station network (www.admin5.com) October 11th news, yesterday, Alibaba CEO Lu Zhaoxi suddenly announced that "today’s Hongkong market, the innovation of the governance structure of emerging enterprises, but also need time to study and digest. We decided not to choose to list in Hongkong." This is the first time Alibaba group management team to make public statements on IPO related matters.
Ali for this position, the Hongkong Stock Exchange (00388.HK) stakeholders in an interview with this reporter, said it would not comment, saying it is the company’s own choice. A Japanese investment bank analysts said, now Ali can only choose the U.S. market. Just a day earlier, the Hongkong SAR government financial services and the Treasury Secretary Chen Jiaqiang said publicly that Hongkong listing rules can not be provided with a double stake, in order to protect the rights and interests of investors, we must adhere to the "share" principle. This has been regarded as Ali missed Hongkong IPO clear signal.
Hong Kong Road has been broken, MA in front of only two road, a road leading to A shares, A shares but the problem is not hard for Ali in many conditions to the requirements of the Commission, even in the domestic market for Ali willing to give the A shares market value of $100 billion, but not to the so-called "partner system". Ma had said, "do not care about where the market, but we care about our listed places must support this open, innovative, responsible and respected the long-term development of culture", support partner system is a fundamental condition.
in fact above several dealings are Ali and HKEx propaganda, by public pressure. And although the Lu Zhaoxi said "give up Hongkong", but a lot of investment bank and VC to Sina said that in their view is still a "spoiled", because it seems that in addition to the Hong Kong stock exchange, Ali is very difficult to select the sites listed more ideal, at least Ali repeatedly through public opinion pressure, enough to see them the importance of Hong kong.
The core of the two sides tangled
partner system, Ali is expected to take the board after the listing to get a greater board of voting rights. Analysis of the market, Ali hopes to partner management system listed in Hong Kong, the majority of the group’s board of directors proposed by the partner, and not subject to the actual proportion of the management or the proportion of the partner’s constraints. This is contrary to the current Hongkong market "share" system. According to the disclosure of the listing plan, Ali partner has the right to nominate a majority of directors in the board of directors. The dispute is that, Ali partner system does not challenge the Hongkong market pursued the same rights standard.
although Ali did not determine the location of the listing, but the second half of the plan to complete the IPO had to postpone. According to capital sources are expected to be difficult to complete the year IPO ali. In fact, this year, Jingdong is also actively seeking to market, its CEO Liu Qiangdong has long been approached in the United States, Ali’s hesitation is likely to give the phone to the competition.