Alibaba Group offices in Beijing, China. Picture: REUTERS/THOMAS PETER
Eight years on, those words have a prophetic ring. History has come down on the side of Tsai’s warning, and Hong Kong’s market has changed as a result. The controversy won’t go away, though: it turns out the future comes with weaker shareholder protections. Even that may understate the importance of this cohort. Two more of those deals are units of US-traded JD.com, an Alibaba rival that raised $4.6bn in its own secondary listing in June last year. While some of the biggest fish have already sold shares in Hong Kong — including NetEase, Baidu and Bilibili — there are dozens more that could follow. It’s a lucrative pool of potential future business.
Some investors are far from convinced. The core standards set a lower bar than Hong Kong’s company law in some areas and represent a deterioration in shareholder protection, according to the Hong Kong-based Asian Corporate Governance Association, which is funded by institutional investors with more than $40-trillion of assets under management.
A key concern is that the HKEX proposals offer a route for companies to gain dual primary listings while keeping structures such as weighted voting rights and variable interest entities — a method used by almost every major Chinese internet company to list overseas, and which has ambivalent legal status in the mainland.
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