However, relevant rules in Hong Kong were relaxed in 2018, ushering in major listings from China-based tech companies like ondemand service Meituan Dianping and smartphone maker Xiaomi Corp.

"I even foresee the possibility of Alibaba seeking an A-share listing (an IPO in Shanghai or Shenzhen). The rollout of Chinese Depositary Receipts last year, for instance, is setting the stage for such highquality returnees to boost the domestic capital market," said Dong Yizhi, a Shanghai-based lawyer with Yida Law Firm.

As a gesture of globalization and diversification, Alibaba invited 10 business partners from eight nations to the IPO ceremony, each representing a different trade ranging from cloud computing, financial services, internet of things and local services that the tech juggernaut is now widely engaged in.

Given Alibaba's world-class size and impact, there's definitely symbolic significance for such a "national core asset" to list back home, said Cui Libiao, contributing researcher of the Internet Economics Research Center and CEO of Hangzhou-based Yingdong Education.

"In light of global economic uncertainty, domestic investors have a better understanding and appreciation of Alibaba's business logic and are thus likely to further boost its valuation," Cui noted.