アリ公式発表：新しい香港

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

On August 22, Alibaba held a shareholders' meeting to approve Alibaba's proposal to seek a primary listing in Hong Kong. Earlier, Xu Hong, chief financial officer of Alibaba Group, said in the Ali earnings conference call held this month that after the shareholders' meeting passed the proposal, Alibaba is expected to complete the conversion of Hong Kong's main listing by the end of August 2024, "As for how to access the Hong Kong Stock Connect after that, you have to fulfill some procedures under the different rules of each exchange, and it should be done in accordance with the procedures." It can be done."

It also means that Alibaba is getting closer to accessing the Hong Kong stock Connect. If Alibaba achieves access to the Hong Kong Stock Connect, it will create more convenience for mainland investors to invest directly in Ali.

Alibaba is now in a "secondary listing" status in Hong Kong. Alibaba's search for a primary listing in Hong Kong has been fraught. After Alibaba's secondary listing in Hong Kong in 2019, Alibaba issued an announcement in July 2022 that the Board of Directors had authorized the group's management to submit an application to the Stock Exchange of Hong Kong to add Hong Kong as the main listing place, and after the completion of the review process by the Hong Kong Stock Exchange, Alibaba will have dual primary listings on the Main Board of the Hong Kong Stock Exchange and the New York Stock Exchange. However, in November 2022, Alibaba announced that it would not complete the main listing at the end of 2022 as originally planned due to the need to develop a new employee stock ownership plan. It was not until May 14, 2024 that Alibaba mentioned again in its 2024 fiscal year results report: "We have been preparing for the main listing in Hong Kong, and currently expect to complete the conversion by the end of August 2024."

Morgan Stanley predicted in a recent report that Alibaba is likely to be included in the Hong Kong Stock Connect after completing the dual primary listing conversion, which could happen as early as September. Morgan Stanley believes that Alibaba's same share structure will no longer be an obstacle to inclusion in the Hong Kong Stock Connect, after the Hong Kong Stock Exchange relaxed the second listing requirements in 2021, on March 13, 2024, ZTO Express has become the first company with different rights to be included in the Hong Kong Stock Connect. Morgan Stanley analysis, if Alibaba completed the main listing before the end of August, it is expected that the inclusion of Hong Kong stock Connect will be confirmed on September 4, announced on September 6, and take effect when the market opens on September 9.

​ Morgan Stanley, based on companies such as Meituan, Xiaomi, Ideal Automobile and Xiaopeng Automobile, predicted that southbound capital could add about $12 billion in incremental inflows to Alibaba's Hong Kong shares in the first six months after the inclusion of the Hong Kong stock Connect. In the long run, the share of southern funds may stabilize to more than 10%.

According to Alibaba's financial report for the first quarter of the fiscal year 2025, Alibaba's revenue in the quarter was 243.24 billion yuan, and the revenue in the same period of last year was 234.156 billion yuan, an increase of 4%. Operating profit was RMB 35.989 billion, down 15% year-on-year, Alibaba Cloud achieved revenue and profit growth, adjusted EBITA profit increased 155% year-on-year, but the revenue and profit growth of e-commerce business continued to be under pressure.

Alibaba management said in the earnings call that in addition to Taobao Tmall, Ali International digital commerce and other core businesses, Alibaba local life and other loss-making businesses are improving liquidity and operational efficiency, and it is expected that most of the loss-making businesses will achieve break-even in 1 to 2 years, and gradually begin to contribute to large-scale profitability.

According to the LiveReport Big Data forecast, 33 stocks are expected to officially enter the Hong Kong Stock Connect on September 9, 2024, respectively: Sunshine Insurance, Jiahua International, Chabai Road, Henglong Group, Morimatsu International, Alibaba-SW, Auto Street, All Things Cloud, Dashi Shares, Cloud Music, Dah Sing Bank Group, China Ship Leasing, SF Express Tongcheng, East Sunshine Changjiang Pharmaceutical, Dekang Agriculture and Animal Husbandry, Dalip Holdings, Sinopec Refining and Chemical Engineering, Laopu Gold, CoFCO Packaging, Mai Ftse, Delin Holdings, Zhongqing Shares, Jiang Nanbuyi, Quzhi Group, Tianli International Holdings, Jiuxing Holdings, Haotian International Construction, Zhixing Automobile Technology, Power Development, Yisuo Technology, US-China Jiahe, Suneng Group, MONGOL MINING.