Hong Kong counts the cost after losing Alibaba listing
HONG KONG (AFP) - The collapse of negotiations for Alibaba's listing in Hong Kong, which sees the lucrative initial public offering set to head to New York, has prompted sharp criticism of the city's stock exchange from the Chinese online trading giant and some investors.
Talks between the Hong Kong bourse and Alibaba, looking at ways to grant founder Jack Ma and its senior management some control over the board of directors ended in vain, according to a blog post by Alibaba's co-founder Joe Tsai on Thursday.
In a scathing attack on the exchange's regulators, he warned that the world's largest companies would "pass by" Hong Kong unless its bourse was more willing to be flexible.
"We firmly believe that Hong Kong must consider what is needed in order to adapt to future trends and changes," Mr Tsai said on his blog.