Alibaba’s long-awaited secondary listing on the Hong Kong Stock Exchange (HKSE) late last year may now pave the way for a wave of companies to follow suit, a lawyer involved in the tech giant’s listing has said.
Significant listing reforms undertaken by the HKSE finally persuaded Alibaba Group to do a secondary listing closer to home, in a market it had shunned in 2014 when it chose NYSE as listing venue for its initial offering.
Hong Kong lost the mega listing of Alibaba back in 2014 due to the stock exchange’s refusal of the dual-class share structures, but the recent HK$88 billion (US$11bn) global offering by the Chinese e-commerce giant received an overwhelming response from investors.
Alibaba listed on the main board of the city bourse on 26 November 2019, and became the first Chinese internet company listed in both the US and Hong Kong.
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