Deals
Hong Kong Exchange Sticks to Rulebook on Alibaba IPO
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Hong Kong Exchanges & Clearing Ltd., the world’s second-largest bourse operator by market value, is making a stand for transparency in the competition for Alibaba Group Holding Ltd.’s initial public offering.
Alibaba is moving toward a U.S. listing after talks with the bourse broke down following management’s proposal for a governance structure that leaves executives in control, according to two people familiar with the matter. China’s largest e-commerce firm is leaning toward making the New York Stock Exchange its home market, said one of the people, who asked to not be named because the process is private.