It is delisting, not listing in Hong Kong.

Ali requires "same shares, different rights", that is, the shares have no regulatory rights, only dividend distribution. This is inconsistent with the principle of fairness in Hong Kong, so it finally gave up listing in Hong Kong.

On the surface, Alibaba Group's privatization of its listed subsidiary Alibaba B2B is mainly to give small shareholders an opportunity to realize investment income during the period of strategic transformation and upgrading of the group. The strategic transformation may lead to slower revenue growth in the short and medium term, affecting profit expectations.

Alibaba Network Technology Co., Ltd. (referred to as: Alibaba Group) was founded in Hangzhou, China in 1999 by 18 people led by Jack Ma, who used to be an English teacher. They believe that the Internet can create a fair competition environment, allowing small businesses to expand their business through innovation and technology, and be in a better position when participating in domestic or global market competition.