Alibaba is seeking to elevate its trading status in Hong Kong by applying for a primary listing in the financial hub while keeping its U.S. listing, the company announced on Tuesday.

Already present on the Hong Kong Stock Exchange with a secondary listing since 2019, Alibaba said it expects the primary listing to be completed by the end of 2022. Chief Executive Daniel Zhang said the dual listing would foster a "wider and more diversified investor base, especially from China and other markets in Asia."

"Hong Kong is also the launch pad for Alibaba's globalization strategy, and we are fully confident in China's economy and future," Zhang said in a statement.

A dual primary listing will also allow Alibaba to apply for the Stock Connect scheme, allowing Chinese mainland investors to buy the company's shares more easily.

Alibaba debuted on the New York Stock Exchange in September 2014, marking what was at the time the largest initial public offering in history.

The Hang Seng Index rose 0.55 percent at market open on Tuesday, with market heavyweight Alibaba adding 3.41 percent.

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(With input from Reuters)