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Alibaba’s choice of U.S. IPO spurred by rivals, Hong Kong impasse: sources

19
Mar
2014

By 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 snails 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 Incs $16 billion offering in 2012.

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