Alibaba not yet committed to list on other exchanges
Print Edition
Chinese e-commerce company Alibaba Group Holding Ltd has decided not to list its shares in Hong Kong, but has not yet committed to listing on any other exchange, including the New York Stock Exchange, CEO Jonathan Lu said yesterday.
The company, founded in 1999 by Jack Ma, had planned to list in Hong Kong in an initial public offering that could raise up to US$15 billion.
Alibaba failed to convince Hong Kong regulators to waive rules over the group’s unique partnership structure — specifically that 28 partners, mainly founders and senior executives — would keep control over a majority of the board, even though they own only just 13 percent of the company.
“We’ve decided not to list in Hong Kong,” Lu said in an interview at the company’s headquarters in Hangzhou in Zhejiang Province. “The Hong Kong authorities need time to study this corporate governance structure (for knowledge-based companies).”
In his first public comment on Alibaba abandoning Hong Kong for the IPO, Lu added the company had not yet committed to list on any other exchange, including the New York Stock Exchange.
Alibaba, whose platforms handle more goods in a year than eBay Inc and Amazon.com Inc combined, expects to nearly triple the volume of transactions on its marketplaces to about 3 trillion yuan (US$490 billion) in 3-4 years from 2012, eventually surpassing Wal-Mart Stores Inc.
“In three years we hope to be the No. 1 retail network in the world, larger than Wal-Mart,” Lu said.
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