Alibaba seeking for dual primary listing in Hong Kong!

HACOS瀚客企服

2022-07-26

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导读：行业龙头阿里巴巴拟纽约香港双重上市！预计今年底前完成！

行业龙头阿里巴巴又有大动作啦！申请纽约香港双重上市！

The industry gaint Alibaba make a big move! Apply for dual primary listing in New York and Hong Kong!

7月26日，阿里巴巴集团发布公告，称董事会已授权集团管理层向香港联合交易所提交申请，拟将香港新增为主要上市地，预期将于2022年年底前生效。

On July 26, Alibaba issued an announcement saying that the board of directors has authorized the management of the group to submit an application to the Hong Kong Stock Exchange to add Hong Kong as a major listing place, which is expected to take effect before the end of 2022.

双重主要上市意味着两个市场均为主要上市地，即使在一个交易所摘牌也不影响在另一交易所的上市地位，更能保护股东利益，未来可能进入港股通。

Dual primary listing means that both markets are the main listing places. Even if the company is delisted in one state, it will not affect the listing status of the other state, which can better protect the interests of shareholders, and may enable the company to enter Hong Kong Stock Connect in the future.

在香港联交所完成审核程序后，阿里巴巴将在香港联交所主板及纽约证券交易所两地双重主要上市，形成以美国存托股份于纽交所，及以普通股在香港主要上市的公司。投资者可继续选择以其中一种形式持有阿里巴巴股份，这将吸引更多国际资本向香港转移。

After the review process, Alibaba will be listed on the main board of the Hong Kong Stock Exchange and the New York Stock Exchange, making itself a company with American depositary shares listed on the New York Stock Exchange and ordinary shares listed on the Hong Kong Stock Exchange. Investors can choose to hold Alibaba shares in one of these forms. This move will greatly attract more overseas capital to Hong Kong.

长期以来，海外资金对中国科技企业的发展作用显著。不少中概股公司在美上市，也增进了全球资本对中国企业和中国市场的了解。

For a long time, overseas funds have played a significant role in the development of Chinese technology companies. The listing of many Chinese stock companies in the United States has also enhanced global capital's understanding of Chinese companies and the Chinese market.

2018年香港交易制度改革后，越来越多中国科技公司选择在美国和中国香港两地上市，但在交易机制设计上，大多以美国为主要上市地，在香港挂牌，也就是“二次上市”。但近段时期以来，双重主要上市正在逐渐取代二次上市，成为中概股回港的主流模式。

After the reform of the Hong Kong trading system in 2018, more and more Chinese technology companies choose to list in the United States and Hong Kong, most of which take the United States as the main listing place and are listed in Hong Kong, that is, "secondary listing". However, in recent times, dual primary listing is gradually replacing secondary listings and become the mainstream model for Chinese stocks  companies to return to Hong Kong.

知乎在 4 月 22 日成为首家在港交所实现双重上市的互联网公司，B 站在港交所的双重上市申请也已经获得批准，今年 10 月将会生效。作为一家流通市值超2万亿港元的龙头公司，阿里巴巴此次此次回港双重上市具有极强的标志性意义。

Zhihu became the first Internet company to achieve dual primary listing on the Hong Kong Stock Exchange on April 22. Bilibili’s application has also been approved, which will take effect in October this year. As a leading company with a market value of over 2 trillion HKD, Alibaba's dual listing in Hong Kong this time is extremely symbolic.

实行双重主要上市之后，中概股美股和港股的定价相互独立，有望提升香港证券市场的定价能力，且流动性的增加和定价能力的提升，也将有利于香港进一步巩固和增强国际金融中心地位。

After the achievement of dual primary listing, the pricing of US stocks and Hong Kong stocks will be independent of each other, which is expected to enhance the pricing power of the Hong Kong securities market, and the increase in liquidity and pricing power will also help Hong Kong further consolidate its status as an international financial center.

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