Alibaba aims for primary Hong Kong listing by end of year

Alibaba plans to add a primary listing in Hong Kong to its New York presence, targeting investors in mainland China as it becomes the first big company to take advantage of a rule change in the financial hub to attract hi-tech Chinese firms.

Analysts said the change should give mainland China investors easier access to the shares via a link to the Hong Kong bourse known as the Stock Connect. At 3.58am GMT, the shares were up 5.9% while the Hong Kong benchmark was up 1.5%. The move comes after the Hong Kong Stock Exchange in January changed its rules to allow “innovative” Chinese companies — operating an internet or other hi-tech business — with weighted voting rights or variable interest entities to carry out dual primary listings in the city.

Alibaba listed on the New York Stock Exchange in September 2014, marking what was at the time the largest IPO in history. While broad in scope, a core focus of China’s crackdown has been regulators seeking to expand oversight of public offerings. Concurrent with the announcement of its dual primary listing, Alibaba said on Tuesday in its annual financial report that several Ant Group executives had stepped down from their posts in the Alibaba Partnership, a top decision-making body for the e-commerce giant.

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