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Alibaba to apply for primary listing in Hong Kong

(Source: Bigstock)

Chinese e-commerce giant Alibaba Group said on Tuesday that it would apply for a primary listing in Hong Kong.

The company expects the listing to be completed by the end of 2022, making it a dual primary listed company on HKEX and NYSE.

In a statement, Alibaba CEO Daniel Zhang said the company would pursue the dual listing to foster a “wider and more diversified investor base.”

“Hong Kong is also the launch pad for Alibaba’s globalization strategy, and we are fully confident in China’s economy and future,” Zhang said.

Alibaba listed on the New York Stock Exchange in September 2014, marking what was at the time the largest IPO in history.

It later went on to complete a secondary dual listing in Hong Kong in November 2019.

Since then, the company’s share price has nearly halved, as a sweeping regulatory crackdown by Beijing has battered Chinese tech companies.

  • Reporting by Josh Horwitz; Editing by Himani Sarkar & Shri Navaratnam, of Reuters.

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