Alibaba to upgrade HK listing to primary status

Move seen as much-needed boost, opening company to China's huge army of investors

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Chinese e-commerce giant Alibaba said on Aug 23 that 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 on Aug 22 will provide a muchneeded 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.

"We are pleased to announce that the voluntary conversion of our secondary listing to primary listing on the Hong Kong Stock Exchange will become effective on Aug 28, 2024," the company said on Aug 23.