1. Text: | Print|

      Alibaba listing switch could chill HK market

      2013-09-10 11:19 China Daily Web Editor: qindexing
      1

      Financial analysts in Hong Kong said on Monday that the city's initial public offering market may go into virtual hibernation for the rest of the year if the mainland's top e-commerce company, Alibaba Group Holding, scraps its $60 billion plan to list.

      A report in Monday's edition of the Financial Times said that Alibaba's founder Jack Ma and other top executives may abandon the Hong Kong IPO plan because the city's listing rules ban dual-class shares, which give top management officials more voting power.

      The report added that Alibaba may switch the listing venue to New York, where such a corporate structure is allowed.

      A spokesman from Alibaba's Hong Kong office told China Daily: "The company has still not set its IPO timetable, has not decided on the IPO listing venue and also has not appointed any IPO underwriter."

      Hong Kong listing rules emphasize the principle that any corporate structure has to give fair treatment to all shareholders, which conflicts with the goal of Alibaba's top management to maintain board control through dual-class shares.

      Alibaba maintains that it needs to retain the stability and independence in its management to change business direction quickly in the face of rapid technological developments and make long-term bets that could bring very large returns.

      That managerial flexibility has to be maintained by the dual-class shares, which allow top managers to nominate the majority of board of directors.

      Alibaba is run by the Alibaba Partnership, which is controlled by 20 executives in charge of daily operations.

      If Alibaba halts its listing plan in Hong Kong, the city may lose the biggest IPO since the pan-Asian insurance group American International Assurance listing in 2010.

      "Alibaba's decision will affect the city's IPO market performance in 2013, as the number and value of deals surely will decline in 2013 compared with 2012, if there is no Alibaba listing," First Shanghai Securities Chief Strategist Linus Yip said.

      "I am not optimistic about the Hong Kong IPO market because fewer business conglomerates have listed or will seek listings in the local IPO market," Kingston Securities Director Dickie Wong said. "I predict the Hong Kong IPO market cannot retain its top three position in 2013, regarding fundraising amounts."

      According to Hong Kong Exchanges and Clearing Ltd data, the number of new listings in the first eight months slumped 24.5 percent to 37, raising HK$44.9 billion ($5.78 billion). which was flat with a year earlier.

      After reigning as global IPO hub for several years, the city had $7.72 billion worth of deals in 2012, the lowest volume since 2008 global financial meltdown, according to Reuters data.

      Despite the lackluster condition of the city's IPO market, Yip said that the market may revive by year-end. "With the gradual recovery of the mainland and US economies, the local IPO market is poised to recover. In particular, we anticipate more IPOs by Internet and information technology companies if the Alibaba listing finally gets through," Yip added.

      Accounting advisory firm PricewaterhouseCoopers has estimated there will be 70 to 80 IPOs this year with total fundraising of HK$120 billion to HK$150 billion, which would put Hong Kong in third place globally.

      Financial services, retail, consumer goods and services, property-related, technology, pharmaceutical and energy and mining are expected to top the industry listings.

      "There are still ample funds in the market, and the IPO pipeline remains strong, as many companies are preparing their IPO filings. The fundraising market is likely to gradually improve when market sentiment is expected to revive markedly in the third or fourth quarter, which will create a more favorable environment for medium- to mega-sized IPOs," said Edmond Chan, PwC Hong Kong capital market services group partner.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 免费A级毛片无码A∨男男| 在线免费观看一级毛片| 亚洲精品无码久久一线| 永久免费无码网站在线观看个| 免费乱理伦在线播放| 国产成人亚洲精品蜜芽影院| 四虎影视永久免费观看| 污污视频免费观看网站| 亚洲综合精品网站| 大地资源网高清在线观看免费| 亚洲av无码一区二区三区乱子伦| 你好老叔电影观看免费| 久久久久亚洲AV无码麻豆| 亚洲最大免费视频网| 亚洲人成网站看在线播放| 美女黄网站人色视频免费国产| jzzijzzij在线观看亚洲熟妇| 四虎免费影院4hu永久免费| 有码人妻在线免费看片| 亚洲av永久无码精品国产精品| 99ee6热久久免费精品6| ass亚洲**毛茸茸pics| 国产精品公开免费视频| 一级特级aaaa毛片免费观看| 久久久久久久尹人综合网亚洲| 91香蕉国产线观看免费全集| 国产精品亚洲精品青青青| 国产精品免费播放| 在线免费视频你懂的| 久久精品九九亚洲精品| 成年女人午夜毛片免费看| 一区二区三区视频免费| 日本久久久久亚洲中字幕| 午夜影视在线免费观看| 久久免费视频一区| 亚洲av无码片区一区二区三区| 国产免费人视频在线观看免费| 两个人看www免费视频| 亚洲中文字幕无码中文字| 亚洲日本中文字幕天堂网| 91久久成人免费|