E-commerce giant Alibaba Group said on Tuesday it would apply to convert its Hong Kong secondary listing into a dual primary
The move is likely to prompt other major firms such asInc, Netease Inc and Baidu Inc to consider upgrading to dual primary listings, said Periscope Analytics founder Brian Freitas, who publishes on Smartkarma.
Dingdong aims to launch the deal as soon as the fourth quarter, said one of the sources. The company backed by SoftBank, is seeking a Hong Kong primary listing only a year after it raised $95.7 million in an U.S. IPO.Dingdong,and Netease did not immediately respond to a request for comment from Reuters. Baidu declined to comment.
Allowing Alibaba into Stock Connect could see $21 billion inflows in its Hong Kong listed shares, Bernstein analysts estimated, if its total ownership from mainland investors reached 7% to 10% in line with some of its large cap rivals. Among other Chinese firms considering similar moves, video platform Bilibili Inc said in a May statement that it had applied for a Hong Kong dual primary listing and hoped to have the deal finalized on Oct. 3.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alibaba aims to add primary listing in Hong Kong, woo China investors after crackdownAlibaba’s move, announced on Tuesday, comes as both Washington and Beijing sharpen scrutiny over Chinese companies’ listings
Read more »
Chinese gold imports via Hong Kong surge in June(Kitco News) - Chinese gold imports via Hong Kong jumped in June. The number increased by about 390% from the previous month, Hong Kong Census and Statistics Department data showed on July 25th. Net imports stood at 40.563 tonnes in June, compared with 8.281 tonnes in May, the data showed.
Read more »
Hong Kong activists in Canada, U.S. and U.K. announce plans to form exile parliamentThe group aims to create a democratic body to represent Hong Kongers around the world and intends to hold an election late next year
Read more »
Alibaba aims to add primary listing in Hong Kong, woo China investors after crackdownAlibaba’s move, announced on Tuesday, comes as both Washington and Beijing sharpen scrutiny over Chinese companies’ listings
Read more »
Chinese gold imports via Hong Kong surge in June(Kitco News) - Chinese gold imports via Hong Kong jumped in June. The number increased by about 390% from the previous month, Hong Kong Census and Statistics Department data showed on July 25th. Net imports stood at 40.563 tonnes in June, compared with 8.281 tonnes in May, the data showed.
Read more »
Hong Kong activists in Canada, U.S. and U.K. announce plans to form exile parliamentThe group aims to create a democratic body to represent Hong Kongers around the world and intends to hold an election late next year
Read more »