China's Alibaba will submit a primary listing application in Hong Kong
The company anticipates finishing the listing by the end of 2022, at which point it will be a dual-primary listed corporation on the NYSE and the HKEX.
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Alibaba Group Holding Ltd., a major player in Chinese e-commerce, announced on Tuesday that it would file for a primary listing in Hong Kong.
The company anticipates finishing the listing by the end of 2022, at which point it will be a dual-primary listed corporation on the NYSE and the HKEX.
The dual listing would be pursued by Alibaba, according to CEO Daniel Zhang, in order to attract a "wider and more varied investor base."
According to Zhang, "Hong Kong is also the starting point for Alibaba's worldwide strategy, and we have complete faith in China's economy and future."
In September 2014, Alibaba made its New York Stock Exchange debut, making it the biggest initial public offering (IPO) in history at the time.
Later, in November 2019, it successfully completed a secondary dual listing in Hong Kong.
Since then, the company's share price has almost halved as a result of Beijing's extensive regulatory crackdown on Chinese tech firms.
