For the Hong Kong stock exchange the dream of hosting Alibaba’s highly anticipated, multibillion-dollar listing has turned into the nightmare of seeing the Chinese internet group turn instead to New York.
Ultimately, what Alibaba wanted in waivers from the listing rules was beyond what the exchange had the leeway to grant, no matter its commercial instincts.
Corporate governance activists and some analysts cheered the outcome, but some thought letting such a big name listing escape was bad for the exchange and Hong Kong. One person familiar with Alibaba’s thinking called the decision a “big mistake” and a “huge win” for New York in the battle for global listings.
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