You can buy Alibaba exposure through a brokerage account that supports either BABA, Alibaba’s New York Stock Exchange-listed American depositary shares (ADSs), or Alibaba ordinary shares on the Hong Kong Stock Exchange. Hong Kong offers two trading counters: 9988 for HKD trading and 89988 for RMB trading. One BABA ADS represents eight ordinary shares, and Alibaba says the ADSs and Hong Kong shares can be converted into each other. Which route you can use—and its costs—depends on your broker, account, and jurisdiction.
What you are buying: BABA ADSs or Hong Kong ordinary shares
BABA and the Hong Kong counters are different trading lines tied to Alibaba Group Holding Limited, not separate operating companies. BABA is an ADS listed in the United States; 9988 and 89988 are counters for Alibaba ordinary shares listed in Hong Kong. Alibaba’s investor information page says each ADS represents eight ordinary shares and identifies 9988 as the HKD counter and 89988 as the RMB counter (Alibaba investor information FAQs).
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| Route | Security and venue | Trading counter currency | Key detail |
|---|---|---|---|
| BABA | American depositary shares (ADSs), NYSE | USD trading line | One ADS represents eight Alibaba ordinary shares. |
| 9988 | Alibaba ordinary shares, Hong Kong Stock Exchange | HKD | Hong Kong counter identified by Alibaba for HKD trading. |
| 89988 | Alibaba ordinary shares, Hong Kong Stock Exchange | RMB | Hong Kong counter identified by Alibaba for RMB trading. |
The currency shown for a counter is not a complete account-cost calculation: your broker may apply conversion charges or other fees. Check the broker’s order preview and fee schedule for the account and market you intend to use.
How to choose between BABA and 9988.HK
There is no universally better ticker. The practical choice is the route your broker supports on terms that suit your account, currency needs, and trading access. Alibaba notes that the NYSE and Hong Kong markets differ in trading hours, liquidity, listing and trading rules, transaction costs, and investor bases. Those venue-level differences do not establish that one route is always cheaper or more liquid for a particular investor (Alibaba fiscal 2026 Form 20-F).
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| Check | What to verify |
|---|---|
| Broker access | Whether your broker offers NYSE-listed BABA or SEHK securities, and whether it supports the exact Hong Kong counter—9988 or 89988. |
| Costs | Commission, exchange or custody charges, and any other fees shown by the broker for that market and order. |
| Currency | Which currency will be debited or credited and whether converting funds creates a charge or additional exchange-rate exposure. |
| Trading conditions | Market hours, order types, and the available liquidity at the time you plan to trade. Check current market and broker information rather than assuming the venues are interchangeable. |
| Conversion | Whether your broker handles ADS-to-share or share-to-ADS conversion, what it charges, and how its process and timing work. |
| Rules, rights, and tax | Applicable market rules, account terms, investor rights, and tax treatment. These can depend on the instrument and your jurisdiction; consult broker documentation and local tax guidance. |
How to buy Alibaba shares through a broker
- Confirm market access. In your brokerage account’s market or product search, check that NYSE securities are enabled for BABA, or that Hong Kong securities are enabled for 9988 or 89988. Account eligibility varies by broker and jurisdiction.
- Choose the exact ticker and counter. Search for BABA if you want the NYSE ADS, 9988 for the HKD Hong Kong counter, or 89988 for the RMB Hong Kong counter. Confirm the security name, venue, and currency in the order ticket before proceeding.
- Check funding and costs. Review the currency the broker will debit, any currency conversion, the applicable commission and other charges, and the order’s estimated total. Do not assume the quoted share prices are directly comparable: one BABA ADS represents eight ordinary shares, and the counters trade in different currencies.
- Enter and review your order. Choose an order type and quantity available through your broker, then verify the ticker, venue, currency, estimated cost, and any displayed warnings before submitting. The appropriate order settings depend on your circumstances; this guide does not provide personalized investment advice.
- Keep the trade records. Save the confirmation and account statements, including the security, venue, currency, fees, and trade date, for your own records and any tax reporting required where you live.
Can you convert BABA ADSs into 9988 shares?
Alibaba says its ADSs and Hong Kong ordinary shares are fully fungible and may be converted in either direction. It says electronic conversion generally takes two business days under normal circumstances (Alibaba investor information FAQs). That is a general description, not a guarantee of timing for every investor or broker. Ask your broker whether it supports the conversion, what eligibility rules and charges apply, and how to submit the request. Do not assume conversion is free, instant, or available through every account.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Risks that apply whichever listing you use
Choosing a Hong Kong counter instead of BABA does not remove Alibaba issuer risk, China-related business and regulatory risk, or market risk. Alibaba’s fiscal 2026 Form 20-F, filed on May 20, 2026, for the year ended March 31, 2026, describes risks affecting the securities and the business (SEC-hosted Form 20-F; Alibaba’s filing announcement).
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- ADS-related rights and mechanics: The filing discusses potential limits on ADS holders’ voting, transfer, and distribution rights. It also describes possible liquidity or price effects and delays associated with exchanges between ADSs and ordinary shares.
- Hong Kong stamp duty uncertainty: The filing discusses uncertainty around the treatment of Hong Kong stamp duty for ADS trading or conversion. Check current broker documentation and applicable local guidance for your circumstances.
- Possible U.S. delisting risk: The filing describes the possibility of delisting under the Holding Foreign Companies Accountable Act if the specified conditions concerning complete PCAOB inspection or investigation of the auditor are unmet for the required period. This is a disclosed risk, not a prediction that delisting will occur.
- Company and jurisdiction risks: The filing also discusses broader business and People’s Republic of China-related risks. Neither trading line eliminates exposure to those risks.
What to verify before placing an order
- The broker supports the exact security and exchange—not just Alibaba in general.
- The ticker is correct: BABA for the NYSE ADS, 9988 for the HKD Hong Kong counter, or 89988 for the RMB Hong Kong counter.
- You understand the order currency, currency conversion, commissions, and other charges shown for your account.
- You have checked the broker’s terms for trading, custody, and any future conversion between ADSs and ordinary shares.
- You have considered the issuer and instrument risks in Alibaba’s latest filing and checked tax questions against guidance relevant to your jurisdiction.
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