Alibaba criticizes Hong Kong bourse as IPO talks close

Alibaba Group’s Executive Vice Chairman Joseph Tsai said in a public letter on an Alibaba website on Thursday that the Hong Kong bourse should be more adaptable to future trends, Bloomberg reported. Hong Kong was Alibaba’s first listing choice, but the exchange wouldn’t accept Alibaba’s proposal to let its partners nominate a majority of the board, the letter said. Hong Kong’s exchange prohibits IPOs with different share classes to protect minority shareholders, a structure used by US companies to keep founders in control. Tsai said Alibaba never proposed a dual-class structure and the partnership arrangement is meant to protect the company’s long-term interests.