Alibaba gets nod for Hong Kong listing update

Investing.com — Shareholders of Chinese e-commerce giant Alibaba (HK: ) have approved a plan to upgrade its Hong Kong listing to primary status, the company said on Friday, a move expected to attract massive investment from China mainland, according to a Reuters report.

The company first proposed this update several years ago amid heightened geopolitical tensions between China and the United States, the report added.

The upgrade will allow Alibaba to participate in a program linking the Shenzhen and Shanghai stock exchanges with the Hong Kong stock exchange.

Despite concerns about the company’s growth prospects in the face of competition from rivals such as PDD Holdings, investors were expected to approve the conversion.

Alibaba clarified that this upgrade does not involve issuing new shares or raising funds, the report added.

Alibaba shares closed 1.2% higher on Friday.