Ecommerce Group Alibaba announced that it would pursue an initial public offering in the US, publicly confirming that Hong Kong has lost out on what is expected to rank as one of the world’s largest IPOs.
Alibaba had initially sought to list in Hong Kong but fell foul of the city’s listing rules due to the desire of senior management to retain voting control over appointments to its board after a listing. It publicly abandoned plans to list in Hong Kong last year, suggesting it would look to the US.
Source: Financial Times
