Close Menu
    Facebook X (Twitter) Instagram
    Pro Magzine
    • Home
    • News
      • Top Stories
      • USA
    • Entertainment
      • Movies
      • Celebrity
      • Web series
      • Net worth
    • Business
    • Health
      • Fitness
      • Food & Drink
    • Lifestyle
      • Tattoos
      • Fashion
      • Love & Relationship
      • Messages
      • Sports
      • Travel
    • Tech
      • Internet
      • Gaming
      • SEO
      • Software
      • Tips
    • More
      • Trending
      • Crypto
      • Dogecoin
      • Pets
      • Real Estate
    Pro Magzine
    Home»Tech Updates»Alibaba pops 6% after announcing plans for a dual primary listing in Hong Kong

    Alibaba pops 6% after announcing plans for a dual primary listing in Hong Kong

    EmilyeBy EmilyeJuly 26, 2022No Comments3 Mins Read
    Alibaba pops 6% after announcing plans for a dual primary listing in Hong Kong

    Alibaba pops 6% after announcing plans for a dual primary listing in Hong Kong: After the Chinese technology giant announced that it will apply for a dual primary listing in Hong Kong, Alibaba’s Hong Kong-listed stock initially increased by as much as 6.5 percent on Tuesday before some of the gains were pared back.

    After a day of trading, the share price increased by 4.82 percent when it was finally settled.

    Even if the shares of the computer giant are already traded on exchanges in both the United States and Hong Kong, the current listing in Hong Kong is considered to be a secondary one.

    According to a press statement issued by the company, the primary listing procedure in Hong Kong is anticipated to be finished before the end of the year 2022.

    The Hong Kong Exchange has recently modified its listing requirements, making it simpler for a greater number of businesses to obtain primary and secondary listings in the Chinese financial capital. According to Reuters’s reporting, Alibaba is the first significant corporation to capitalize on this law change and make use of its benefits.

    According to a press release, Alibaba Group Chairman and Chief Executive Officer Daniel Zhang were quoted as saying, “We have received approval from the Board to apply to add Hong Kong as another primary listing venue, in the hopes of fostering a wider and more diverse investor base to share in Alibaba’s growth and future.” “We have received approval from the Board to apply to add Hong Kong as another primary listing venue,” Zhang said. “Especially from China and other markets in Asia.”

    a move that is “strategic”

    According to Ronald Wan, the non-executive chairman of Partners Fintech Holdings, the move is “extremely strategic” because the Hong Kong market has not provided Alibaba with as much liquidity as the American market has in the past.

    He stated this on CNBC’s “Street Signs Asia” on Tuesday. “We need something more, and we need Stock Connect to bring in mainland investors to invest in the stocks,” he said. “Stock Connect”

    Alibaba will be able to be included in the Shenzhen-Hong Kong Stock Connect if it has a primary listing in Hong Kong, which provides investors in mainland China with access to the stock.

    Both Xpeng and Li Auto, two Chinese manufacturers of electric vehicles, have primary listings in both Hong Kong and the United States, and both companies have been included in the stock connect scheme.

    According to a report published by China Renaissance in January, the turnover and velocity of firms that have a secondary listing in Hong Kong are significantly lower than that for ADRs in the United States. These findings are based on historical data.

    American depositary receipts, also known as ADRs, act as stand-ins for the shares of foreign corporations that are listed on stock exchanges in the United States.

    Despite the fact that the conflict between the United States and China over accounting issues is still ongoing, Wan stated that Alibaba is working to better prepare itself.

    U.S. and Chinese officials have been working together to find a solution to an audit dispute that has put Chinese companies that are listed in the U.S. in jeopardy of being delisted.

    “In the event that everything goes horribly wrong… According to him, Alibaba is able to return its primary listing status to Hong Kong while maintaining a level of stock trading liquidity that is considered to be satisfactory.

    He went on to say, “I believe it will be a good decision not just for the company but also for its investors as well.”

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Emilye

    Related Posts

    Edge AI Solution for Traffic Management with NVIDIA Jetson AGX Orin

    May 4, 2025

    The Role of Robotic Process Automation in Reducing Back-office Bottlenecks in Banking

    February 24, 2025

    What are the most important tips to deal with Strandhogg in the mobile applications?

    February 3, 2025
    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Top Posts

    Edge AI Solution for Traffic Management with NVIDIA Jetson AGX Orin

    May 4, 20257 Views

    Soft Semiconductors: Designing for Flexibility Without Performance Trade-Offs

    April 29, 20258 Views

    The Complete Guide to Buying Central Vacuum Systems Online

    April 24, 202513 Views

    Reasons Why a Meditation Retreat in Malaysia Should Be Your Next Getaway

    April 14, 20257 Views

    The Secret to Scaling: CRM by Rocket and the Future of Smart Business Management

    April 13, 202516 Views

    Maximize Your Hunting Success with the Right Gear and Equipment

    April 3, 20255 Views

    Impact of New Tariffs on the Cosmetics Industry and How Innovative Solutions Address the Challenges

    April 3, 202541 Views

    AI-Driven Government Proposal Analytics: Turning Data Into Competitive Advantage

    April 3, 202516 Views

    How a Virtual Receptionist Service Can Save Your Business Time and Money

    April 3, 202513 Views

    The Ultimate Guide to Renting a Charter Bus: Everything You Need to Know Before You Book

    April 3, 20258 Views
    • Home
    • Privacy Policy
    • About Us
    • Disclaimer
    • Contact Us
    © 2025 Pro Magzine. Designed by GP.

    Type above and press Enter to search. Press Esc to cancel.