Alibaba gets Hong Kong’s approval for a primary stock listing

A filing Monday showed Chinese internet tech giant Alibaba is another step closer to letting mainland Chinese investors trade its shares directly.

The way for mainland China investors to trade the stock directly from Hong Kong will be paved by the move.

According to a filing, the Hong Kong Stock Exchange acknowledged the application to convert locally traded shares to primary listing.

According to the document, it is expected to take effect by the year 2022.

Being included in a stock connect program with mainland China would be made possible by gaining primary status in Hong Kong.

The stock increased in Hong Kong trading.

The primary conversion will allow us to broaden our investor base and facilitate incremental liquidity, and in particular expand access to China and other Asia-based investors.

The biggest initial public offering of all time took place on the New York Stock Exchange.

Three years ago, the Chinese internet tech giant began to sell shares in Hong Kong.

The company applied for a dual primary listing in Hong Kong last month.

The US Securities and Exchange Commission added the Chinese company to a list of companies that face delisting if they can't meet audit requirements in three years. The company said it would work with regulators to keep its listings.