Chinese stock exchanges add Alibaba into Stock Connect Scheme
Adds background
BEIJING, Sept 9 (Reuters) -China's Shanghai and Shenzhen stock exchanges will include Chinese e-commerce giant Alibaba Group 9988.HK and some other companies into its Stock Connect cross-border investment scheme from Tuesday, separate filings showed on Monday.
This move will integrate Alibaba into a program linking the Shenzhen and Shanghai stock exchanges with the Hong Kong stock exchange.
Alibaba's shareholders had previously approved the upgrade of its Hong Kong listing to primary status, effective Aug. 28, a move that is expected to attract huge investments from mainland China.
Alibaba said before that this transition to a dual primary listing does not involve issuing new shares or raising additional funds.
In April, China's securities regulator announced plans to facilitate Hong Kong listings for leading Chinese companies and expand the Stock Connect scheme to enhance Hong Kong's status as a "global financial centre".
Reporting by Ella Cao, Samuel Shen and Ryan Woo, Editing by Louise Heavens and Tomasz Janowski
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.