Alibaba Group Pursues Primary Listing on the Hong Kong Stock Exchange
July 25 2022 - 8:05PM
Business Wire
The company will become dual-primary listed
on the New York Stock Exchange and Hong Kong Stock Exchange upon
completion
Alibaba Group Holding Limited (“Alibaba” or the “Company”)
(NYSE: BABA and HKEX: 9988) today announces that its board of
directors (“Board”) has authorized the Company’s management to
apply for a primary listing on the Main Board of Hong Kong Stock
Exchange. After completion of the primary listing process, which is
expected to occur prior to the end of 2022, Alibaba will become a
dual-primary listed company on the New York Stock Exchange in the
form of American Depositary Shares (“ADSs”) and on the Hong Kong
Stock Exchange in the form of ordinary shares.
Alibaba currently maintains a secondary listing on the Main
Board of Hong Kong Stock Exchange and will apply for a primary
listing status pursuant to the rules and regulations of the Hong
Kong Stock Exchange. The Company's ADSs listed in the United States
and the shares listed in Hong Kong are fungible, and investors can
continue to choose to hold their shares in the form of ADSs traded
on the New York Stock Exchange or ordinary shares traded on the
Hong Kong Stock Exchange.
“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 diversified investor base to share in Alibaba’s
growth and future, especially from China and other markets in
Asia,” said Alibaba Group Chairman and Chief Executive Officer
Daniel Zhang. “Hong Kong and New York are both major global
financial centers, with shared characteristics of openness and
diversity. Hong Kong is also the launch pad for Alibaba’s
globalization strategy, and we are fully confident in China’s
economy and future.”
Since the Company’s secondary listing in Hong Kong in November
2019, there has been a significant increase in its public float and
transaction volume on the Hong Kong Stock Exchange. In the first
six months ended June 30, 2022, Alibaba’s average daily trading
volume in Hong Kong was approximately US$0.7 billion, compared to
average daily trading volume of approximately US$3.2 billion in the
United States. Given the substantial presence of its business
operations in Greater China, the Company expects that a
dual-primary listing status would allow it to broaden its investor
base and facilitate incremental liquidity, in particular expand
access to China- and other Asia-based investors.
Safe Harbor Statements
This press release may contain statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as “expected,”
“will” and similar expressions are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements, including statements related to the
expected timing and completion of the primary listing process, are
not guarantees of future results, and involve risks and
uncertainties, including, among other things, satisfaction of the
relevant requirements of the Hong Kong Stock Exchange and market
conditions. The company disclaims any obligation to update any
forward-looking statements contained herein, except as required
under applicable law.
This press release is for information purposes only and does not
constitute, or form part of, any invitation or offer to acquire,
purchase or subscribe for any of our securities. Shareholders and
potential investors should exercise caution when dealing in our
securities.
About Alibaba Group
Alibaba Group’s mission is to make it easy to do business
anywhere. The company aims to build the future infrastructure of
commerce. It envisions that its customers will meet, work and live
at Alibaba, and that it will be a good company that lasts for 102
years.
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version on businesswire.com: https://www.businesswire.com/news/home/20220725005905/en/
Ivy Ke Alibaba Group +852 5590 9949 ivy.ke@alibaba-inc.com
Celia Chen Alibaba Group +86 13691929481
celia.c@alibaba-inc.com
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