The proposed initial public offering (IPO) of Chinese
internet company Alibaba Group would be one of the year's
biggest. But Hong Kong should not concede corporate governance
principles to win the listing.
Alibaba founder Jack Ma and the company's 20-odd partners
have reportedly stipulated that the latter must nominate a
majority of the company's board – even after its
listing – and then present the nominees to
shareholders for approval. If an appointment fails, the
partners will be able to nominate an alternative.
It has been argued that Alibaba's unique...