SHANGHAI, July 26 ― Alibaba will apply for a primary listing in Hong Kong and keep its US listing, the first big company to take advantage of a rule change allowing high-tech Chinese firms with dual class shares to seek dual primary listings in Hong Kong.
Seeking a dual primary listing will also allow Alibaba to apply for the Stock Connect scheme that will permit mainland China investors to buy the company's shares more easily. “Hong Kong is also the launch pad for Alibaba's globalisation strategy, and we are fully confident in China's economy and future,” Alibaba's CEO Zhang said in a statement.
At the same time, US regulators have stepped up scrutiny of accounts of Chinese firms listed in New York, demanding greater transparency.
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