After Ali refused partner system, three choices Ma Author: Huang Yuan [REVIEW] Recently there have been news that the SFC has held a meeting of the Board, for anything that would be deemed to be made exempt Alibaba, it does not need to comply with changes to the existing listing rules, the Commission will be rejected , including allowing partner Alibaba adopt the recommendations listed architecture. Recently there have been news that the SFC has held a meeting of the Board, for anything that would be deemed to be made exempt Alibaba, it does not need to comply with changes to the existing listing rules, the Commission has rejected it, including allowing Alibaba to take partnership People architecture listing proposal. Choose one, listed in Hong Kong since the ransom reached an agreement with Yahoo in May 2012, Alibaba high valuation carries considerable market pressures. Under the agreement, Yahoo's Alibaba IPO future standards were re-regulate, regulations when Ali IPO gross income should not be less than $ 3 billion, IPO issue price for an Bie Li repurchase Yahoo shares share premium of 110%. According to the valuation of $ 35 billion was calculated Alibaba, the market value should reach at least $ 73.5 billion IPO in the future. In other words, if Alibaba can not be more than $ 73.5 billion valuation in 2015 listed, you can deal with its own shares in the hands of Yahoo, Yahoo is still the largest shareholder. Obviously, this is not Ma would like to see. Because the valuation factors, Alibaba guess someone had a high price-earnings ratio will return to A shares. However, because there are Alibaba ownership structure of foreign components, to return to A shares, its please teacher wigs ownership structure to do relatively large adjustment. For example, in November 2007 at the Hong Kong Stock Exchange-listed Alibaba.com Limited (the 'Ali B2B company' below), registered in the Cayman Islands. Alibaba stake did not make adjustments, apparently ruled out onegai teacher wigs the A-share market, switch to the outside. Competition for major expansion in the Hong Kong Stock Exchange, New York Stock Exchange and Nasdaq in the three. 'The possibility of Ali listed in the US is almost zero stringent US accounting standards is to make Ali stop one of the reasons.' An upcoming reaffirmed to reporters in Hong Kong IPO, founder of technology companies: According to his understanding, Ali still listed in Hong Kong; if analogy Tencent, Tencent current market value of about HK $ 700 billion, a market capitalization of HK $ Ali 800 billion. However, listed in Hong Kong need to address control changed hands embarrassment. From the current shareholding structure of Alibaba, the situation remains unfavorable for Ma and the management, I count Ma of Alibaba Group holds a 7.4% equity stake of the entire management is only 10.4%. According to US data Softbank and Yahoo disclosed that the two companies each hold 36.7% and 24% stake in Alibaba Group, the two foreign corresponding voting rights and board seats apparently sufficient to control the kanzaki h aria wigs entire company. Option two, splitting the advantages of an asset? Taobao alone Hong Kong IPO. After the partnership program was denied, Ali may choose Taobao alone Hong Kong IPO. 'Is not no such possibility, but unlikely.' Ali approaching IPO project investment bank believes that: There is a 25 division, but Ali certainly not as a basis for the launch of 20 to 30 companies listed on the allocation of each other high degree of correlation between the business, the capital markets are not recognized. The sources said the US market is limited to the capital, darkstalkers wigs no one shopping site actually can guarantee its products are 100% genuine, Taobao to choose the United States market, it is necessary to remove non-compliant Mall, Taobao itself is a platform, which is Taobao will actually produce great harm. In contrast, although the Hong Kong-listed the threshold is low, but very strict disclosure requirements, the company has any activity or decision, must publish a notice to inform all shareholders, which for some companies who will have to make some big operation, contain very popular. 'If the big Taobao business, the first package listing is not scientific.' But she also said that http://www.cosplaymade.com/ if the existing 25 Division, grouped into three to five companies listed on its main line of business is based as a public basis, will There certainly feasible. In fact, Taobao is the cornerstone of Alibaba glory, but also Alibaba deeply headache a heart disease. Ali group structure adjustment in the calendar year, Taobao are all spin-off focus. June 2011, Taobao split in three, into 'a scouring, Taobao and Taobao Mall,' the three companies. Earlier this year, adjusted for the 25 division, the group has no 'Taobao' word. Taobao as a large entity, it has been split into smaller business units. Currently, Taobao C2C has been split into: shared services division, the business services division, Category Operations Division, Digital Business Division, Integrated Services Division, Consumer Portal division, interactive business division and Taobao, Air Travel business, local living division. Taobao proliferation of counterfeit goods, fraud rampant credit system full of loopholes, the group is a natural haven for money laundering. Taobao has been the United States USTR included in the 'notorious markets' list, which greatly affected the reputation of Alibaba Group. Although the black hat has been picked by the end of 2012, Ma himself as 'fake' platform announced his retirement before; but in terms of capital levels, funders perception is not short changed. Choose three, and Softbank reached an agreement relatively split market, the aforementioned investment bankers still think is more likely to Alibaba Group's overall market; and she said:? You want to keep control, you can also consider other unconventional ways. One of the bases that the 'precedent': after the preceding generation of Yahoo and repurchase agreements, at the time the message is displayed, while changes in the ownership structure, the shareholders party Alibaba Group's corporate governance structure also made new arrangements: Yahoo and Softbank agree to their total voting power controlled at 50% or less, more than 50% of the