On August 28th, Alibaba Group Holdings Limited (hereinafter referred to as "Alibaba") issued a voluntary announcement, announcing that the voluntary conversion of the company's secondary listing status on the Hong Kong Stock Exchange to primary listing status will take effect today. Alibaba is currently a company primarily listed on both the Hong Kong Stock Exchange and the New York Stock Exchange.
This also means that Alibaba's common stock listed on the Hong Kong Stock Exchange and its American Depositary Shares listed on the New York Stock Exchange will continue to be convertible.
Previously, Alibaba Group announced on August 23 that it had added Hong Kong as its main listing location. Alibaba's dual primary listing in Hong Kong does not involve new stock issuance or financing.
Data shows that since Alibaba's second listing in Hong Kong in 2019, most of its publicly traded shares have been transferred to Hong Kong. In terms of market value and trading volume, Alibaba has consistently ranked among the top three Hong Kong stocks, making its main listing a natural occurrence. In July 2022, Alibaba submitted an application for a major listing in Hong Kong. Double listing in Hong Kong and New York will further expand the investor base from mainland China and other parts of Asia, promote shareholder diversification, enhance the liquidity of Alibaba's Hong Kong stock, and provide greater flexibility for investors to hold and trade Alibaba shares in the public market.