Alibaba will operate in Suqian City, Jiangsu Province, China on December 29, 2023.
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Chinese e-commerce giant Alibaba said on Friday shareholders had approved plans to upgrade its Hong Kong listing to primary status, a move expected to attract huge investment from mainland China.
The Jack Ma-founded company originally came up with the idea a few years ago amid rising geopolitical tensions between China and the United States.
The upgraded listing status allows Alibaba to become part of the interconnection plan between the Shenzhen and Shanghai exchanges and the Hong Kong stock exchange.
The decision is expected to be approved by the company’s investors, who have long been concerned about the company’s growth prospects as it faces new market competitors such as PDD Holdings.
Alibaba said that switching to a dual primary listing will not involve the company issuing any new shares or even financing.
The company’s Hong Kong-listed shares rose 0.7% to HK$82.2 in early trading.
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