Alibaba Receives Approval for Dual Primary Listing

Alibaba Group has received shareholder approval to upgrade its Hong Kong listing to primary status, enabling its shares to be included in the Stock Connect program, which links Hong Kong's exchange with those in Shanghai and Shenzhen. This strategic move, effective August 28, is anticipated to attract significant investments from mainland China, potentially injecting billions of dollars into Alibaba's stock. The decision follows a nearly decade-long effort by Alibaba's founders to share capital gains with domestic investors. This conversion is expected to boost Alibaba's trading volume and liquidity, despite facing stiff competition and sluggish domestic consumption. The listing change does not involve issuing new shares or raising additional funds.