Chinese e-commerce giant Alibaba announced that it will apply for a primary listing in Hong Kong, a move that will make it a dual-primary listed company on the New York Stock Exchange and the Hong Kong Stock Exchange. Alibaba went public in New York in September 2014 and completed a secondary listing in Hong Kong in November 2019. Pursuing another primary listing venue will foster a ‘wider and more diversified investor base’ for Alibaba, said CEO Daniel Zhang. Alibaba is seeking to complete the process to upgrade its Hong Kong stock exchange presence from a secondary listing to a primary listing before the end of the year, the Hangzhou-based company said in a statement.
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