The company first hatched the plan for an upgrade to a primary listing in Hong Kong two years ago amid heightened tensions with the United States. It may at last be realised by the end of August, paving the way for it to join a programme that connects the Shanghai and Shenzhen bourses to the Hong Kong exchange.
This new source of funds via the so-called "southbound link" could support the shares, which have underperformed those of key rival Tencent Holdings amid concerns over the impact of competition and sluggish China consumption.
"We think the addition of Alibaba to the Stock Connect would have a positive impact on the stock and can help stabilise sentiment, given that it is a household name among mainland investors," said Mr Marvin Chen, an analyst with Bloomberg Intelligence.
Mainland holdings of the stock could reach double-digit percentages, similar to other technology giants, Mr Chen added.
This story is from the August 17, 2024 edition of The Straits Times.
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This story is from the August 17, 2024 edition of The Straits Times.
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