Alibaba upgrades Hong Kong listing status to primary
This move makes Alibaba eligible for the SAR’s Stock Connect programmes, which will help the firm tap a larger group of Chinese investors; however, rival PDD Holdings saw its shares drop sharply on the Nasdaq this week, and JD.com...
KickT
August 28, 2024
Chinese tech giant Alibaba will convert its stocks listed on the Hong Kong Stock Exchange HKEX to a primary listing, from what has been a secondary one since 2019, effective this week on August 28.
Once completed, Alibaba will be dual primary listed on HKEX and the New York Stock Exchange NYSE. The voluntary conversion doesn’t include issuance of new shares or fundraising activities, according to an August 23 announcement from the company.
A primary listing status will qualify Alibaba’s Hong Kong shares to be included in the Stock Connect programmes with Shanghai and Shenzhen Stock Exchanges in mainland China. Qualified mainland investors would then be...
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