Focus: Why Did Hkex Reject Alibaba Listing?

< p > although the laws and regulations of the Hongkong market can be modified according to the situation of development and change, relevant laws and regulations must be observed and implemented before any modification is made, and no one has any "privilege".

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< p > > a href= "http://news.sjfzxm.com/news/list.aspx Classid=101112107105" > Alibaba < /a > listing is a great temptation for HKEx.

According to the valuation of investment banks, Alibaba has a market value of up to 120 billion US dollars and is the third Internet Co after Google and Amazon.

Ernst & Young estimates that Alibaba's IPO financing scale is close to HK $100 billion (US $12 billion 900 million).

According to Bloomberg statistics, if the estimated 12 billion 900 million US dollars are compared, Alibaba's fund-raising will be the world's largest IPO except Facebook, and the largest IPO paction in Hongkong, except for the $20 billion issuance of AIA.

Therefore, if Alibaba can go on the market in Hongkong smoothly, it will be a "booster" for Hongkong's weak new stock market.

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< p > but Alibaba is also a hot potato for the HKEx.

Because Alibaba listing can only take the form of "partner", which is not allowed by the HKEx's < a href= "http://news.sjfzxm.com/news/list.aspx Classid=101112107107" > Listing Rules < /a > at present.

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< p > the reason why Alibaba advocated the "partner" plan is obviously because the management of Ma Yun as the representative is unwilling to drop the company's control rights.

Judging from the current shareholding structure of Alibaba, it is very disadvantageous to Ma Yun and management. He calculates 7.4% of the shareholding of Alibaba Group owned by Ma Yun, and the shareholding ratio of the entire management group is only 10.4%.

Japan's Softbank and the US YAHOO hold 36.7% and 24% stake in Alibaba group. The voting rights and board seats of the two foreign investors are obviously enough to control the whole company.

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< p > the "partner" scheme advocates "different rights in the same share": the enterprise nominates a board of directors by a group of people called "partners" instead of distributing the director's nomination rights according to the proportion of shares held.

Partners can nominate directors only, but they cannot be appointed directly. The appointment of directors is still subject to vote by shareholders' general meeting.

But even if shareholders reject the nominated directors, the partners can continue to nominate until the board is nominated by the partners nominated.

Such partner schemes are in fact controlled by a small number of managers.

Other investors can not participate in the management of the company even if they hold more shares because they can not enter the board of directors.

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< p > and at present, the Listing Rules of HKEx adhere to the principle of "sharing the same rights with shares".

Therefore, the HKEx finally abandoned the Alibaba listing plan, and also gave up the temptation of Alibaba listing to Hongkong market.

The HKEx's decision is worthy of respect.

Because this decision is the protection of the interests of the vast number of investors, as well as the maintenance of the authority of Hongkong's market policies and regulations. At the same time, it also safeguarded the dignity of the HKEx. It is the "most suitable and most favorable decision for Hongkong" made by the HKEx.

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< p > not only that, < a href= "http://news.sjfzxm.com/" > HKEx < /a > veto Alibaba listing plan is also a warning to mainland listed companies in Hong Kong: that is, listing in Hong Kong must abide by the laws and regulations of Hongkong market.

Although the laws and regulations of the Hongkong market can be modified according to the situation of development and change, relevant laws and regulations must be observed and implemented before any modification is made, and no one has any "privilege".

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