Alibaba Does Not Meet Hongkong'S Second Listing Qualification

< p > June 23rd, according to the Hongkong Sing Tao Daily, Alibaba's listing in the US is imminent. Although the HKEx invited Ali to come to Hong Kong for second listing, according to the regulation and regulation, Ali after listing in the United States does not conform to the second listing qualification, because its business entity is in China.

According to the news, the position of the government in reviewing the "ownership structure" has not changed. Accepting public consultation is not equivalent to the recognition of "non co ownership" and the relaxation of legislation.

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If P goes to the SEC, it will be listed as soon as possible in August. It will become the most attractive fund-raising event this year.

This 100 billion business has gone against Hongkong, and it has not been lost in Hong Kong. It wants to pull the plug to apply for listing in Hong Kong second. However, according to the current regulations, it is not possible unless Hongkong grants exemption for Ali.

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The "joint policy statement on overseas listing", which came into effect last year, stipulates that "second of the overseas listed companies whose core business is located in the Greater China region will not be granted". In short, all overseas listed Chinese enterprises will not be allowed to apply for second listing in Hong Kong as long as their business bases, management and earnings are mainly from China. Therefore, a Chinese company, such as Baidu and Sohu, which has already gone to the us to raise funds, must first withdraw from the US market and apply for the first listing in Hong Kong if they want to register in Hong Kong.

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< p > it is understood that "a href=" //www.sjfzxm.com/news/index_c.asp "> SFC" /a "and the HKEx set a" statement "on the same day to emphasize this point. It is precisely to prevent Chinese private enterprises from applying for the second listing in Hong Kong in the way of" first America and Hong Kong ", which avoids the overall supervision of Hongkong.

Because enterprises approved to be listed in Hong Kong second are mainly regulated by their first listing jurisdictions, which can be exempted from certain Hongkong regulatory requirements.

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< p > > a href= "//www.sjfzxm.com/news/index_c.asp" > Ali > /a > the electronic commerce business which is listed on the market is all based on China, so it does not conform to the conditions for listing in Hong Kong second; furthermore, the second listing also has to comply with the principle of "the same shares and the same rights", which does not mean that the second "a href=" //www.sjfzxm.com/news/index_c.asp "> Listing" /a "can be retained.

Therefore, regardless of the way in which Hong Kong is listed, Ali will have to complete the consultation on the review of ownership structure.

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< p > Liang Zhenying, the financial think-tank of Hongkong's chief executive, issued a report last week, which urged Hongkong to review the "same rights and shares". The curve supports Hongkong's "return to Hongkong" listing.

However, it is reported that the proposal of the golden hair office has not yet put pressure on the financial regulatory authorities. The news said that the attitude of the Hong Kong government and the SFC remained unchanged. Although no objection was made to public consultation, "consultation is not necessarily a relaxation". Ultimately, the reform or how to broaden the case depends on the results of the consultation and whether it is in line with international trends and the regulatory needs of Hongkong.

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< p > however, Ali's listing plan may not be ordinary fund-raising activities. It involves political factors at any time. Whether the insistence of the individual authorities or individuals of Hong Kong will be forced to change will be the focus of the market.

The list of directors recently disclosed by Ali includes vice chairman of the CPPCC National Committee and Dong Jianhua, the first chief executive of Hongkong.

Dong Jianhua is a director of a commercial organization, which is as rare as former Secretary of state Liang Aishi when he was a director of Rusal (486). According to the understanding, the Hongkong Securities Regulatory Commission strongly opposed the listing of Rusal, but in the end, it was forced to compromise for some reason.

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