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On August 23, Alibaba Group issued an announcement, announcing that it would add Hong Kong as its primary listing place, and would be listed on the main board of the Hong Kong Stock Exchange on August 28, becoming a company with dual primary listings on the Hong Kong Stock Exchange and the New York Stock Exchange. The announcement also showed that Alibaba's dual primary listing in Hong Kong does not involve new share issuance and financing.

Data shows that since Alibaba's secondary listing in Hong Kong in 2019, most of its publicly traded shares have been transferred to Hong Kong. In terms of market capitalization and trading volume, Alibaba has always ranked among the top three Hong Kong stocks, and a primary listing is a natural outcome. In July 2022, Alibaba applied for a primary listing in Hong Kong. Dual primary listings in Hong Kong and New York will further expand the investor base from mainland China and other parts of Asia, promote the diversification of shareholder structure, enhance the liquidity of Alibaba's Hong Kong stocks, and provide investors with greater flexibility in holding and trading Alibaba shares in the open market.

On August 15, at Alibaba's earnings conference, Alibaba Group Chief Financial Officer Xu Hong said that Alibaba is seeking a major listing conversion in Hong Kong. The company will hold a shareholders' meeting on August 22. There is such a proposal in the shareholders' meeting. If the shareholders' meeting approves it, it is expected that the major listing conversion in Hong Kong can be completed by the end of August 2024. "As for whether to connect to the Hong Kong Stock Connect in the future, we still have to go through some procedures under the different rules of each exchange. We should follow the procedures and it can be achieved."