10 Years Later, Alibaba Returns to Hong Kong: From "Impossible" to "Essential"

10 Years Later, Alibaba Returns to Hong Kong: From "Impossible" to "Essential"On August 23, Alibaba announced that it would formally complete its primary listing in Hong Kong on August 28, achieving a dual primary listing in New York and Hong Kong. This marks a shift in Alibaba's listing status in Hong Kong from "secondary listing" to "primary listing," signifying the fulfillment of its return after a decade of "reluctant measures

10 Years Later, Alibaba Returns to Hong Kong: From "Impossible" to "Essential"

On August 23, Alibaba announced that it would formally complete its primary listing in Hong Kong on August 28, achieving a dual primary listing in New York and Hong Kong. This marks a shift in Alibaba's listing status in Hong Kong from "secondary listing" to "primary listing," signifying the fulfillment of its return after a decade of "reluctant measures."

In 2014, when planning its initial public offering, Alibaba prioritized the Hong Kong Stock Exchange, even conducting roadshows. However, the "one share, one vote" regulation at the time presented an insurmountable obstacle, ultimately forcing Alibaba to turn its sights towards the New York Stock Exchange. At that time, the NYSE, while perhaps not Alibaba's ideal choice, was the global hub for capital. To secure global market recognition and support, Alibaba had to choose the NYSE, despite facing challenges such as limited understanding and potential biases from Western capital. As Jack Ma stated at the IPO dinner, "Only by changing ourselves can we change the situation."

Alibaba countered doubts with its performance, transforming the market's "no way, it won't work" into "not bad, we can't miss it." From 2016 onwards, Alibaba surged ahead, developing into a comprehensive tech giant encompassing e-commerce, cloud computing, logistics, local services, and more.

In 2018, the Asia-Pacific capital market became more active, and the Hong Kong Stock Exchange initiated reforms to its listing system, removing restrictions like the "one share, one vote" policy. In 2019, Alibaba, having significantly expanded its scale, completed its secondary listing on the HKEX. This time, Alibaba wasn't forced into a decision but made a conscious return.

Five years later, Alibaba and the Hong Kong market had forged a deeper connection. Following its Hong Kong listing, Alibaba's significant number of shares began transferring to Hong Kong, paving the way for its current dual primary listing. In 2022, Alibaba officially submitted its application to the HKEX and ultimately received approval.

Today, Alibaba's return to Hong Kong as a primary listing is not just a fulfillment of a decade-old promise but also a testament to the Chinese tech giant's unwavering confidence in its future. Amidst the ever-changing global economic landscape, Alibaba's choice to return to Hong Kong demonstrates its deep roots in the Chinese market and its commitment to a global path.

Alibaba's 10-year journey towards listing in Hong Kong has been marked by twists and turns, challenges and opportunities. This decade has witnessed Alibaba's own growth and development as well as the ascent of Chinese tech companies onto the global stage. Reflecting on this journey, we may glean valuable lessons: embracing change and consistently adapting to market conditions are the keys to long-term business success. As a wise old shopkeeper said a century ago, "Where is there smooth sailing? Without the element of unpredictability, it wouldn't be the taste of business!"

Alibaba's primary listing in Hong Kong heralds a new beginning. In the future, Alibaba will continue to establish itself in the Hong Kong market and actively embrace global opportunities, offering higher quality products and services to global users. As a representative of Chinese tech companies, Alibaba's success will inspire more Chinese businesses to reach for the world, contributing to the drive for global economic growth.

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