????兩位知情人士告訴路透社（Reuters），由于未能和香港監(jiān)管部門就赴港上市問題達成一致，中國電子商務(wù)公司阿里巴巴（Alibaba Group Holding Ltd）已經(jīng)決定在紐約首發(fā)。

????一位了解談判情況的阿里巴巴內(nèi)部人士透露：“我們和香港方面的談判已經(jīng)結(jié)束，目前正在把重心轉(zhuǎn)移到啟動美國上市程序方面。”這位沒有得到公開披露授權(quán)的內(nèi)部人士同時還稱，阿里巴巴已經(jīng)聘請美國律師事務(wù)所開展相關(guān)工作，而且很快就會聘請投資銀行來安排上市事宜。

????阿里巴巴高層以及香港證券交易所拒絕就此事發(fā)表評論。

????硅谷一些公司的情況已經(jīng)表明，上市未必意就味著放棄控制權(quán)。雖然谷歌（Google）和Facebook的創(chuàng)始人不再掌握多數(shù)股權(quán)，但他們所持的股份都擁有超級表決權(quán)，讓他們在行使管理權(quán)的過程中擁有超過外部投資者的話語權(quán)。

????身為中國最大網(wǎng)絡(luò)公司的創(chuàng)始人，董事長馬云也迫切希望保護阿里巴巴，以免那些不受歡迎的、鼓吹短期變化的外部人士影響這家公司。但港交所要求所有股東必須得到同等待遇。于是，阿里巴巴提出授權(quán)一部分高管，也就是該公司的合伙人來決定董事會多數(shù)成員的提名。如果認為被提名人不合格，外部投資者可以投反對票，但不能自行推薦候選人。

????阿里巴巴的理由是，有些香港大亨可以通過一系列部分上市的子公司來控制自己的商業(yè)帝國，和他們相比，阿里巴巴的管理結(jié)構(gòu)并不排斥股東。但在香港首發(fā)上市必須通過港交所上市委員會和香港證監(jiān)會的審核。監(jiān)管部門的結(jié)論是，合伙人雖然只持有阿里巴巴13%的股權(quán)，但仍然擁有控制權(quán)，在這個問題上他們不能通融。

????阿里巴巴可能帶來今年規(guī)模最大的IPO，失去它無疑會讓香港感到痛心。但即使面對阿里巴巴這樣規(guī)模龐大的企業(yè)，香港也拒絕在規(guī)則方面做出讓步，從長遠來看肯定會提升香港的聲譽。

????同時，美國網(wǎng)絡(luò)公司上市的門檻非常低，阿里巴巴的到來可能會提高這方面的標準。盡管合伙人制度沒有直接發(fā)行兩類股票那么透明，阿里巴巴并不能完全無視外部股東。只要阿里巴巴能善用這樣的非常規(guī)管理結(jié)構(gòu)，它選擇紐約、而不是香港可能對這兩座城市來說都是件好事。（財富中文網(wǎng)）

????譯者：Charlie???

????Chinese e-commerce company Alibaba Group Holding Ltd has decided to hold an initial public offering in New York after talks with Hong Kong regulators broke down over a listing in the Asian financial hub, two sources familiar with the discussions told Reuters.

????"We've come to the end of dialogue with Hong Kong and we're pivoting to the U.S. to start the listing process," a company source familiar with the discussions said. Alibaba has engaged U.S. law firms to start working on its IPO and will soon be hiring banks to manage the listing, added the company source, who was not authorized to speak publicly on the matter.

????Officials at Alibaba and the Hong Kong stock exchange declined to comment.

????Silicon Valley has shown that going public needn't mean giving up control. Though the founders of Google (GOOG) and Facebook (FB) no longer own a majority of their companies, they exercise authority through super-voting shares that give them a bigger say than outside investors.

????As the founder of China's biggest internet company, Alibaba Chairman Jack Ma is also keen to protect the company from the influence of unwanted outsiders agitating for short-term change. But the Hong Kong stock exchange requires all shareholders to be treated equally. As a result, the e-commerce group proposed giving a group of senior executives -- known as the partnership -- the right to nominate a majority of the directors on its board. Outside investors would still be able to vote against any proposed directors they felt did not meet the grade. But they would not be able to install their own candidates.

????Alibaba argued that its structure was no less shareholder-friendly than the Hong Kong tycoons who can maintain control over their empires through cascades of partially-listed subsidiaries. But Hong Kong IPOs must pass muster with the exchange's listing committee and the Securities and Futures Commission. Regulators concluded that the partnership would still exercise control despite holding just 13% of the shares, and refused to make an exception. Alibaba is now considering a listing in the United States, probably early next year.

????Losing what would have been the biggest IPO of the year is undoubtedly painful for Hong Kong. But its reluctance to bend the rules, even for a company of Alibaba's size, will only enhance its reputation in the long term.

????Meanwhile, Alibaba's approach might actually raise the very low bar for listed internet groups in the United States. Though the partnership approach is less transparent than just issuing two different classes of stock, the company cannot entirely ignore its external shareholders. As long as Alibaba uses its unorthodox structure sensibly, its preference for New York over Hong Kong may be a good outcome for both cities.