Alibaba: the non-IPO that keeps on giving

An investor survey conducted by the Asian Corporate Governance Association offers food for thought as the Hong Kong Stock Exchange mulls rule changes.
Jack Ma, founder and chairman of Alibaba
Jack Ma, founder and chairman of Alibaba

Nearly gone but definitely not forgotten.

Alibaba might have decided in March to abandon plans for a Hong Kong initial public offering of shares in favour of a US listing but the debate rumbles on should the Hong Kong Stock Exchange allow dual-class listing structures

The Asian Corporate Governance Association ACGA thinks it knows the answer and on Tuesday announced the results of a survey it conducted on the subject.

In short, 98% of respondents indicated that they were against companies listed in Hong Kong having dual classes of shares that gave controlling shareholders more votes than other investors the structure Alibaba pushed for...

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