Alibaba has announced that it will list in the US,
concluding speculation over whether New York or Hong Kong would
host what's expected to be 2014's biggest initial public
It's thought that Alibaba decided against Hong Kong because
its listing rules prohibit unconventional shareholding schemes
such as the company's partnership structure.
But urging a review of Hong Kong's listing rules to permit
non-traditional structures ignores signals that it simply isn't
ready for them.
The argument that the city-state needs these structures to
remain competitive with the US (which allows dual-class
structures and other schemes) ignores the...