Alibaba hong kong stock | Alibaba plans to add to the NYSE and seek a primary listing in Hong Kong.

Alibaba hong kong stock | Alibaba plans to add to the NYSE and seek a primary listing in Hong Kong.

The largest e-commerce business in China, Alibaba, intends to applyto for a primary listing in Hong Kong.

AP — HONG KONG At a time when Beijing is pressuring internet giants to share their wealth with the public, Alibaba, the largest e-commerce business in the world by sales, revealed plans on Tuesday to modify the status of its shares sold in Hong Kong, making them more available to Chinese investors.

By the end of 2022, Alibaba is anticipated to complete its primary listing on the Hong Kong Stock Exchange, making it a dual-primary listed corporation on the New York Stock Exchange and the Hong Kong Stock Exchange.

Alibaba’s CEO Daniel Zhang stated that the company was looking for another primary listing venue in order to cultivate a “wider and more diversified investor base.”

According to a statement from Zhang, “Hong Kong and New York are both significant global financial capitals, with shared qualities of openness and variety.” Alibaba’s worldwide strategy is also being launched from Hong Kong, and we have complete faith in China’s economy and future.

Through the Stock Connect investment route, which enables mainland Chinese investors to purchase equities listed in Hong Kong and vice versa for Hong Kong and international investors, the move will open up Alibaba’s shares to millions of mainland Chinese investors.

Alibaba’s move to pursue a primary listing in Hong Kong also coincides with U.S. regulators’ warning to delist Chinese firms with American listings if they don’t comply with auditing standards, which in turn caused a selloff of Chinese equities with American listings.

The company, which has its headquarters in Hangzhou, completed a secondary listing in Hong Kong in November 2019. It’s initial public offering in New York, which took place in September 2014, was the largest at the time.

It was once the darling of many technology stock investors, but its stock price has plummeted following Beijing’s regulatory crackdown on China’s technology industry.

Alibaba’s New York stock price has fallen 47% over the past year. Its shares closed Monday at $101.06 before the announcement.

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