Alibaba to Convert Hong Kong Listing to Primary Next Week

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Alibaba will upgrade its Hong Kong listing to primary status on Aug. 28. Photo: Bloomberg

(Bloomberg) — Alibaba Group Holding Ltd. shareholders have approved a plan to upgrade its Hong Kong listing to primary status on Aug. 28, a maneuver expected to attract billions of dollars in investment from the Chinese mainland.

Shareholders ratified the decision to convert the Hong Kong listing, a plan first broached two years ago amid heightened tensions with the U.S. That allows Alibaba to join a program that connects the Shanghai and Shenzhen bourses to Hong Kong’s exchange.

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Alibaba shareholders approved upgrading its Hong Kong listing to primary status, likely attracting significant investments from mainland China.
The approved plan enables Alibaba to join a program linking the Shanghai and Shenzhen bourses with Hong Kong’s exchange.
Expected capital inflow from this move ranges from $12 billion to $19.5 billion in the first six months.

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Who’s Who

Alibaba Group Holding Ltd.: Alibaba Group Holding Ltd. shareholders approved upgrading its Hong Kong listing to primary status, effective Aug. 28, to attract billions in investment from the Chinese mainland. This allows Alibaba to join the Shanghai and Shenzhen bourses' connect program. Despite this move, Alibaba’s shares have underperformed compared to Tencent Holdings Ltd. Estimated capital inflow from the program ranges between $12 billion and $19.5 billion in the first six months. Contact editor: Michael Bellart (michaelbellart@caixin.com).

Tencent Holdings Ltd.: The article mentions that Alibaba’s shares have underperformed compared to those of its key rival, Tencent Holdings Ltd., due to concerns over competition and sluggish consumption in China. No further details about Tencent Holdings Ltd. are provided in the article.

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