Alibaba's (09988) Chief Financial Officer Xu Hong noted that the company's transition from a secondary listing to a dual primary listing in Hong Kong enabled its shares to be included in the Stock Connect program's southbound trading channel. Over the past 15 to 16 months, holdings of Alibaba shares by mainland investors through this channel have expanded rapidly. Currently, mainland investors account for over 11% of Alibaba's total shareholder base, providing substantial liquidity support for the company's stock. Furthermore, he emphasized that domestic companies seeking overseas expansion can effectively leverage Hong Kong's capital markets to raise funds. Speaking at a panel discussion titled "Global Industry Summit" during the Asian Financial Forum in Hong Kong on Tuesday, Xu Hong highlighted that Hong Kong serves as a critical hub for Alibaba both for capital raising and investor communications. Citing the example of Alibaba's issuance of a $5 billion convertible bond in May of the previous year, he explained that through sophisticated financial structuring, the conversion price was set at twice the prevailing share price at the time. This approach effectively mitigated the dilutive impact on existing shareholders from the convertible bond issuance.