, given the dramatic scenes on the streets. “They want to see some of this craziness subside,” the banker said of Alibaba, adding: “They don’t really need the money.”

That same banker is now helping the Chinese ecommerce giant carry out the world’s biggest equity raising this year, worth up to $13.4bn. Before the offer was confirmed last week, a senior executive at another bank hinted he would be willing to place a large bet against it happening in 2019, citing its size and the tight timetable.