Alibaba (9988.HK): Conversion to dual primary listing in Hong Kong by end of August 2024

Alibaba (9988.HK) recently provided an update on its application for conversion to dual primary listing in Hong Kong. The company expects to complete the conversion process by end of August 2024.

According to the group chairman, Joe Tsai, the successful dual primary listing in Hong Kong will enable Alibaba to meet one of the prerequisite conditions for inclusion in the Southbound Stock Connect program. Furthermore, JP Morgan stated that Alibaba could potentially join the cross-border exchange link program as early as September this year.

This will open the doors for mainland China's massive pool of investors to invest in Alibaba and can potentially provide a much-needed boost to the company's stock price, which has been on multi-year losing streak.