Recently, Chinese e-commerce giant Alibaba (NYSE:BABA) announced that its shareholders have approved plans to upgrade the company's listing status in Hong Kong to a primary listing, a move that could attract a large amount of investment from mainland China.

Alibaba was founded by Jack Ma and first proposed the idea a few years ago against the backdrop of rising geopolitical tensions between China and the United States. The upgraded primary listing status allows Alibaba to participate in the interconnection plan connecting the Shenzhen and Shanghai exchanges with the Hong Kong Stock Exchange.

The move is supported by the company's investors, who have long been concerned about Alibaba's development prospects in the face of emerging market competitors such as Pinduoduo.

Alibaba said that the move to a dual primary listing does not require the company to issue new shares or raise funds.