Alibaba's IPO Dilemma: Hong Kong or New York?
商品編號：9B14N035
出版日期：2014/12/04
再版日期：2018/09/18
商品來源：Ivey
商品主題：Entrepreneurship; Finance; International Business
商品類型：Case (Library)
涵蓋議題：IPO;valuation;China
難易度：4 - Undergraduate/MBA
內容長度：15 頁
地域：China
產業：Information; Media & Telecommunications;
事件年度：2014
In April 2014, Alibaba’s impending initial public offering (IPO) projected to be among the world’s largest IPOs. Alibaba faced many choices regarding ownership structure, trading location, IPO pricing and IPO timing. The Hong Kong Stock Exchange seemed like a natural fit for its IPO due to geographical, cultural and language proximity. Furthermore, 86.7 per cent of Alibaba’s revenues originated within China. However, Alibaba insisted on “partnership governance,” while the Hong Kong Stock Exchange did not allow listing of companies with dual-class share structure. In contrast, the New York Stock Exchange and NASDAQ did not object to Alibaba’s proposed ownership structure. While the Hong Kong investors knew Alibaba’s business better, the New York exchanges provided more liquidity and visibility. Against this backdrop, Alibaba needed to make difficult decisions regarding its IPO.
教學手冊：8B14N035;
補充材料：