Ali applies for the dual listing of the two major listing of Hong Kong and New York.

After the Hong Kong Stock Exchange completed the audit process, Alibaba will double the main listing on the main board of the Hong Kong Stock Exchange and the New York Stock Exchange.

After the implementation of the major listing, it is expected that international investors will allocate Ali Hong Kong stocks, which may inject new liquidity into the Hong Kong stock market. At the same time, Alibaba Hong Kong stocks are expected to meet the qualifications of Hong Kong stocks, so as to directly invest in Ali investors to create more convenience for mainland investors.

Analysis generally believes that for Ali and Chinese stocks, dual listing is the optimal business choice that complies with the current pattern and market expectations and ensure the interests of investors.

Ali choosing Hong Kong is the general trend

Alibaba and Hong Kong have a long history. Hong Kong is the starting point of Alibaba from China to the world. Since 2007, Alibaba has used Hong Kong as its first choice.

In 2007, Alibaba's B2B business was listed on the Hong Kong Stock Exchange. In 2014, when Alibaba planned to go public as a whole, the first consideration of the destination was also the Hong Kong Stock Exchange, and related road shows were carried out. However, due to the restrictions of relevant regulations at the time, Ali eventually transferred to the New York Stock Exchange.

On the eve of the listing of the United States in 2014, Alibaba still publicly stated that in the future, we will return to the domestic capital market and share the company's growth with domestic investors.

In 2018, the Hong Kong Stock Exchange launched the reform of the listing system, which also created more favorable conditions for the listing of a large number of domestic Internet companies including Ali. In November 2019, Alibaba was listed for the second time in Hong Kong, and New York was still the main place of listing in Ali.

Since its listing in Hong Kong in 2019, most Alibaba's circulation stocks have been transferred to Hong Kong to register. According to statistics, as of June 30, 2022, the average daily transaction volume of Alibaba Group's shares in the Hong Kong market is about $ 700 million, and the average daily transaction volume in the US market is about 3.2 billion US dollars. As the main market for Alibaba's business, China and the Asia -Pacific region have always received great attention from Chinese and Asia -Pacific funds. This time, the newly added Hong Kong to the market as the main list of listings, the success of the water at the technical level, is also in line with the market expectations of the market for a period of time.

Choosing the main listing in Hong Kong also reflects Ali's confidence in the future of Hong Kong and even the Chinese market. When publishing relevant news, Zhang Yong emphasized that Ali is full of firm confidence in China's economy and future.

The diversification of Chinese stocks has become an important trend

After the reform system of the Hong Kong Stock Exchange's listing system in 2018, more and more Chinese technology companies choose to list in the United States and Hong Kong. "Listing" mode.

In the recent period, the double main listing has become the mainstream model of China stock market returning to Hong Kong. As of now, nine of the nine companies including Zhihu, Shell, Xiaopeng, and ideal have been listed in the United States and Hong Kong. As a high -quality leading company with a market value of HK $ 2 trillion in circulation, Alibaba has a strong iconic significance for the double listing of this return return to Hong Kong.

After the two major listings, related companies can better cope with the uncertainty of a single market, so as to better cope with the challenges brought by changes in the external environment.

Analysts believe that Alibaba's choice of double listing in Hong Kong will significantly raise technical indicators such as the profitability and scientific research investment of the Hong Kong Stock Exchange. For the Hong Kong Stock Exchange, more high -quality transaction targets including Ali will also strengthen its attractiveness to the global market.

The status of Hong Kong International Financial Center continues to consolidate

According to the "Global Financial Center Index" (GFCI), Hong Kong is currently the third largest financial center in the world, ranking second only to New York and London, and its development potential is huge. Bloomberg data shows that benefiting from the interconnection mechanism such as the Hong Kong Stock Connect and other interconnection mechanisms has gradually improved. As of the 30 days of February 16 this year, the average daily turnover of the Hong Kong stock market jumped to about $ 25 billion, which has greatly surpassed the London Exchange, which is equivalent to the same period of the same period. 60 % of the New York Stock Exchange.

It is understood that after Alibaba's two major listing in New York, Hong Kong, the depository stocks listed in the United States and ordinary shares listed in Hong Kong can continue to change each other. Investors can continue to choose one of them to hold Alibaba shares. This will attract more international capital to Hong Kong.

Analysts believe that after the implementation of the two major listing, the pricing of China stocks and US stocks and Hong Kong stocks is independent, which is expected to improve the pricing capacity of the Hong Kong securities market. The increase in liquidity and the improvement of pricing capabilities will help Hong Kong to further consolidate and enhance the status of the international financial center.

It is worth noting that the choice of double major listing of China -stock companies does not affect its listing status in the United States. For a long time, overseas funds have a significant role in the development of Chinese technology companies. A number of Chinese stock companies such as Ali have been listed in the United States, which has also enhanced the global capital of Chinese companies and Chinese markets.

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