(Telestock) – Alibaba’s Hong Kong primary listing to begin on August 28. The shareholders’ meeting of the Chinese e-commerce giant has in fact a plan to convert has been approved the quotation secondary in primary school to the Hong Kong Stock Exchange and make the stock available to mainland Chinese investors and attract investment from Chinese businessmen.
“We are pleased to announce – explains a note – that the voluntary conversion of our secondary listing on the Hong Kong Stock Exchange will become effective on August 28, 2024.”
There Hong Kong Stock Exchangewhere Alibaba has been secondarily listed since 2019, would thus become the second place of listing after the New York Stock Exchange, where it has been present since 2014. The secondary listing had not given great results to the Chinese giant, making the Stock Connect program inaccessible which guarantees exchange with the main Chinese stock exchanges of Shanghai and Shenzhen.
With the primary listing, which the Chinese giant had already considered a few years ago due to trade tensions between the US and China, the company will now have access to Chinese finance.