The USA Alibaba dream

2014/3/21Southern People Weekly

Alibaba final choice in American listed, related matters has been launched.

As the largest possible this yearIPOIn America, listed is wise, because the stock market American river deep enough, the label is hard enough. To become an international company, in America listed is the best choice. The territory ofAThe stock market to accommodate large shallow pool evil wind, ali.

Ali, time to market, price subject to and Yahoo!, Softbank and other large shareholders agreement. Subject to the policy and other factors, the foreign shareholders can not become a long-term strategic investors, to maximize the benefits become the preferred. According to the2012Years5The original protocol Alibaba month, will be the first to share13.50From the Yahoo! Buy back at least $2.615Billion shares, the most5.23Million shares of stock.2012Years9Month, Alibaba to63Billion dollars in cash and value8Billion dollar Alibaba preferred stock repurchase Yahoo! Holdings50%. Now, this is price repurchase.

The agreement includes, Alibaba group completedIPOYahoo!, will still hold hands5.236Million shares Alibaba group shares in the2.615Billion shares sold to Alibaba group or in theIPOFor sale. Last year10Month, down to2.08Million shares. If in the2015Before the end of not listed, it does not have to be Yahoo! Remaining shares sold to Alibaba, able to deal with. Softbank concessions greatly, promised to hold more than three shares of the right to vote, all"Authorization"Partner to Ali, Ali partners will hold more than four of voting rights, to meet the regulatory requirements. Ali shareholding structure is Yahoo!, Softbank, Ali partners respectively hold about22.8%,34.7%,10%(Ma Yun holds7%).

Alibaba started as a Hongkong listed dream, rather than USA dream.

Ali is listed in Hongkong, and the mainland waterside pavilion, can obtain the international funds, can also get high premium, Ali hadB2BPrivatization in Hongkong and get along well with to feel just like a fish in water. In USA listing, pricing, regulation is a problem, management may not be able to like in the mainland and Hongkong to the wind was the wind.

Hongkong stock market makers euphemism questioned Ali group business proposal. The partnership is Ma etc.18Partners with less equity (9.4%) obtained for the company's absolute authority. HKEx CEO Mr. Li Xiaojia's article, it is clear that tangled mentality: on the one hand, Ali listing in Hong Kong can expand the Hongkong market influence;On the other hand, partnership and corporation legal framework is different, will damage the interests of small investors.

Li Xiaojia said, amendments to the listing policies and rules should be chosen according to the prudent program corresponding amendment is to advance. Slight changes may only need regulators exercise discretion; change slightly larger is required prior to the industry for "soft consulting ("Soft ConsultationTo make the decision more comprehensive); greater reform must pass comprehensive market consulting, even through the legislative process. See, Mr. Li Xiaojia is the rule of law is supreme the believer, and the Hongkong SFC has a typical case of "tiger" the protection of small investors in recent years, there is such a decision maker, Ali only eyes move.

The stock market is very America tolerance for innovation company founder, to ensure the control force of innovation and entrepreneurship success not be diluted. Believe Ma and other numerous studiesFacebookCompanies such as the case, can the financing public corporation identity, and can maintain the overweening.

2009Years11Month25Day,FacebookThe company announced, modified to the double ownership structure,FacebookThe share held by shareholders, namely into common stock options and restricted stock unitsBClass of shares, its effect is equivalent toAVoting stock level effect10Times. Some shareholders and Zuckerberg reached the voting agreement, agreed with Zuckerberg on behalf of their vote shares. The result is, Zuckerberg28.4%Equity will have56.9%The right to vote, firmly in controlFacebook.2012Years5Month18Day,FacebookTraded on the Nasdaq, ownership structure, voting structure unchanged. If the other shareholders to accept such a proposal, be most willing to let the degree of voting rights, while other big shareholders see rolling to overestimate the value after the listing, as well as the ability to raise cash, founder of show, is likely to agree to vote.

Zuckerberg was exempt obligations include, "we are not(The public or the supervision department)According to the requirements, to set up a majority of independent directors of the board of directors, also do not need to set up a remuneration committee or independent nomination system "," anything that could cause the change of control of the company, trading, will need to get us extraBClass a common stock as an independent unit of more than half the vote". The Zuckerberg magic in the company after the listing, but also become the Empire state. Ma Yun partnership, hope is to become the second Zuckerberg.

The NYSE and Nasdaq listing Corporation for innovation success given the green light, USA stock market will make people worry became the new king of the world? Not now, USA regulators have control strong, also has the error correction mechanism, between innovation and fair rocking back and forth, supporting innovation, innovation has become the pillar of the economy, the emergence of large-scale injustice, began a stern supervision. If Ali in USA listed, USA will get all the financial, regulatory inhibition moment also won't stop.