Hong Kong, (UrduPoint / Pakistan Point News - 26th Jul, 2022 ) :E-commerce giant Alibaba said Tuesday it will seek a Primary listing in Hong Kong, potentially giving access to China's vast pool of investors, as mainland officials indicate a long-running crackdown on the tech sector could be coming to an end.
The move also comes as Chinese tech companies traded in New York grow increasingly worried about a regulatory drive by United States authorities as tensions simmer between the superpowers.
While Alibaba has a secondary listing in Hong Kong, it does not allow it to join a popular Stock Connect programme that links to bourses in Shanghai and Shenzhen.
The primary listing, which is expected to take place before the end of the year, would open that door.
News of the plan sent shares in Alibaba soaring 4.8 percent Tuesday, boosting other tech firms and helping drag the broader Hang Seng Index higher.
The Hangzhou-based group is one of a number of tech behemoths ensnared in a wide-ranging regulatory crackdown on alleged anti-competitive practices since late 2020.
The campaign to rein in big tech is driven by fears that massive internet companies control too much data and have expanded too quickly.
But officials appear to be taking a lighter touch as they grapple with a slowing economy. And in May, Premier Li Keqiang urged support for tech companies to list both domestically and abroad.
CEO and group chairman Daniel Zhang said on Tuesday the primary listing aimed to foster "a...
Read Full Story: https://www.urdupoint.com/en/miscellaneous/alibaba-seeks-dual-primary-listing-in-hong-ko-1540687.html
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.