HONG KONG — Chinese e-commerce giant Alibaba said on Friday it would upgrade its Hong Kong-listed shares to primary status, opening it up to China's huge army of investors that could potentially rake in billions of dollars for the firm.
HONG KONG — Chinese e-commerce giant Alibaba said on Friday it would upgrade its Hong Kong -listed shares to primary status, opening it up to China's huge army of investors that could potentially rake in billions of dollars for the firm.The decision by shareholders during its annual general meeting Thursday will provide a much-needed boost to the firm, which has underperformed the market in recent years owing to weak consumption and after a painful crackdown by Beijing on the tech industry.
A conversion to primary status in Hong Kong could pave way for Alibaba to enter a cross-border scheme that allows investors in Shenzhen and Shanghai to trade Hong Kong-listed shares.That would open it up to China's more than 200 million investors and could see capital inflows of up to $19.5 billion in the first six months of inclusion, according to Bloomberg News.
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