On August 28th, Alibaba Group announced on the Hong Kong Stock Exchange that it has become a company listed on both the Hong Kong Stock Exchange and the New York Stock Exchange. The company's ordinary shares listed on the Hong Kong Stock Exchange and American Depositary Shares listed on the New York Stock Exchange are continuously convertible.
Source: Company Announcement
At the same time, Alibaba Group announced the list of directors, with Chongxin Tsai as the chairman of the board and Yongming Wu as the CEO.
On the morning of August 23rd, Alibaba announced on the Hong Kong Stock Exchange that it voluntarily switched to dual primary listing on the Hong Kong Stock Exchange. Alibaba stated in the announcement that the conversion from its second listing on the Hong Kong Stock Exchange to a primary listing will take effect on August 28, 2024.
According to analysis by Shenwan Hongyuan, with Alibaba completing its dual major listing on the 28th, the company is likely to enter the Hong Kong Stock Connect as early as around September 9th, which is expected to bring marginal improvement in liquidity.