Alibaba defends corporate structure, blasts Hong Kong exchange
Sept 26 (Reuters) - A senior Alibaba Group executive defended the Chinese e-commerce firm's unusual corporate structure on Thursday, a key point of contention with the Hong Kong stock exchange that sources say pushed the company to consider a U.S. debut instead.
Executive Vice Chairman Joe Tsai called Alibaba's structure, in which a group of insiders make all key operational decisions, a "living body" intended to preserve the company's culture.
"We understand Hong Kong may not want to change its tradition for one company, but we firmly believe that Hong Kong must consider what is needed in order to adapt to future trends and changes," Tsai, who is also a co-founder, wrote in the company's first public comments since news emerged it had decided to go public in the United States instead of Hong Kong.
"The question Hong Kong must address is whether it is ready to look forward as the rest of the world passes it by."
- U.S. war veteran released by North Korea returns home |
- South Korea to make announcement on air zone; expansion is anticipated |
- Pro-Europe protesters gather for rally in Kiev
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- Obama defends interim Iran deal, seeks to assure Israel