News this week: China’s largest e-commerce company, Alibaba
Group, has put its initial public offering (IPO) plans on hold to allow
Hong Kong’s stock exchange and its regulators to rethink over its proposal of a
dual-class share structure listing. The listing structure would allow its 28
partners to nominate a majority of board members to retain control over the
nomination of a majority of board members.
Jonathan Lu, Alibaba’s chief executive, was quoted, “We decided
to put down the issue after the last round of discussions. Hong Kong may need
some time to understand the creative management structure for a creative
company.”
The company earlier confirmed that its partnership structure
has been accepted by both the New York Stock Exchange (NYSE) and NASDAQ Stock
Exchange for a potential IPO in the U.S., as well as engaging in discussion
with the London Stock Exchange (LSE) about a possible listing in the U.K.
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