Hong Kong is set to become Alibaba’s second major stock exchange

Alibaba plans to make Hong Kong the main stock exchange along with New York. With the so-called initial 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 will then be the main stock exchanges, the group announced.

privilege of the Chinese government

Through the primary listing, the shares can also be traded via the Shanghai-Hong Kong Stock Connect on the two mainland stock exchanges in Shanghai and Shenzhen. This will make it easier for investors in China to buy shares. The company hopes to expand its investor base. The move is also likely to be a concession to the Chinese government, which for some time has been significantly increasing pressure on the country’s internet giants to limit their power and the power of their owners. Alibaba went public in the US in 2014 – with a size of over $20 billion, it was one of the world’s largest IPOs to date.

Meanwhile, according to information from the Financial Times, Alibaba is lowering its growth targets for its US business. In order to keep pace with the retail giant Amazon worldwide, Alibaba launched the business platform Alibaba.com three years ago – with the aim of attracting more than one million small businesses to act as customers. Now, according to the Financial Times, the only goal is to win 2,000 US companies to the platform each year.