However, that did not work because of the fierce protests in Hong Kong, which made investors more cautious.
In particular, the US and China have been engaged in an ongoing trade war that has rattled USA and Asia markets constantly.
The people declined to be identified due to the sensitivity of the matter.
The Company is first due to seek approval from Hong Kong's listing committee next week, on Thursday, according to two other separate sources with direct knowledge of the matter.
An Alibaba spokesman declined to comment on the timing of the share offering.
The transaction, Dealogic data showed, would be the world's biggest-ever cross-border secondary listing. Alibaba now holds the record for the world's biggest IPO for its United States dollars 25 Billion listing back in 2014.
What you should know: If Alibaba realises up to the planned $15 billion IPO, it will be the biggest IPO since insurance company, AIA Group Limited which raised $20.5 billion in 2010.
It also faces rising competition from nimbler rivals such as Pinduoduo PDD.N which have outsmarted the retail juggernaut in smaller cities with deep discounts and group-buying deals.
The listing would be a big deal for the Hong Kong stock exchange, which could use the boost of a high profile listing.
Alibaba is thought to have submitted their application discretely in June with hopes of listing in August, however the unrest in Hong Kong forced the company to postpone the process.
Hong Kong's stock exchange, which reported its worst slide in profit in nearly three years, could face pressure from local protesters pushing back on influence from mainland China.
Already, US lawmakers such as Senator Marco Rubio are agitating for measures to curb investment flows to Chinese companies, including the extreme option of tossing US-listed firms off American bourses.
Demonstrations are expected to escalate over the weekend as the death of a student inflames rioters who are calling for "flash-mob"-style rallies".
The company will appoint more banks next week to help sell its shares in Hong Kong, sources said.
Credit Suisse and China International Capital Corp. will be the lead underwriters on the deal.