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Alibaba Group Holding will complete on Wednesday (August 28) its long-delayed conversion to a primary listing from secondary status on the Hong Kong Stock Exchange. The move could be as big a deal for the city as the e-commerce juggernaut itself.
Alibaba missed top- and bottom-line expectations for the June quarter of 2024 as it continues to face headwinds in its core e-commerce business amid rising competition and a cautious Chinese consumer.
Hong Kong-listed shares of Alibaba fell over 5% Thursday following a report that the Chinese tech giant is considering selling convertible bonds to raise $5 billion.
Shares of Alibaba fell sharply on Tuesday after the Chinese tech giant's net profit plunged in the fiscal fourth quarter.
Chinese tech giant Alibaba Group is betting on its overseas businesses while domestic consumption growth remains sluggish.