A filing Monday revealed Chinese web tech giant Alibaba is another action more detailed to letting mainland Chinese financiers trade its shares straight.
Kuang Da|Jiemian News|Visual China Group|Getty Images
BEIJING– Chinese e-commerce giant Alibaba is making Hong Kong a “primary” listing for its shares, leading the way for mainland China financiers to trade the stock straight.
The Hong Kong Stock Exchange acknowledged Monday Alibaba’s application to transform in your area traded shares to main listing from the existing secondary status, according to a filing.
It is anticipated to work by the end of 2022, the file stated.
Gaining main status in Hong Kong would make Alibaba eligible for addition in a stock link program with mainland China.
The stock briefly increased more than 2% in Hong Kong trading Tuesday early morning.
“We expect that the Primary Conversion will allow us to broaden our investor base and facilitate incremental liquidity, and in particular expand access to China- and other Asia-based investors,” Alibaba stated in Monday’s filing.
Alibaba noted on the New York Stock Exchange in 2014 in the most significant IPO at that time.
Nearly 3 years back, the Chinese web tech giant started to tap financiers closer to house with a secondary listing in Hong Kong.
Last month, Alibaba benefited from current guideline modifications in Hong Kong to obtain a double main listing there.
Just over a week back, the U.S. Securities and Exchange Commission included Alibaba to a list of U.S.-listed Chinese business that deal with delisting if they can not satisfy audit requirements within 3 years. Alibaba stated it would deal with regulators to keep its listings in New York and Hong Kong.
