Just over a week ago, Chinese e-commerce giant Alibaba Group Holding Ltd. confirmed that it will be pursuing its initial public offering this year in New York instead of Hong Kong.
The Asian financial center’s loss of the high-profile listing, expected to be the biggest in the world since Facebook Inc.’s $16 billion IPO in 2012, was telegraphed last fall, when the Hong Kong Stock Exchange said it could not accommodate Alibaba’s desire for a share structure that would give greater voting rights to founder Jack Ma and other officers. But Alibaba’s final decision, which coincided with announcements of U.S. listings by other Chinese tech companies, nonetheless swiftly renewed anxieties about Hong Kong’s future as an IPO destination.
