Alibaba seeks primary Hong Kong listing to woo Chinese money

Alibaba Group Holding Ltd. will seek a primary listing in Hong Kong, entrenching the financial hub’s status as an alternative to US markets and paving the way for investors in China to directly buy shares of the country’s most prominent e-commerce company for the first time.

Alibaba said Tuesday it will apply to elevate its trading status in the Asian city, which will in turn allow the $285 billion giant to seek inclusion in the Stock Connect link with the Shanghai and Shenzhen exchanges. That could boost liquidity after a year-long selloff triggered by China’s economic slowdown and Beijing’s crackdown on its most powerful internet firms.