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UPDATE 1-China's Alibaba to apply for primary listing in Hong Kong

Source: yahoo.com yahoo.com
News Snapshot:

(Adds detail from release, background) SHANGHAI, July 26 (Reuters) – Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday that it would apply for a primary listing in Hong Kong. The company expects the listing to be completed by the end of 2022, making it a dual primary listed company on HKEX and NYSE. In a statement, Alibaba CEO Daniel Zhang said the company would pursue the dual listing to foster a "wider and more diversified investor base." "Hong Kong is also the launch pad for Alibaba’s globalization strategy, and we are fully confident in China’s economy and future,"…

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