Tech heavyweight Alibaba Group Holding Ltd said on Wednesday its voluntary conversion of secondary listing to primary listing on the Hong Kong Stock Exchange became effective today.
The company said in a filing to the Hong Kong bourse that Alibaba is now a dual primary listed company on both the Hong Kong Stock Exchange and the New York Stock Exchange.
Moreover, its ordinary shares listed on the Hong Kong bourse and American depository shares listed on the New York Stock Exchange will continue to be fungible, Alibaba said.
Experts said the move will allow Chinese mainland investors to trade in the tech giant’s shares via the stock connect mechanism linking the Shanghai, Shenzhen and Hong Kong bourses, and inject new liquidity into the Hong Kong stock market.
fanfeifei@chinadaily.com.cn