The move comes after the HKEX in January changed its rules to allow “innovative” Chinese companies to carry out dual primary listings in the city.
It also comes against the backdrop of an audit dispute between China and the United States, which is threatening to kick out hundreds of Chinese companies listed in New York.
The move comes after the Hong Kong Stock Exchange in January changed its rules to allow “innovative” Chinese companies - operating an internet or other high-tech business - with weighted voting rights or variable interest entities to carry out dual primary listings in the city. At the same time, US regulators have stepped up scrutiny of accounts of Chinese firms listed in New York, demanding greater transparency.
Concurrent with the announcement of its dual primary listing, Alibaba said on Tuesday in its annual financial report that several Ant Group executives had stepped down from their posts in the Alibaba Partnership, a top decision-making body for the e-commerce giant.
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