E-commerce giant Alibaba Group Holding said on Tuesday that it would apply for a primary listing in Hong Kong in a bid to widen and diversify its investor base, reports the South China Morning Post. Alibaba currently maintains a secondary listing on the main board of the Hong Kong stock exchange.
After completing the primary listing process, which is expected before the end of the year, Alibaba will become a dual-primary listed company, with American depository shares (ADS) on the New York Stock Exchange and ordinary shares in Hong Kong, the company said in a statement.
“We have received approval from the board to apply to add Hong Kong as another primary listing venue, in the hopes of fostering a wider and more diversified investor base to share in Alibaba’s growth and future, especially from China and other markets in Asia,” said Daniel Zhang Yong, the chairman and chief executive of Alibaba.
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