Alibaba has underlined its determination to keep management control of the internet group after it floats, drawing a line in the sand in the company’s stand-off with Hong Kong’s listing authorities.
Jack Ma, founder and chairman, told employees that the group would only go public on an exchange that supported its ability to control its long-term future through a partnership.
Alibaba has been planning for months to bring its highly anticipated $60bn-plus initial public offering to Hong Kong, but its desire to retain control over the make-up of its board pits it against local regulatory principles on treating all investors fairly and equally.
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