Asia
Alibaba to Upgrade Hong Kong Listing to Tap Chinese Traders
- The Hong Kong listing will become primary on Aug. 28
- Its shares significantly underperformed Tencent’s this year
Alibaba’s shares have underperformed those of key rival Tencent Holdings Ltd. amid concerns over the impact of competition and sluggish China consumption.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Alibaba Group Holding Ltd. shareholders have approved a plan to upgrade its Hong Kong listing to primary status on Aug. 28, a maneuver expected to attract billions of dollars in investment from mainland China.
Shareholders ratified the decision as expected to convert the Hong Kong listing, a plan first broached two years ago amid heightened tensions with the US. That allows Alibaba to join a program that connects the Shanghai and Shenzhen bourses to Hong Kong’s exchange. The stock opened largely unchanged in Hong Kong on Friday.