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The Hong Kong Stock Exchange has put out a filing by Alibaba Group Holding Ltd BABA that seeks to change its secondary listing status on the Main Board of the Hong Kong Stock Exchange to a primary listing.
Also Read: Alibaba Gains 1%, JD Sheds 2%: Hang Seng Opens Lower As All Eyes On US Inflation Data
The effective date of the primary conversion is expected to be before the end of 2022, it said. Upon the conversion, shares of Alibaba will be dual primary listed on the Hong Kong Stock Exchange and the NYSE.
Alibaba’s Statement: Given the substantial presence of its business operations in Greater China, and the nexus between Hong Kong and its principal business operations there, Alibaba said it expects the primary conversion to allow it to broaden its investor base and facilitate incremental liquidity.
Why It Matters: Jack Ma-founded Alibaba and a few other U.S.-listed Chinese companies have been facing the threat of getting delisted from U.S. bourses over disclosure norms of the Securities and Exchange Commission.
Price Movement: Shares of Alibaba were trading over 1% higher in Hong Kong, while U.S. shares closed 1.9% down at $90.81.
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Image and article originally from www.benzinga.com. Read the original article here.