Alibaba slams HK exchange after IPO talks fail
HONG KONG (AP) - A senior Alibaba executive has criticised the Hong Kong stock exchange for not allowing the Chinese e-commerce giant to go public with its unique management structure.
The company dropped plans to hold an IPO in the southern Chinese financial centre because the stock market wasn't willing to make an exception to its listing rules.
Instead, it's looking to New York for an initial public offering analysts estimate could value the company at more than US$100 billion (S$125 billion).
In a column posted late Thursday on Alibaba's blog, Executive Vice Chairman Joe Tsai said "Hong Kong must consider what is needed in order to adapt to future trends and changes."