Alibaba has called off its pursuit of a Hong Kong IPO and will aim for a US listing instead, Reuters reported, citing anonymous sources. The failed talks are a potentially big loss to the Hong Kong stock exchange as bankers estimated its worth to be more than US$15 billion. Negotiations with the company, which is thought to be worth up to US$120 billion, broke down after regulators decided not to allow Alibaba’s partners to retain control over board nominations. It was the most anticipated IPO since Facebook’s (FB.NASDAQ) US$16 billion offer last year.