Alibaba's Hong Kong-listed stock rose 5.22% at 7:35 am CET on Tuesday after it said it will apply for a dual company listing in Hong Kong. The firm has shares that are traded in the United States and Hong Kong, but the latter is a secondary one.
The listing process is likely to be completed before the end of the year, according to the company.
"We have received approval from the Board to apply to add Hong Kong as another primary listing venue, in the hopes of fostering a wider and more diversified investor base to share in Alibaba’s growth and future, especially from China and other markets in Asia," Alibaba Group Chairman and Executive Officer Daniel Zhang stated.
