Alibaba to upgrade Hong Kong listing

By Agence France-Presse

Aug 24, 2024 12:06 am

HONG KONG — Chinese e-commerce giant Alibaba said on Friday it would upgrade its Hong Kong-listed shares to primary status, opening it up to China's huge army of investors that could potentially rake in billions of dollars for the firm.

The decision by shareholders during its annual general meeting Thursday will provide a much-needed boost to the firm, which has underperformed the market in recent years owing to weak consumption and after a painful crackdown by Beijing on the tech industry.

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