Alibaba’s move, announced on Tuesday, comes as both Washington and Beijing sharpen scrutiny over Chinese companies’ listings
plans to add a primary listing in Hong Kong to its New York presence, targeting investors in mainland China as it becomes the first big company to take advantage of a rule change in the financial hub to attract high-tech Chinese firms.
The shares climbed 4.8 per cent by the close of trading, while the Hong Kong benchmark gained 1.7 per cent. Under a VIE structure, a Chinese company sets up an offshore entity for overseas listing purposes that allows foreign investors to buy into the stock. At the same time, U.S. regulators have stepped up scrutiny of accounts of Chinese firms listed in New York, demanding greater transparency.
Alibaba also found itself in similar crosshairs when regulators abruptly halted Ant Group’s planned $37-billion IPO in Hong Kong and in Shanghai in late 2020.
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