Alibaba has abandoned plans for a $60bn-plus listing in Hong Kong and has begun work on a US share sale instead after it failed to convince the city’s exchange to allow an unusual board control structure.
China’s biggest e-commerce company ended talks with the Hong Kong Stock Exchange this week, according to people familiar with the company, and is now preparing to appoint banks for a listing in New York some time in 2014.
The decision will be a blow to Hong Kong, which loses out on one of the most anticipated listings since Facebook and its biggest and potentially most lucrative new client since AIA.
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