TapTechNews May 14th news, today Alibaba Group released its financial performance for the fourth quarter of fiscal year 2024 (quarter ended March 31, 2024) and the full year, disclosing progress on voluntarily converting to dual primary listing on the Stock Exchange of Hong Kong.
Alibaba stated that the company has been preparing for its primary listing in Hong Kong, and it is expected to be completed by the end of August 2024.
TapTechNews noted that in July 2022, Alibaba Group announced that the board of directors had authorized the management to submit an application to the Hong Kong Stock Exchange to add Hong Kong as a primary listing venue. After the Hong Kong Stock Exchange completes the review process, Alibaba will have dual primary listings on the main board of the Hong Kong Stock Exchange and the New York Stock Exchange.
Former Alibaba Group board chairman and CEO Daniel Zhang stated that the purpose of this decision is to allow a wider and more diverse group of investors, especially Alibaba's digital ecosystem participants in China and other Asia-Pacific regions, to share in Alibaba's growth and future.