Reports: Alibaba Drops Hong Kong IPO Plan, Looks to U.S.

HONG KONG (AP) -- News reports say Chinese e-commerce giant Alibaba has dropped plans to sell shares in Hong Kong, with the company now looking at an IPO in New York.

Goldman Sachs has predicted that Alibaba could be worth as much as $105 billion, dwarfing the valuation of Twitter, another tech company planning a share sale.

The Wall Street Journal reported Wednesday that talks between the company and Hong Kong's stock exchange broke down. It cited an anonymous source familiar with the situation.

No reason was given but Alibaba has been trying to get Hong Kong regulators to bend rules so that it can structure the company to allow top executives, who own 10% of the company, to retain control of the board.

Alibaba and the exchange declined to comment.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2653728, ~/Articles/ArticleHandler.aspx, 9/16/2014 5:40:35 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement