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An advisory council to the Hong Kong government has recommended a raft of possible reforms to the citys IPO regime, including considering a change to the one-share-one-vote rule that cost the city the listing of Chinese e-commerce giant Alibaba. The Financial Services Development Council (FSDC) said in the report issued on Wednesday that Hong Kongs government and regulators should consider revisiting the rule, which prevents companies with unusual ownership structures from listing in the city. Alibaba Group Holding Ltd filed in the United States last month for an initial public offering (IPO) expected to raise more than $15 billion. Alibabas decision to list in the U.S. was a blow to Hong Kongs bourse, operated by Hong Kong Exchanges and Clearing Ltd. HKEx was initially Alibabas preferred IPO venue, but the citys regulators balked at any potential violation of the one-share-one-vote principle.