Alibaba to Apply for Primary Stock Listing in Hong Kong
2022.07.26 08:09
Budrigannews.com – Alibaba (NYSE:BABA) Group Holding Ltd. said it will apply for a primary listing in Hong Kong, a move that could make shares of the e-commerce giant accessible by mainland Chinese investors through the city’s exchange links with Shanghai and Shenzhen.
The move, expected by year-end, is part of a growing shift toward primary listings in Hong Kong as more dual-traded companies seek exposure to investors from China. Hong Kong Exchanges and Clearing Ltd. Chief Executive Officer Nicolas Aguzin has said more companies with secondary shares in Hong Kong are considering primary listings, while others may be forced to do so by market rules as more of their trading volume migrates to the city.
Alibaba currently has a secondary listing on the Hong Kong bourse, but has seen a rise in public float and transaction volume on the exchange there, it said in a statement on Tuesday. Its average daily trading volume in Hong Kong was about $700 million, compared to about $3.2 billion in the US.
Read more: HKEX CEO Sees China Giants Moving to Primary H.K. Listing
