On July 26th, Alibaba Group announced that their board of directors had authorized management to submit an application to the Hong Kong stock exchange, making Hong Kong their second primary listing. Once the audit procedures for the Hong Kong Stock Exchange are completed by the end of this year, Alibaba Group will also be listed on the primary board of the Hong Kong Stock Exchange. This means that Alibaba’s listing in the form of American Depositary Shares will become interchangeable with the shares on the Hong Kong Stock Exchange. Investors will essentially be able to choose to hold Alibaba shares in one of these two forms on either Stock Exchange. The chairman and CEO of Alibaba Group Daniel Zhang expressed the company feels fully confident in China’s economy and future, hoping that more diverse investors will be taking part in Alibaba’s growth and development.
