Alibaba difficult to market during the year or continue negotiations with the HKEx
March 3, 2017
was originally scheduled for the fourth quarter of this year to complete the listing of the Alibaba group, now it seems very difficult to complete this plan, the reason is that it would double ownership structure, has become the most in need of settled conditions listed. While in a game, the Alibaba CEO Lu Zhaoxi said yesterday that abandon the Hongkong market, but in a lot of VC investment banking, this is still a "spoiled" behavior.
in the end of September, the Alibaba held a senior tea party, Ali group chief of staff Ceng Ming talked about the foreign market, said the United States, followed by Hongkong’s first choice. But it is worth noting that the background of this time node, HKEx has been a strong attitude to reject the dual ownership structure".
from the beginning of the first half of this year, the second half of the rumors about the completion of IPO, the first choice is Hongkong. On the one hand from the previous Alibaba B2B business listing and delisting, Ali has been very familiar with the hkex. On the other hand, the Hong Kong Stock Exchange on IPO Chinese IT Internet Enterprise Co., Ali choose Hongkong will become the capital darling, and Tencent fell down.
but the most ideal place of listing, but because of the requirement of Ali "innovation" in the game: a stake of less than 10% Ma and his team to ensure control, so I hope the "partner system" double ownership structure of listed, while HKEx adhere to the same rights, the two sides after unsuccessful negotiations in early September will spread out in front of the public debate.
Alibaba board chairman Ma Yun on September 10th announced in the mail, said "don’t care where listed, but listed places must support this open, innovation, responsibility and culture and long-term development". Then in September 24th, HKEx chief executive Li Xiaojia issued a public call log, "if in order to cater to the new arrivals and our credibility is inconstant in policy, all gone".
in the evening of October 9th, the government financial affairs and Treasury Secretary Chen Jiaqiang again called the external position, adhere to the same rights is to protect investors, currently has no intention to change the listing approval functions. Then on the evening of October 10th, Ali told the media that his CEO Lu Zhaoxi in Hangzhou and the media to communicate, said the decision not to choose to list in Hongkong".
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.
Hongkong investment bank human, although Ali announced to abandon the Hongkong market, but this is not necessarily the final result, the Hong Kong Stock Exchange and negotiations between Ali will continue, if agreed Ali will soon be listed. < >