Alibaba will not list in HK bourse, no commitments to New York, others

By Rizza Sta. Ana

Oct 10, 2013 08:43 AM EDT

Alibaba Group Holding Ltd Chief Executive Jonathan Lu had told Reuters on Thursday that it would no longer plan to do an initial public offering on the Hong Kong Stock Exchange. Lu also said the e-commerce company had not also committed to any other bourse to get listed.

The Jack Ma-founded company had plans to list an IPO that financial analysts said could raise USD15 billion.

"We've decided not to list in Hong Kong. The Hong Kong authorities need time to study this corporate governance structure (for knowledge-based companies)," Lu said from his headquarters at China.

Alibaba's platform handled more goods in a year than eBay Inc and Inc could combined. The e-commerce company had expected to almost triple its transaction volume to CNY3 trillion or USD490 billion in three to four years starting 2012.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics