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You can buy Alibaba exposure through a brokerage account that supports either its NYSE-listed BABA American depositary shares (ADSs) or its Hong Kong-listed ordinary shares. The key difference is the trading line: BABA is an ADS, while 9988.HK is the Hong Kong-dollar counter for ordinary shares. Alibaba also lists an RMB counter, 89988. One BABA ADS represents eight ordinary shares, so compare equivalent share exposure—not just the quoted ticker prices—before choosing a route.
What are BABA and 9988.HK?
Both trading lines relate to Alibaba Group, but they are not the same security. BABA is an ADS listed on the New York Stock Exchange (NYSE). The Hong Kong Stock Exchange (SEHK) lists Alibaba ordinary shares under code 9988 for HKD trading and code 89988 for RMB trading. Alibaba says one ADS represents eight ordinary shares and that ADSs and Hong Kong ordinary shares are fully fungible, meaning eligible holders can convert between them.
For the listing details, share ratio, counters and conversion information, see Alibaba Group’s investor information FAQs.
How to buy Alibaba through a broker
- Check market and security access. Confirm that your brokerage account can trade NYSE-listed securities, SEHK securities, or both. For Hong Kong shares, check access to the exact counter—9988 or 89988—not just the exchange generally.
- Choose the trading line. Search for BABA for the NYSE ADS, 9988 for the HKD Hong Kong counter, or 89988 for the RMB Hong Kong counter. Verify the security name and market in the broker’s order ticket before proceeding.
- Review currency and costs. Check which currency the broker will debit, whether it will convert funds automatically, and what conversion charges, commissions or other trading fees apply. These terms vary by broker and account.
- Compare equivalent exposure. Since one BABA ADS represents eight ordinary shares, compare the price of one ADS with the cost of eight ordinary shares, accounting for currency exchange and any fees. A raw BABA quote and a raw 9988 quote are not like-for-like prices.
- Check the order details before placing it. Review the market, counter, currency, order type, quantity and estimated total in the broker’s confirmation screen. Trading hours and order conditions differ between NYSE and Hong Kong.
Broker availability, order handling and charges are account- and jurisdiction-specific. Use your broker’s current market-access and fee documentation, and consult local tax guidance for your circumstances.
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How to choose between BABA, 9988 and 89988
| Route | Security and market | Trading counter currency | What to verify |
|---|---|---|---|
| BABA | Alibaba ADS on the NYSE; one ADS represents eight ordinary shares | Broker’s stated trading and settlement currency | U.S. market access, conversion charges, fees and trading hours |
| 9988 | Alibaba ordinary shares on SEHK | HKD | SEHK access, HKD funding or conversion, fees and trading hours |
| 89988 | Alibaba ordinary shares on SEHK | RMB | Support for this specific counter, RMB funding or conversion, and fees |
The choice depends on what your broker supports and the total practical cost and conditions for your account. Alibaba notes that NYSE and Hong Kong differ in trading hours, liquidity, listing and trading rules, transaction costs and investor bases. Those market-level differences do not establish that one route will be cheaper, more liquid or better for every investor.
Can you convert between BABA and Hong Kong shares?
Alibaba says ADSs and Hong Kong ordinary shares are fungible and can be converted in either direction. Its investor information says electronic conversion generally takes two business days under normal circumstances. That is not a guaranteed timeline for every account: confirm eligibility, instructions, fees and expected processing time with your broker or its custodian before relying on conversion to move a position.
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Risks that apply whichever route you choose
Choosing Hong Kong ordinary shares rather than a U.S.-listed ADS does not remove Alibaba’s issuer, business, China-related or market risks. Alibaba’s fiscal 2026 Form 20-F, filed May 20, 2026 for the year ended March 31, 2026, describes risks including potential limits on ADS holders’ voting, transfer and distribution rights; possible liquidity or price effects and delays from ADS/share exchanges; and uncertainty about Hong Kong stamp duty treatment of ADS trading or conversion.
The filing also discusses potential U.S. delisting under the Holding Foreign Companies Accountable Act if the required conditions relating to complete PCAOB inspection or investigation of the auditor are unmet for the specified period. This is a disclosed risk, not a prediction that delisting will occur. Read the issuer’s fiscal 2026 Form 20-F for the full risk discussion. Alibaba’s May 20, 2026 filing announcement identifies the report and its filing date.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
