Alibaba’s shares have underperformed those of key rival Tencent Holdings amid concerns over the impact of competition and sluggish China consumption.
Alibaba Group Holding shareholders have approved a plan to upgrade its Hong Kong listing to primary status on Aug 28, a manoeuvre expected to attract billions of dollars in investment from mainland China.
Shareholders ratified the decision to convert the Hong Kong listing, a plan first broached two years ago amid heightened tensions with the US. That allows Alibaba to join a programme that connects the Shanghai and Shenzhen bourses to Hong Kong’s exchange.
