HANGZHOU, Aug. 23 (Xinhua) -- Alibaba Group on Friday announced its primary listing plan on the main board of the Hong Kong Stock Exchange, with the change to primary listing scheduled for Aug. 28, which will make the group a dual-primary listed company on the New York Stock Exchange and the Hong Kong Stock Exchange.
The upgrade of listing status in Hong Kong, which Alibaba applied in July 2022, does not include new share offering and fundraising, the Chinese tech giant said in a statement.
The addition of Hong Kong as another primary listing venue is expected to allow Alibaba to broaden its investor base from the Chinese mainland and other Asian markets and increase the liquidity of its Hong Kong-listed shares.
Since its secondary listing in Hong Kong in 2019, the majority of its public float has been shifted to Hong Kong. Alibaba has been among the top three listed companies in Hong Kong in terms of both market capitalization and share transaction volume.
Following the widely anticipated primary listing in Hong Kong, Alibaba would be entitled to investment from mainland investors via the Hong Kong Stock Connect program.
It is expected to be included in the investment list of the Hong Kong Stock Connect program as early as in September, according to securities firms. ■
