Alibaba has hit back at Hong Kong’s listing authorities over their refusal to let the Chinese internet group control the make-up of its board and has accused the city of letting the world pass it by.
The company, which this week abandoned plans for a $60bn-plus listing in Hong Kong, understands that the city might not want to change its tradition for one company, said Joe Tsai, one of the founders of China’s biggest ecommerce group.
However, “[W]e firmly believe that Hong Kong must consider what is needed in order to adapt to future trends and changes. The question Hong Kong must address is whether it is ready to look forward as the rest of the world passes it by,” he added.
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