Chinese tech giant Alibaba will convert its stocks listed on the Hong Kong Stock Exchange HKEX to a primary listing, from what has been a secondary one since 2019, effective this week on August 28.
Once completed, Alibaba will be dual primary listed on HKEX and the New York Stock Exchange NYSE. The voluntary conversion doesn’t include issuance of new shares or fundraising activities, according to an August 23 announcement from the company.
A primary listing status will qualify Alibaba’s Hong Kong shares to be included in the Stock Connect programmes with Shanghai and Shenzhen Stock Exchanges in mainland China. Qualified mainland investors would then be...
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