Chinese eCommerce giant Alibaba said on Tuesday that it would apply for a primary listing in Hong Kong. According to the reports, the listing is expected to be completed by the end of the year, which will turn Alibaba into a dual primary listed company on the New York Exchange and the Hong Kong Stock Exchange.
Daniel Zhang, CEO of Alibaba, said the company was purchasing another primary list venue to foster a “wide and more diversified investor base”.
“Hong Kong and New York are both major global financial centers, with standard characteristics of openness and diversity”, Zhang said in a statement. “Hong Kong is also the launch pad for Alibaba’s organisation strategy, and we are fully confident in China’s economy and future”, he added.
Last time, Alibaba went public in New York in September 2014 and completed the secondary listing in 2019 November. It once became the favourite of many technology stock investors, and its stock price has dropped following Bejing’s regulatory crackdown on China’s technology industry.
Previously, Alibaba’s New York price fell by 47%. On Monday, its stock price closed at $101.06.
Alibaba is one of the biggest eCommerce websites that offers its services worldwide. The website is primarily known for providing affordable products compared to other eCommerce platforms. Alibaba is a global group dealing in business-to-business, consumer-to-consumer, cloud and payment services.