Callum spots this article:
Imagine that! Regulators who care about investors! Regulators not owned by the regulated! Alibaba plans to head where small investors can be scammed and ripped off, as in the USA.
Hong Kong is a village. Regulators cannot get away from those whom they serve. They literally must walk in the forum, like Caesar did. And if they misbehave, they'll get it, like Caesar.
In USA, we have zero access to those who abuse us with impunity and immunity. Alibaba.com will be an Enron some day.
Very good move, Hong Kong.
Feel free to forward this by email to three of your friends.
China's Alibaba, the world's largest e-commerce company, has reportedly ended talks with the Hong Kong Stock Exchange and will try to list in New York.
Think of Alibaba as Amazon, eBay, PayPal and Groupon all rolled into one. Its initial public offering could be bigger than Facebook, whose IPO valued it at $104.2bn (£65.2bn).
Alibaba's profits are 10 times that of Facebook, but it may be wary about repeating Facebook's post-IPO dive. Analysts estimate that it could be priced at $120bn or as low as $60bn - that is about 84 times estimated 2012 net income.
Alibaba was seeking an arrangement that would have allowed the executives to control a majority of board seats. So the founder Jack Ma with 7% of shares and his executives, who together hold about 10%, could have appointed five of the nine directors on the board.
Imagine that! Regulators who care about investors! Regulators not owned by the regulated! Alibaba plans to head where small investors can be scammed and ripped off, as in the USA.
Hong Kong is a village. Regulators cannot get away from those whom they serve. They literally must walk in the forum, like Caesar did. And if they misbehave, they'll get it, like Caesar.
In USA, we have zero access to those who abuse us with impunity and immunity. Alibaba.com will be an Enron some day.
Very good move, Hong Kong.
Feel free to forward this by email to three of your friends.
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