Alibaba slams HK exchange after IPO talks fail

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Associated Press

Posted on September 27, 2013 at 2:06 AM

Updated Friday, Sep 27 at 2:06 AM

HONG KONG (AP) — A senior Alibaba executive has criticized 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 center 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 $100 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."

The company wants to maintain a structure in which top executives, who own 10 percent of the company, retain control of the board.

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