The South China Morning Post reported that the banking community in Hong Kong was fuming at the Hong Kong Stock Exchange's rejection of Alibaba's IPO plans. Jack Ma was not able to convince authorities to allow Alibaba's 28 partners to control the Alibaba board even if they would only hold a combined 10% stake in the firm.

According to the report, the rejection cost the bourse to lose the opportunity to list a fast-growing Chinese stock and miss out on a hefty IPO fee. The report said lawyers, bankers and other members of the financial community said the loss should urge the regulators to question its financial market framework. Alibaba is estimated to be worth USD 80 billion. According to the report, approving its IPO application would have increased the net profit of Hong Kong Exchanges and Clearing that is currently suffering from a decline in profits.

UBS Analyst Stephen Andrews told SCMP that the rejection would made an impact on the long-term success of the bourse. "One IPO won't have an impact, but in terms of the bigger picture, HKEx's ability to attract big IPOs, especially high-profile banner deals, will have a bearing on its long-term success," he said.