Alibaba to apply for primary listing in Hong Kong

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday that it would apply for a primary listing in Hong Kong and expects the listing to be completed by the end of 2022, making it a dual primary listed company on the Hong Kong Stock Exchange and the New York Stock Exchange.

Alibaba CEO Daniel Zhang said in a statement that the company would pursue the dual listing to foster a “wider and more diversified investor base.” “Hong Kong is also the launch pad for Alibaba’s globalization strategy, and we are fully confident in China’s economy and future,” Zhang said.

Alibaba listed on the New York Stock Exchange in September 2014, marking what was at the time the largest IPO in history. It later went on to complete a secondary dual listing in Hong Kong in November 2019.