Alibaba to Upgrade Hong Kong Listing to Primary Status on August 28, Becoming Dual-Primary Listed

Aug 23, 2024, 02:45 AM

Alibaba Group Holding has announced that its shareholders have approved a plan to upgrade its Hong Kong listing to primary status, effective August 28, 2024. This strategic move will make Alibaba a dual-primary listed company on both the Hong Kong Stock Exchange and the New York Stock Exchange. The upgrade is expected to attract billions of dollars in investment from China, as it will allow the company to sell shares to mainland China's 220 million stock investors. The change will also make Alibaba's American Depositary Shares (ADS) and H-shares interchangeable.