The Chinese online trading giant Alibaba wants to make Hong Kong its main stock exchange in addition to New York. With the so-called primary listing on the Hong Kong stock exchange, the e-commerce retailer wants to attract more investors from Asia. With the listing, which should take place by the end of 2022, New York and Hong Kong would then be the main stock exchanges, as the group announced on Tuesday. Through a primary listing, the shares could then also be traded via the Shanghai-Hong Kong Stock Connect on the Chinese mainland stock exchanges in Shanghai and Shenzhen. That will make it easier for investors in China to buy the shares.
The company hopes to expand its investor base. The move is also likely to be a concession to the Chinese government, which some time ago massively increased the pressure on the country’s Internet giants to limit their power and that of their owners. Alibaba went public in the United States in 2014 – one of the largest IPOs in the world to date, with a volume of more than $20 billion.
Meanwhile, according to information from the Financial Times, Alibaba is cutting its growth targets for the US business. In order to keep up with the retail giant Amazon worldwide, Alibaba launched the business-to-business platform Alibaba.com three years ago – with the aim of bringing more than a million small businesses on board as customers. Now, according to “FT”, the only aim is to attract 2,000 US companies to the platform every year. (dpa)