Alibaba gets nod for Hong Kong listing upgrade – Reuters

Investing.com — Shareholders of Chinese e-commerce giant Alibaba (HK:) have approved a plan to upgrade its Hong Kong listing to primary status, the company said on Friday, a move expected to attract massive investments from mainland China, as per a Reuters report. 

The company first proposed this upgrade a few years ago amidst heightened geopolitical tensions between China and the United States, the report added. 

The upgrade will allow Alibaba to participate in a program connecting the stock exchanges in Shenzhen and Shanghai with the Hong Kong stock exchange. 

Despite concerns about the company’s growth prospects in the face of competition from rivals like PDD Holdings, investors were expected to approve the conversion. 

Alibaba clarified that this upgrade does not involve issuing new shares or raising funds, the report added.

Shares of Alibaba closed 1.2% higher on Friday.