Alibaba Group has announced its plan to list on the Hong Kong Stock Exchange’s primary listing, effective August 28, making it a dual-listed company on the New York Stock Exchange (NYSE) and Hong Kong Stock Exchange (HKEx) .
With this move, Alibaba aims to expand 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 shares have been transferred to Hong Kong, making it among the top three listed companies in Hong Kong by market cap and trading volume.
This widely anticipated primary listing in Hong Kong is expected to help qualify Alibaba to attract investment from the mainland through the Hong Kong Stock Connect program.
Alibaba's Share price went up 1.22% to 82.65 HKD following the news.
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