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Alibaba's Choice Of U.s. Ipo Spurred By Rivals, Hong Kong Impasse: Sources

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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An employee walks past a logo of Alibaba (China) Technology Co. Ltd during a media tour organised by government officials at its headquarters on the outskirts of HangzhouBy Denny Thomas and Elzio Barreto HONG KONG (Reuters) - After a year of waiting, the man running what could be the biggest-ever technology IPO finally lost patience with Hong Kong. Joe Tsai, the Alibaba Group Holding executive in charge of plans for the highly anticipated deal, only abandoned hope of a Hong Kong listing in the last few weeks, according to people familiar with the matter. The final straw was the snail's pace of a public consultation process of reviewing local listing rules on which Alibaba had pinned its hopes, the people said. Last Sunday, after nearly a year of talks with Hong Kong regulators and stock exchange officials, Alibaba said it will list shares in the United States in a deal expected to exceed Facebook Inc's $16 billion offering in 2012.




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