HONG KONG, Aug 24: Chinese e-commerce giant Alibaba said Friday it would upgrade its Hong Kong-listed shares to primary status, opening it up to China's huge army of investors that could potentially rake in billions of dollars for the firm.
The decision by shareholders during its annual general meeting Thursday will provide a much-needed boost to the firm, which has underperformed the market in recent years owing to weak consumption and after a painful crackdown by Beijing on the tech industry.
"We are pleased to announce that the voluntary conversion of our secondary listing to primary listing on the Hong Kong Stock Exchange will become effective on August 28, 2024," the company announced on Friday.
The firm, which is also listed in New York, had flagged the idea two years ago amid worries about a regulatory drive by US authorities as tensions simmered between the superpowers, though that was later put off.
Alibaba has been primarily traded in New York since 2014 and remained dual-listed after its notable return to Hong Kong through a second listing in 2019. —AFP
