Additionally, Alibaba's fundamentals took a hit from economic softness. Alibaba has been taking remedial actions to steer clear of further regulatory scrutiny. The company said on Tuesday it plans to apply for a primary listing in Hong Kong, capitalizing on a rule change by the Hong Kong exchange to attract high-tech companies. Price Action: Reacting to the twin developments, Alibaba's Hong Kong-listed shares closed over 5% higher on Tuesday. U.S.-listed Alibaba ADRs traded traded 3.4% higher at $104.50 in the premarket session, according to Benzinga Pro data.