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Alibaba to seek primary listing in Hong Kong, adding to NYSE
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FILE - The Alibaba logo is seen outside a building in Beijing on Nov. 16, 2021. Alibaba, China’s biggest e-commerce company, said Tuesday, July 26, 2022, that it would apply for a primary listing in Hong Kong. - photo by AP Photo/Ng Han Guan, File
HONG KONG (AP) — Alibaba, China’s biggest e-commerce company, said Tuesday that it would apply for a primary listing in Hong Kong. The listing is expected to be completed by the end of 2022, which would make Alibaba a dual-primary listed company on the New York Stock Exchange and the Hong Kong Stock Exchange. CEO Daniel Zhang said Alibaba was pursuing another primary listing venue to foster a “wider and more diversified investor base.” “Hong Kong and New York are both major global financial centers, with shared characteristics of openness and diversity,” Zhang said in a statement.