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NY is the destination of choice for the Alibaba IPO

According to the Financial Times, the Chinese e-commerce conglomerate Alibaba Group is definitely not listing its IPO in Hong Kong. The battle is now between NYSE and NASDAQ. The Hong Kong Exchange was unwilling to change its corporate governance rules for Alibaba. Corporate governance rules in the Hong Kong Exchange don’t allow senior executives of a company to pick a majority of the company’s board, which Alibaba was seeking to change. The Alibaba IPO is expected to be one of the biggest offerings since the Visa Inc (NYSE:V) IPO.