Tech heavyweight giant, Alibaba Group Holding Ltd, said on Friday the voluntary conversion of its secondary listing to primary listing on the Hong Kong Stock Exchange will become effective on Aug 28.
Alibaba said in statement it will become dual primary listed on both the Hong Kong and New York bourses, and the voluntary conversion to dual primary listing does not involve any issue of new shares and fundraising by the company.
The Hangzhou, Zhejiang province-based company has been listed on the New York Stock Exchange since September 2014, marking what was at the time the largest IPO in history. It raised $13 billion from the Hong Kong bourse via a secondary listing in November 2019. In July 2022, Alibaba applied for a primary listing in Hong Kong.
Experts said the move will allow Chinese mainland investors to trade in the tech giant's shares via the stock connect mechanism linking the Shanghai, Shenzhen and Hong Kong bourses, and inject new liquidity into the Hong Kong stock market.
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