Alibaba's dual primary listing in Hong Kong gains final approval

Visitors check out Alibaba's booth during a digital technology expo held in Guangzhou, Guangdong province, in November. [Photo/China Daily]

Alibaba Group Holding Ltd said on Monday night its voluntary conversion to a dual primary listing in Hong Kong has been confirmed by the Hong Kong stock exchange.

Alibaba, which already has a secondary listing in Hong Kong, expected the primary listing to be completed by the end of this year, the company said in a statement.

The Hangzhou-headquartered company announced on July 26 it would apply for a primary listing in Hong Kong to further expand and diversify its investor base, which would make Alibaba a dual-primary listed company on the New York Stock Exchange and the Hong Kong bourse.

The e-commerce giant went public in New York in September of 2014 in what was the biggest IPO at that time, and raised $13 billion from the Hong Kong stock exchange via a secondary listing in November 2019.