BusinessAlibaba gets Hong Kong's approval for a primary stock...

Alibaba gets Hong Kong’s approval for a primary stock listing

A filing Monday showed Chinese internet tech giant Alibaba is another step closer to letting mainland Chinese investors trade its shares directly.

Kuang Da | Jiemian News | Visual China Group | Getty Images

BEIJING — Chinese e-commerce giant Alibaba is making Hong Kong a “primary” listing for its shares, paving the way for mainland China investors to trade the stock directly.

The Hong Kong Stock Exchange acknowledged Monday Alibaba’s application to convert locally traded shares to primary listing from the current secondary status, according to a filing.

It is expected to take effect by the end of 2022, the document said.

Gaining primary status in Hong Kong would make Alibaba eligible for inclusion in a stock connect program with mainland China.

The stock briefly rose more than 2% in Hong Kong trading Tuesday morning.

“We expect that the Primary Conversion will allow us to broaden our investor base and facilitate incremental liquidity, and in particular expand access to China- and other Asia-based investors,” Alibaba said in Monday’s filing.

Alibaba listed on the New York Stock Exchange in 2014 in the biggest IPO at that time.

Nearly three years ago, the Chinese internet tech giant began to tap investors closer to home with a secondary listing in Hong Kong.

Last month, Alibaba took advantage of recent rule changes in Hong Kong to apply for a dual primary listing there.

Just over a week ago, the U.S. Securities and Exchange Commission added Alibaba to a list of U.S.-listed Chinese companies that face delisting if they cannot meet audit requirements within three years. Alibaba said it would work with regulators to maintain its listings in New York and Hong Kong.

Original Source Link


Please enter your comment!
Please enter your name here

Latest News

Nursing home ownership data now available from HHS

The Health and Human Services Department has unveiled a public database that provides unprecedented access to information about...

Brickbat: Conduct Unbecoming

Stoughton, Massachusetts, Police Chief Donna McNamarra said she will ask the Peace Officers Standards and Training Council to...

Dream Cabins: Northern Minnesota home will 600 feet of lake frontage lists for $1.3 million

A three-bedroom, three-bathroom home on Clearwater Lake in Pinewood has been listed for $1.3 million.  The 5,012-square-foot home is...

Find Out More Here – Hollywood Life

View gallery Emily Ratajkowski, 31, is no stranger to dating in the spotlight. The gorgeous model has gotten attention...

Must Read

Britain’s lurch to Reaganomics gets thumbs down from markets

Truss has now put the country on an...

Five Things Every Biohacker’s Home Needs From Dave Asprey’s 2022 Biohacking Conference

While many people associate biohacking with taking vitamins...
- Advertisement -

You might also likeRELATED
Recommended to you