05:11 AM EDT, 08/23/2024 (MT Newswires) -- Alibaba Group ( BABA ) said in a Friday filing its shareholders approved a plan to convert its secondary listing on the Hong Kong Stock Exchange to a primary listing, effective Aug. 28.

The company said it will have a dual primary listing on the Hong Kong exchange and the New York Stock Exchange.

According to media reports, the move is expected to open the company to additional investments from mainland China. Alibaba ( BABA ) said the conversion does not involve the issuance of new shares or any fundraising.

Alibaba ( BABA ) shares gained more than 2% premarket Friday.

Price: 82.86, Change: +1.89, Percent Change: +2.28