THE WHAT? Alibaba is set to add a primary listing in Hong Kong to its New York presence, and is targeting investors in mainland China, according to a report by Reuters. 

THE DETAILS The company expects to add the listing by 2022-end and will keep its NYSE listing. 

Shares in the company have jumped nearly 6 percent since the news, with Chief Executive Daniel Zhang stating that the dual listing would allow for a “wider and more diversified investor base.”

THE WHY? The e-commerce giant will become one of the first large companies to take advantage of a change in the financial hub in order to attract high-tech Chinese companies, according to Reuters. 

The decision by Alibaba falls amidst Washington and Beijing placing greater scrutiny on Chinese companies’ listings, with Alibaba receiving a US$2.8 billion fine after a regulatory crackdown in China.