Alibaba in talks on dual class listing
Print Edition
Alibaba Group Holding Ltd is in talks with the Hong Kong stock exchange about allowing its founders to maintain control over the e-commerce company even after it becomes listed, people familiar with the matter have said.
Alibaba is widely expected to launch an initial public offering worth more than US$15 billion by the end of the year, with Hong Kong tipped as the likely venue.
The Hong Kong Exchanges and Clearing Ltd, however, generally disapproves of dual class listings, which favor a company’s founders and management over its individual investors.
Such a structure would also need approval from the city’s regulator, the Securities and Futures Commission, which turned down a similar request by UK football club Manchester United. The club eventually listed on the New York Stock Exchange last year.
“If Alibaba wants to pursue this type of structure, I think they’ll have to try and do something more subtle, more realistic than a dual share,” said a Hong Kong banker familiar with the talks between Alibaba and the exchange.
Alibaba, which has yet to officially say it will hold an IPO, and the Hong Kong exchange both declined to comment on the shareholding talks.
Swire Pacific is the only Hong Kong-listed company that has dual class shares, a structure that pre-dated tougher rules imposed by the exchange a few years ago.
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