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Alibaba will register for an initial public offering in Hong Kong

Aria Thomas

Jul 26, 2022 10:59

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Alibaba (NYSE:BABA) Group Holding Ltd said on Tuesday that it would pursue a Hong Kong IPO.


By the end of 2022, the company expects to be dual-primary listed on the HKEX and NYSE.


Alibaba's CEO, Daniel Zhang, said in a press release that the company would pursue a dual listing in order to establish a "broader and more varied investor base."


Zhang said, "Hong Kong is also the launching pad for Alibaba's worldwide strategy, and we have full trust in China's economy and future."


In September 2014, Alibaba went public on the New York Stock Exchange, marking at the time the largest IPO in history.


In November of 2019, a secondary dual listing was accomplished in Hong Kong.


Since then, the firm's share price has almost halved as a result of Beijing's regulatory attack on Chinese technology companies.