HK stock exchange panel to continue work on listing rules after Alibaba IPO loss: CEO

Reuters News
Posted: Mar 17, 2014 12:51 AM

HONG KONG (Reuters) - Hong Kong's stock exchange needs to find ways to be more competitive as a listing venue for technology companies, without rushing into any decisions, the head of the exchange operator said on Monday, a day after Chinese e-commerce giant Alibaba Group Holding Ltd said it will list shares in the United States.

Hong Kong Exchanges and Clearing (HKEx) respects Alibaba's decision and wishes the company well, chief executive Charles Li said in a statement.

Alibaba's move to hold a U.S. initial public offering is a blow to the HKEx, which was initially the company's preferred listing venue for the deal.

"We have to consider possible changes where they might be necessary, with everything according to our due process," Li said in the statement. "The Listing Committee's work on shareholding structures didn't start because of Alibaba and will not end now because of Alibaba."

(Reporting by Elzio Barreto; Editing by Kenneth Maxwell)