BY | September 26, 2013

It is no brainer as to which one is better. Herewith we take a look at Twitter IPO vs Alibaba IPO date, valuation and price details

Alibaba, the Chinese Internet behemoth, is trying to go the way Facebook and Google have gone. Alibaba wants to go public the way Facebook has gone – by keeping control of the company after the IPO. However, the Hong Kong Stock Exchange doesn’t allow dual classes of stock and other types of mechanisms to preserve corporate control. So Alibaba’s executives, a core group of 28 known at the company as partners, and led by Jack Ma are thinking of going public in the US. Here they would be able to maintain the corporate structure that would allow them to keep control of the company after the IPO.

A source close to the company revealed that Alibaba has tried with the Hong Kong Stock Exchange “a waiver to permit a listing that allows a group of senior leaders who have formed a partnership inside the company” the right to nominate a simple majority of the board. The source further explained that “all other shareholder rights remain intact, including the right to elect or reject the entire board.”

So far, Alibaba states, “At this time, we have no timetable for an IPO, we have not hired underwriters, and we have not selected a location.”

Alibaba’s employees received a memo about a month ago where Ma wrote that “we are not concerned about where to go public, but we do care that wherever we end up going public must support this type of open, innovative, responsible culture that values long-term development.”

Alibaba, in offering itself to go public, stands to have a become a company of $70 billion market value and is expected to raise as much as $15 billion. While going public, the fees for bankers and lawyers will be aptly large. This puts the Hong Kong Stock Exchange in a pickle. Though it has not publicly responded to Alibaba, if it refuses to grant a waiver for Ma’s corporate structure, Alibaba will go to New York.

This threat is very real and it has not happened for the first time. When Manchester United did not get a waiver from the Hong Kong and the Singapore exchanges for a dual class structure, it went to the New York Stock Exchange.


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