Alibaba would merit almost a one-fifth discount for poor corporate governance, according to investors who are pushing back against suggestions that Hong Kong could allow unusual shareholding structures – such as Alibaba’s – in an attempt to win new listings, the Financial Times reported Tuesday. The finding, in a survey of large global institutional investors, comes ahead of the Chinese ecommerce giant’s planned listing in New York later this year in what is expected to be the biggest public offering since Facebook in 2012, the report said. Alibaba scrapped plans to list in Hong Kong after regulators rejected a governance structure that would allow a self-selecting partnership of managers and founders to nominate most board members, it said. Hong Kong has a strict one-share-one-vote rule.
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