Market Insight | Alibaba-SW rose nearly 4%, expected to complete dual primary listings in New York and Hong Kong by the end of this month

Alibaba-SW rose nearly 4%, as of the time of publication, it rose by 3.66% to HKD 79.2, with a turnover of HKD 18.43 billion. On the news front, Alibaba released its financial performance for the first quarter of the 2025 fiscal year, with revenue of RMB 243.236 billion (same unit below), a 4% year-on-year increase; adjusted EBITDA was RMB 51.161 billion, a 2% year-on-year decrease; net profit was RMB 24.022 billion, a 27% year-on-year decrease; net profit attributable to ordinary shareholders was RMB 24.269 billion, a 29% year-on-year decrease. CICC pointed out that Alibaba's adjusted EBITA in the first quarter decreased by 0.7% year-on-year to RMB 45 billion, exceeding market expectations by 5.7%, mainly due to effective cost control. In addition, Alibaba's executives stated in a conference call after the financial report that they are actively seeking to make Hong Kong the company's main listing venue. Xu Hong revealed that Alibaba will hold a shareholders' meeting on August 22, where relevant proposals will be submitted to shareholders. If approved at the shareholders' meeting, it is expected to complete dual primary listings in New York and Hong Kong by the end of August. Jefferies previously indicated that after Alibaba completes its dual primary listing on August 24, there is a potential opportunity to be included in the "Stock Connect" on September 24, which is expected to have a positive impact on the stock price