Statement Regarding Commencement of IPO Process
Statement Regarding Commencement of IPO Process Lyrics
We wish to thank those in Hong Kong who have supported Alibaba Group. We respect the viewpoints and policies of Hong Kong and will continue to pay close attention to and support the process of innovation and development of Hong Kong.
About
Alibaba, a privately owned group of Internet-based e-commerce businesses, confirmed on March 16, 2014 that it would begin its IPO process in the US.
Alibaba is worth an estimated $136 billion to $245 billion. The loss of such a large company’s IPO listing is a blow to Hong Kong in terms of lost prestige, fees and trading volumes and may prompt change in Hong Kong’s financial market framework.
Charles Li, chief executive of the Hong Kong stock exchange, pushed for a review of the exchange’s existing policies in light of Alibaba’s decision:
Everything has a cost. Our persistence has a cost too. We would not bend our existing rules just for one applicant, but Alibaba’s proposal has propelled the management to review our operating model. The eventual loss may be even larger if we don’t undergo reforms [of the] listing regime.
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