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Why a Primary Listing in Hong Kong Matters for Alibaba, BiliBili

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Alibaba Seeks Primary Listing in Hong Kong
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The decision by Alibaba Group Holding Ltd. to change its listing status in Hong Kong to “primary” from “secondary” is a move similar to that taken by other companies in the Asian hub recently and might spur others to do the same. What are reasons for such a switch? 

It refers to the main stock exchange where a public company’s shares are traded. In order to list, a firm has to fulfill requirements of that market. Secondary listings, often subject to less-stringent regulation, offer a separate trading venue that may increase liquidity in trading of the shares and provide access to a wider pool of investors -- a key in the case of Hong Kong.