ALIBABA: OPEN SESAME

Case dalam Bahasa Indonesia lihat halaman 8.

Case overview
In 2013, Alibaba Group Holdings Limited (Alibaba) wanted to go for an Initial Public Offering (IPO) and was
contemplating the viability of three stock exchanges– Hong Kong Exchanges and Clearing Limited (HKEx), New York
Stock Exchange (NYSE) and NASDAQ. Their first choice was to list on HKEx. However, their application was turned
down because Alibaba’s unique 28-man partnership structure did not meet HKEx’s listing requirements, and was similar
to a dual-class structure. Alibaba’s failed listing on the HKEx then kick started regulatory and public debate about
potential changes to existing listing rules, for fear of losing more future listings. The purpose of this case is to allow a
discussion of issues such as dual-class share structure; mismatch between share ownership and control; and the
tension between regulatory and commercial motivations of stock exchanges.
This is the abridged version of a case prepared by John Don-Degan Oei Jing Wei, Chua Wen Hui Sarah, Ong Hui Zhu,
Doralyn, and Jerry Goh Shi Bin under the supervision of Professor Mak Yuen Teen. The case was developed from published
sources solely for class discussion and is not intended to serve as illustrations of effective or ineffective management or
governance. The interpretations and perspectives in this case are not necessarily those of the organisations named in the
case, or any of their directors or employees. This abridged version was edited by Amanda Aw Yong under the supervision of
Professor Mak Yuen Teen. Emphasize by Sahat Simanjuntak, for internal use)

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Copyright © 2015 Mak Yuen Teen and CPA Australia.

Background
“Nobody wanted to believe Jack Ma.”- Jack Ma1
Not even HKEx when Jack Ma, Chairman of Alibaba, brought an attractive proposal to the table in 2013 – listing his
wildly successful e-commerce brainchild Alibaba. After weeks of intense negotiation, the listing was rejected on the
premise that its unique 28-man partnership structure did not meet HKEx’s listing requirements.
Ma was now faced with a tough decision. Change the partnership structure that has worked so well for the US$168
billion e-commerce giant2? Or abandon his dreams of a Hong Kong (H.K.) listing and head for greener pastures on the
NYSE or NASDAQ?

The birth of an E-commerce hero

Jack Ma began his career as an English tour guide in Hangzhou, China3, and had no experience with computers or any
technology-related equipment. This changed when he discovered that internet searches brought up no information
about China4. Ma realised that this was his opportunity to fill a gaping hole on the internet, and proceeded to set up
China’s first commercial website, China Pages5.
Ma’s business competed with China Telecom and when the state-owned company offered to embark on a joint venture,
Ma found the offer too good to refuse6. Although Ma was a director, he had no control over the five-man board and his
ideas were turned down and outvoted time and again7. With his hands tied and no way to move his ideas forward, Ma
decided that his best option at that point was to resign.
In early 1999, Ma decided to give his entrepreneurship dream another chance. He envisaged a global e-commerce
company and shared this dream with the 18 others he had gathered in his apartment 8. That night turned out to be the
turning point in Ma’s e-commerce journey. With just US$60,000 to its name, Ma and his 18 partners started the
company, Alibaba, a name chosen for its simple spelling and its association with the well-known “Open Sesame”
command9.
Ma believed in his approach to create a successful business for the Chinese context – global vision, local win10.
Unlike many other Chinese entrepreneurs who adapted successful U.S. internet business models 11 that managed
Business-to-Consumer (B2C) and Consumer-to-Consumer (C2C) transactions12, Alibaba created its own business
model. It focused on the Business-to-Business (B2B) sector and connected small and medium sized companies with
one another13.

The Alibaba Group

Today, Alibaba is the largest provider of online and mobile marketplaces in China, making up 80% of China’s B2C and
C2C markets. Alibaba also accounts for more than 70% of the parcels delivered in China and its dominance in parcel
delivery continues to grow14. On a global basis, Alibaba has outperformed both eBay and Amazon in terms of gross
merchandise value, which generated US$67.8 billion and US$87.8 billion respectively in 2012 15.
Alibaba has several key lines of business - Alibaba.com, Taobao, Tmall and Alipay. Alibaba also offers cloud computing
and other peripheral services16.
Alibaba.com
Alibaba.com was the Group’s first foray into the e-commerce sector in 1999. It is a B2B online portal connecting Chinese
manufacturers with buyers all around the world. Alibaba.com’s business model is based on two observations of the
Chinese market. First, the Chinese are cost-conscious. This led Alibaba.com to provide basic services17 to both its
buyers and sellers at no cost18. To cater to sellers who are slightly less price sensitive, Alibaba.com offers extra
services19 and online advertising options20. Second, Chinese consumers are concerned about the reliability of sellers.
To address this matter, sellers listed on Alibaba. com can opt to have their claims reviewed by independent third parties
through its Independent Verification Service (IVS). To date, Alibaba.com has more than 4.4 million registered users
from over 200 countries and territories21.
Taobao and Tmall
In 2003, the Group launched Taobao, the Chinese equivalent of eBay, becoming the market leader in China’s C2C
market within two years of its commencement22. In 2010, Alibaba launched Tmall.com, a spin off from Taobao. It has
since become China’s most popular B2C online shopping platform. In 2012, Taobao and Tmall.com generated a
combined gross merchandise volume of RMB1.1 trillion (US$171.2 billion)23.

Alipay is China’s leading online payment service, dominating 80% of China’s online transaction market share, and close
to US$150 billion in FY2013 reported revenue24. The Alipay system supports all of Alibaba’s online transactions. This

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system allows sellers to collect money for goods up front and places the amounts in an escrow account, ensuring
buyers do not default on payment25.

28 men at the helm

Alibaba has a 28-man partnership structure, consisting solely of founders of the company and key senior executives26.
These 28 partners do not sit on the board of directors but they have the power27 to nominate a simple majority of the
directors28.
Although nominations are primarily made by the 28 partners, all shareholders have the right to vote for or against the
nomination according to their shareholdings. The 28 partners hold a combined 13% of Alibaba’s total shares, while
Yahoo! Inc. (Yahoo!) and SoftBank Corporation (SoftBank) hold 24% and 37% respectively 29. The remaining shares
are held by dispersed minority shareholders. However, if the nominated candidates are rejected, the partners are able
nominate other suitable candidates30. This process repeats itself until the board of directors is formed.
The purpose of this partnership structure, according to Ma, is to ensure that the company is operated by “a group of
people who are passionate about the company and are mission-driven.”31 This view is supported by Joe Tsai, Group
Executive Vice-Chairman, who believes the partnership structure helps to preserve the company’s innovative culture
even if the initial founders leave the company, assuring the company of a long-term strategic focus rather than myopic
or short-term gains32.

Alibaba’s genie lamp - A Stock Exchange listing

Alibaba has been successful in the e-commerce industry over the last decade, as evidenced by the twelve different
valuation estimates compiled by Bloomberg in 2014 that put its value at about US$168 billion 33.

Listing was the next logical step for Alibaba. The Group wanted to be listed on a stock exchange in order to raise capital
for further expansion in the promising mobile shopping and social media sectors 34.
A Tale of Two Cities – Pearl of the Orient or The Big Apple
In July 2013, Alibaba was ready for an IPO but was still deliberating between the three stock exchanges it had shortlisted
– NYSE, NASDAQ and HKEx35. At the heart of it, Alibaba’s decision boiled down to a simple dichotomy between two
countries – H.K. or the United States (U.S.).
A U.S. listing has several advantages over a H.K. one. First, the U.S. stock exchanges allow for Alibaba’s existing
partnership structure36. On the other hand, HKEx adopts a “one share, one vote” principle and does not allow Dual
Class Share (DCS) structures except under exceptional circumstances37.
Second, the world’s largest technology firms, such as Facebook and Amazon, are listed on the U.S. stock exchanges,
with most of them listed on NASDAQ38. In contrast, H.K. does not have many “high-tech” or “internet”39 companies listed.
Third, western investors have a better grasp of the technology sector, boosting the accuracy of their valuations of tech
companies40. Furthermore, NYSE and NASDAQ are the world’s largest stock exchanges in terms of market
capitalisation41.
Fourth, NASDAQ does not require companies to have earned a profit for three years before going public 42, unlike H.K.
which has the requirement43.
On the other hand, a U.S. listing also has its disadvantages over a H.K. listing. The U.S. has a litigious culture 44 which
may be a problem for Alibaba if it does not provide timely disclosures, as they would face potential lawsuits 45. This is a
concern for Alibaba as Taobao has faced problems with counterfeit goods in the past 46 and had tried to resolve the
problem but to no avail47. Conversely, H.K. does not have a class-action legal system48.
In addition, the U.S. also scrutinises its financial markets more closely than any other country in the world 49. U.S.-
listed companies face higher compliance costs due to the additional regulations required by the Sarbanes-Oxley
Act50.

Next, Chinese companies listed in the U.S. are undervalued51. There have been many accounting irregularities, frauds
and scandals in the U.S. by Chinese companies over the past decade, leading to lower investor confidence52 towards
this class of companies.
Last but not least, it would be easier for Alibaba to maintain status quo even after listing because H.K. has a similar
culture, uses the same language, and enjoys geographical proximity to China53. This is particularly relevant as Alibaba’s
revenues are mainly generated in China.
In September 2013, Alibaba decided on a H.K. listing and submitted its application to HKEx. In order to list, Alibaba
would have to gain the approval of both the Hong Kong Securities and Futures Commission (HKSFC) and the Stock
Exchange of Hong Kong (SEHK).

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The genie’s lamp shatters
In late September 2013, just weeks after submitting its application, negotiations with HKEx fell through 54.
The reason for their rejection stems from Alibaba’s listing proposal which grants additional powers to the 28 partners at
the helm. HKEx claims that such powers undermine the “one share, one vote” principle as it closely resembles a DCS
structure that grants more power to a small group of people who hold fewer shares55.
Charles Li, CEO of HKEx, reinforced this stand by explaining that HKEx adopts a “one share, one vote” principle and
does not allow DCS structures unless under exceptional circumstances56. Li also highlighted that the exchange is not
ready to “bend existing rules just for one applicant”57.

Between a Rock and a Hard Place – HKEx’s Dilemma

“It is very important for HKEx to not make exceptions and to maintain market integrity, especially in light of what
has happened with Chinese companies in recent years… There are plenty of companies in Hong Kong and
China that would want to do similar things, so making an exception creates a very difficult scenario.”58 – Arjan
Van Veen, Analyst at Credit Suisse.

“Losing one or two listing candidates is not a big deal for Hong Kong; but losing a generation of companies from
China’s new economy is. And losing it without a proper debate is even more unacceptable.”59 – Li, CEO of HKEx
Although it might seem that Alibaba’s proposed IPO should have been a straightforward accept or reject situation, the
deliberation process was anything but simple.
Painful Deliberation Process
Throughout the year leading up to the rejection of the IPO, Alibaba and HKSFC held private discussions related to the
listing. During this period of negotiation, HKSFC opposed Alibaba’s proposed partnership structure and both parties
could not come to a consensus60. Reportedly, HKEx submitted a consultation draft to HKSFC regarding changes in
listing rules. HKSFC has since sent back the paper with a series of adjustments61.
In late September 2013, HKEx rejected Alibaba’s IPO. However, the following month, HKEx’s listing committee kick-
started a discussion about the types of shareholding structure that the exchange should offer.62 They decided that a
public poll may be required in the near future to decide on the appropriate direction on the matter 63 and on any issues
that require public input. The relevant authorities have repeatedly emphasised that their debates regarding share
structures were not a result of the Alibaba IPO incident but a response to the ever-changing economic climate in H.K.64.
Yet at the same time, Li said that the “Alibaba’s proposal has propelled the management to review” their existing
operating model, and that “the eventual loss may be even larger” if they do not “undergo reforms”65.

Being the regulator and front line enforcer of stock exchange listing rules, the regulatory arm of HKEx has to ensure
companies abide by their listing rules. These powers and responsibilities extend to taking action against companies
that flout any rules or regulations so as to maintain the financial integrity of the country’s financial system66, and to make
sure that the listing directives and procedures are duly followed.
On the other hand, the business promotion arm of HKEx is charged with the task of attracting more companies to list
on their exchange. HKEx has to identify profitable companies with growth potential and maximise the revenue generated
through the stock exchange. Ultimately, HKEx is a business with bottom line considerations and has its own set of
financial duties and obligations to deal with. It has to consider both the benefits of potential listings, and attract these
profitable companies to list on the stock exchange, which in this case is Alibaba.
Should the listing of companies such as Alibaba 67 be construed as a violation of listing rules and a regulatory lapse or
as a means of promoting their business68?

A new pasture
With no further progress apropos any changes to the listing framework in H.K., Alibaba issued a statement on 16
March 2014 about its decision to embark on a U.S. listing69. They returned to the drawing board and were expected to
file an IPO with either NYSE or NASDAQ within the next few days.

Epilogue
Following the announcement of Alibaba’s intention to list on a U.S. stock exchange, NYSE and NASDAQ stepped up
their wooing efforts, in a bid to attract the largest tech listing70. Finally, NYSE emerged the winner, and Alibaba launched
its IPO on 21 September 2014. The listing held the record of biggest IPO, and raised a total of US$25 billion. On its first
trading day, the stock soared more than 35% over its IPO price of US$68 71 to close at US$93.8972, and fell just slightly
below US$90 on the second trading day73. On the other hand, after the consultation drafts exchanged between HKSFC
and HKEx, the HKEx decided to further the discussion on listing rules changes. After a comprehensive round of public
consultation, it appears that the Exchange would allow for weighted voting rights structures, with more details to be

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released in the third of fourth quarter of 201574. However, on 25 June, the HKSFC said that it opposes the plan to offer
dual-class shares75. This probably killed the proposal.

Discussion questions
1. Briefly discuss dual class shares and how such a structure is similar to or differs from Alibaba’s 28-man
partnership system. Does Alibaba’s partnership system increase stakeholder value?

2. Why might the major shareholders, Yahoo! and Softbank, be willing to approve the 28-man partnership structure?

3. Are there some companies that are more suited for a dual class share structure and other companies that are
less suited for it? List some examples of companies that have run into trouble as a result of such models and
some examples of companies that have been highly successful at implementing dual class shares.

4. Did HKEx do the right thing in rejecting Alibaba? Do you think it is advisable for HKEx to re-look at revising its
rules on dual class share structures?

5. Singapore is amending its Companies Act to allow public companies to issue dual class shares. This may open
the door for companies with dual class shares to list on the SGX. Discuss what is your advise when a capital
market issue permit for listing of dual class share companies ? If so, what safeguards, if any, would you propose?

Case study dalam Bahasa Indonesia lihat halaman 8.

Endnotes
1 Einhorn, B., & Balfour, F. (2012, June 14). Jack Ma Is the Loneliest Billionaire in China. Businessweek. Retrieved from
http://www.businessweek.com/articles/2012-06-14/jack-ma-is-the-loneliest-billionare-in-china

2 Chen, Y. (2014, April 17). Alibaba Valuation Rises to $168 Billion After Earnings. Bloomberg News. Retrieved from
http://www.bloomberg.com/news/2014-04-17/ alibaba-valuation-rises-to-168-billion-after-eearnings.html

3 4-traders. (n.d.). Jack Ma - Biography. 4-traders. Retrieved from http://www.4-traders.com/business-leaders/Jack-Ma-

204/biography/

4 D’onfro, J. (2014, September 15). How Jack Ma Went from Being a Poor School Teacher to Turning Alibaba into a $160
Billion Behemoth. Business Insider. Retrieved from http://www.businessinsider.sg/the-story-of-jack-ma-founder-of-
alibaba-2014-9/#.VYglAFWqpOE

5 Ibid.

6 Fannin, R. (2008, January 1). How I Did It: Jack Ma, Alibaba.com. Inc.com. Retrieved from
http://www.inc.com/inctv/2008/10/how-i-did-it-jack-ma-of-alibabacom. html

7 Ibid.

8 Ibid.

9 Ibid.

10 Ibid.

11 Such as Amazon and eBay

12 WantChinaTimes. (2012, June 24). Copy That: China’s Internet Entrepreneurs Get the Message. WantChinaTimes.
Retrieved from http://www.wantchinatimes.com/ news-subclass-cnt.aspx?id=20120624000014&cid=1502

13 Splinder, C. (2009, June 22). Alibaba.com Surpasses 1 Million SME Members in India. Alibaba.com. Retrieved from
http://news.alibaba.com/article/detail/Alibaba/ 100121912-1-alibaba.com-surpasses-1-million-sme.html

14 Yilun Chen, L. (2013, July 24). Alibaba Building China Delivery Net in Shift to Consumers. Bloomberg News. Retrieved
from http://www.bloomberg.com/ news/2013-07-23/alibaba-building-china-delivery-net-in-shift-to-consumers.html

15 The Economist. (2013, March 23). The World’s Greatest Bazaar. The Economist. Retrieved from
http://www.economist.com/news/briefing/21573980-alibaba-trailblazing-chinese-internet-giant-will-soon-go-public-worlds-
greatest-bazaar

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 16 Alibaba.com. (2014). Our Businesses. Alibaba.com. Retrieved from http://www.alibabagroup.com/en/about/businesses

17 Basic services include listing of products, conducting the transaction and exchanging information between buyers and
sellers.

18 Alibaba.com (n.d.). Alibaba.com Membership Package. Alibaba.com. Retrieved from

http://service.alibaba.com/buyer/faq_detail/10631996.htm

19 Extra
services include website design, business analytics, exclusive access to buyers, targeted exposure to tradeshow
buyers worldwide.

20 Alibaba.com (2014, April 19). Key Benefits of Gold Supplier. Alibaba.com. Retrieved from
http://www.alibaba.com/help/premium_memberships.html

21 Walraven, P. (2009, January 22). A Brief History (and Future) of Alibaba.com. TechNode. Retrieved from
http://technode.com/2009/01/22/a-brief-history-and-future-of-alibabacom/

22 Larson,C. (2014, February 18). The Secret of Taobao’s Success. Businessweek. Retrieved from
http://www.businessweek.com/articles/2014-02-18/the-secret-of-taobaos-success

23 The Economist. (2013, March 23). The World’s Greatest Bazaar. The Economist. Retrieved from
http://www.economist.com/news/briefing/21573980-alibaba-trailblazing-chinese-internet-giant-will-soon-go-public-worlds-
greatest-bazaar

24 Reuters.(2014, February 8). Alibaba Payment Arm Says it Handled $148 bln in Transactions in 2013. Reuters.
Retrieved from http://www.reuters.com/article/ 2014/02/08/china-commerce-alipay-idUSL3N0LD07H20140208

25 The Economist. (2013, March 23). The World’s Greatest Bazaar. The Economist. Retrieved from
http://www.economist.com/news/briefing/21573980-alibaba-trailblazing-chinese-internet-giant-will-soon-go-public-worlds-
greatest-bazaar

26 Neither Yahoo! nor SoftBank sits among the 28 partners. There are no other outside investors in the partner committee
either.

27 Ho, P. (2014, March 28). Alibaba’s 1% Banker Fee Among Lowest for Tech IPOs. MarketWatch. Retrieved from
http://www.marketwatch.com/story/alibabas-1-banker-fee-among-lowest-for-tech-ipos-2014-03-28

28 Softbank has the right to nominate one director.

29 Byrne, B. (2013,September 27). Yahoo, Softbank Agree to Alibaba’s Restructuring Plans. ValueWalk. Retrieved from
http://www.valuewalk.com/2013/09/yahoo-softbank-agree-to-alibabas-restructuring-plans/30 Malay Mail Online. (2014,
March 17). Alibaba’s US IPO a Blow to Hong Kong. The Malay Mail Online. Retrieved from
http://www.themalaymailonline.com/money/article/alibabas-us-ipo-a-blow-to-hong-kong

31 Erickson,
J. (2013, September 10). Alibaba Group’s Ma Explains His Company’s Unusual Partnership System. Alizila.
Retrieved from http://www.alizila.com/ alibaba-groups-ma-explains-his-companys-unusual-partnership-system

32 Osawa, J. (2013, September 26). Softbank, Yahoo Support Alibaba’s Partnership Structure. WSJ. Retrieved from
http://blogs.wsj.com/digits/2013/09/26/ softbank-ceo-supports-alibabas-partnership-structure

33 Chen, Y. (2014, April 17). Alibaba Valuation Rises to $168 Billion After Earnings. Bloomberg News. Retrieved from
http://www.bloomberg.com/news/2014-04-17/ alibaba-valuation-rises-to-168-billion-after-eearnings.html

34 Reuters(2014, April 16). Chinese E-commerce Giant Alibaba Expected to File for US IPO Next Week. IBNLive. Retrieved
from http://ibnlive.in.com/news/chinese-ecommerce-giant-alibaba-expected-to-file-for-us-ipo-next-week/465456-11.html

35 Xiaoyan,Z. (2014, September 18). Alibaba IPO Looms. Beijing Review. Retrieved from
http://www.bjreview.com.cn/quotes/txt/2014-09/18/content_610871.htm

36 Demos, T., Osawa, J., & Bunge, J. (2013, October 21). NYSE, Nasdaq Approve Board-Control Plan for Potential Alibaba
Listing. WSJ.com. Retrieved from http://
online.wsj.com/news/articles/SB1000142405270230367240457914998132205613 4

37 HKEx (2014, April 20). Chapter 8 EQUITY SECURITIES. HKEx. Retrieved from
https://www.hkex.com.hk/eng/rulesreg/listrules/mbrules/documents/chapter_8.pdf

38 France-Presse, A. (2013, November 4). Twitter Opts for NYSE, Not the Tech-friendly NASDAQ. Inquirer.net. Retrieved
from http://business.inquirer.net/150727/twitter-opts-for-nyse-not-the-tech-friendly-nasdaq

39 He,S. (2014, March 28). Alibaba: the Fairy Tale Ends. China Daily Asia. Retrieved from
http://www.chinadailyasia.com/focus/2014-03/28/content_15127751.html

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40 Reuters.(2014, March 19). Alibaba’s Choice of U.S. IPO Spurred by Rivals, Hong Kong Impasse –Sources. Reuters.
Retrieved from http://www.reuters.com/article /2014/03/19/alibaba-ipo-idUSL3N0MG0F420140319

41 WorldFederation of Exchanges (2014, January 28). 2013 WFE Market Highlights. Retrieved from http://www.world-
exchanges.org/files/2013_WFE_Market_Highlights.pdf42 Rovnick, N. (2013, March 7). Alibaba may Choose New York
over Hong Kong for its Hotly Anticipated IPO. Yahoo News. Retrieved from http://finance.yahoo.com/news/ alibaba-may-
choose-york-over-051625803.html

43 Ibid.

44 Jackson, E. (2013, September 24). An Interview With David Webb: What Alibaba Wants From Its IPO And What It Will
Likely Get. Forbes. Retrieved from http://www. forbes.com/sites/ericjackson/2013/09/24/an-interview-with-david-webb-
what-alibaba-wants-from-its-ipo-and-what-it-will-likely-get/

45 Ibid.

46 Ibid.

47 Xiaoyan,Z. (2014, September 18). Alibaba IPO Looms. Beijing Review. Retrieved from
http://www.bjreview.com.cn/quotes/txt/2014-09/18/content_610871.htm

48 Haigh,
A., & Nishizawa, K. (2014, March 24). Alibaba Loss Seen as Price Worth Paying for Hong Kong Investors.
Bloomberg. Retrieved from http://www.bloomberg. com/news/2014-03-23/alibaba-loss-seen-as-price-worth-paying-for-
hong-kong. html

49 Xiaoyan,Z. (2014, September 18). Alibaba IPO Looms. Beijing Review. Retrieved from
http://www.bjreview.com.cn/quotes/txt/2014-09/18/content_610871.htm

50 Chang, G. (2013, October 3). Chinese Companies To Nasdaq: Sayonara, Zai Jian, Bye Bye. Forbes. Retrieved from
http://www.forbes.com/sites/gordonchang/2013/03/10/chinese-companies-to-nasdaq-sayonara-zai-jian-bye-bye/

51 Hrnjic,
E. (2014, September 8). Alibaba’s New York IPO: A Watershed for China and a Wake-up Call for Asia. Think
Business. Retrieved from http://thinkbusiness.nus. edu/articles/item/249-alibaba%E2%80%99s-new-york-ipo-a-
watershed-for-china-and-a-wake-up-call-for-asia

52 Ibid.

53 J.Davis, P. (2013, May 28). Alibaba Set to Sunb US with HK Listing. Financial Times. Retrieved from
http://www.ft.com/intl/cms/s/0/47a47a60-c7a6-11e2-be27- 00144feab7de.html#axzz2zPKq5QuY

54 Shukla,
V. (2013, September 25). Alibaba Plans For U.S. IPO, Walks Away From HK. ValueWalk. Retrieved from
www.valuewalk.com/2013/09/alibaba-plans-for-u-s-ipo/

55 Li,C. (2014, April 7). Are we Asking the Right Questions About Weighted Voting Rights? HKEx. Retrieved from
https://www.hkex.com.hk/eng/newsconsul/ blog/140407blog.htm 56 HKEx. (2012, February). Chapter 8 Equity Securities.
HKEx. Retrieved from https:// www.hkex.com.hk/eng/rulesreg/listrules/mbrules/documents/chapter_8.pdf

57 CFO Innovation Asia. (2014, March 17). Alibaba to List in New York, May Force Hong Kong to Amend IPO Rules. CFO
innovation ASIA. Retrieved from http://www. cfoinnovation.com/content/alibaba-list-new-york-may-force-hong-kong-
amend-ipo-rules

58 Himaras,E. (2013, September 26). Hong Kong Exchange Sticks to Rulebook on Alibaba IPO. Bloomberg News.
Retrieved from http://www.bloomberg.com/ news/2013-09-25/hong-kong-bourse-sticks-to-rulebook-on-alibaba-ipo.html

59 Hong Kong Business (2013, October 29). HKEx Lost US$60b Listing of Alibaba Group. Hongkong Business. Retrieved
from http://hongkongbusiness.hk/markets-investing/news/hkex-lost-us60b-listing-alibaba-group

60 Reuters (2014, March 19). Alibaba’s Choice of U.S. IPO Spurred by Rivals, Hong Kong Impasse –Sources. Reuters.
Retrieved from http://www.reuters.com/article/2014/03/19/alibaba-ipo-idUSL3N0MG3PK20140319

61 Ibid.

62 Reuters (2013, November 7). Despite Rebuff, Alibaba may Still List in HK. Asian Legal Business. Retrieved from
http://www.legalbusinessonline.com/news-analysis/ despite-rebuff-alibaba-may-still-list-hk/64364

63 Wang, C. (2014, April 15). Investors Oppose Proposed Alibaba Partnership Structure. The Asset. Retrieved from
http://www.theasset.com/article/26456.html#axzz2z4PfJ9dM

64 He, S. (2014, March 28). Alibaba: the Fairy Tale Ends. China Daily Asia. Retrieved from
http://www.chinadailyasia.com/focus/2014-03/28/content_15127751.html

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65 CFOInnovation Asia (2014, March 17) Alibaba to List in New York, May Force Hong Kong to Amend IPO Rules. CFO
Innovation Asia. Retrieved from http://www.cfoinnovation.com/content/alibaba-list-new-york-may-force-hong-kong-
amend-ipo-rules

66 Hong Kong Exchanges and Clearing Limited (2014, April 17). Rules & Regulations. HKEx. Retrieved from
http://www.hkex.com.hk/eng/rulesreg/regulatory.htm

67 YuenTeen, M. (2013, October 5). A Modern Day Tale of Alibaba and the 28 Partners. Governance For Stakeholders.
Retrieved from http://governanceforstakeholders.com/2013/10/05/a-modern-day-tale-of-alibaba-and-the-28-partners/

68 Hong Kong Exchanges and Clearing Limited (2014, April 7). Charles Li Direct. HKEx. Retrieved from
http://www.hkex.com.hk/eng/newsconsul/blog/140407blog.htm

69 Wee, W. (2014, March 16). China’s Alibaba Confirms it will IPO in New York. Tech in Asia. Retrieved from
http://www.techinasia.com/alibaba-ipo-new-york/70 Hope, B. (2014, June 26). Alibaba to List on New York Stock
Exchange. WSJ.com. Retrieved from http://www.wsj.com/articles/alibaba-to-list-on-new-york-stock-exchange-
1403802203

71 Mac, R. (2014, September 22). Alibaba Claims Title for Largest Global IPO Ever with Extra Share Sales. Forbes.
Retrieved from http://www.forbes.com/sites/ryanmac /2014/09/22/alibaba-claims-title-for-largest-global-ipo-ever-with-
extra-share-sales/

72 CNBC, Reuters. (2014, September 22). Alibaba IPO Biggest Ever;Shares Decline. CNBC. Retrieved from
http://www.cnbc.com/id/102020026

73 Mac, R. (2014, September 22). Alibaba Claims Title for Largest Global IPO Ever with Extra Share Sales. Forbes.
Retrieved from http://www.forbes.com/sites/ryanmac/ 2014/09/22/alibaba-claims-title-for-largest-global-ipo-ever-with-
extra-share-sales/

74 Graham, D. (2015, June 19). Weighted Voting Rights Consultation Conclusions. HKEx. Retrieved from
https://www.hkex.com.hk/eng/newsconsul/hkexnews/2015/ Documents/1506192news.pdf

75 Chan,R. (2015, July 8). Hong Kong’s Stock Regulator Opposes Proposal for Weighted Voting Rights. South China
Morning Post. Retrieved from http://www.scmp.com/ news /hong-kong/article/1826565/hong-kongs-stock-regulator-opposes-
proposal-weighted -voting-rights

ALIBABA: OPEN SESAME

Pada 2013, Alibaba Group Holdings Limited (Alibaba) ingin melakukan Penawaran Umum Perdana (IPO) dan sedang mempertimbangkan
kelayakan di-tiga bursa saham - Bursa Hong Kong dan Kliring Terbatas (HKEx), Bursa Efek New York (NYSE) dan NASDAQ . Pilihan
pertama mereka adalah mendaftar di HKEx. Namun, aplikasi mereka ditolak karena struktur kemitraan 28-orang Alibaba yang unik
tidak memenuhi persyaratan daftar HKEx, dan mirip dengan struktur kelas ganda. Gagal listing Alibaba di HKEx kemudian memulai
perdebatan peraturan dan publik tentang kemungkinan perubahan aturan daftar yang ada, karena takut kehilangan lebih banyak daftar
masa depan. Tujuan dari kasus ini adalah untuk memungkinkan diskusi tentang masalah-masalah seperti struktur saham kelas ganda;
ketidak cocokan antara kepemilikan saham dan kontrol; dan ketegangan antara motivasi pengaturan dan komersial bursa efek.

8
Ini adalah versi singkat dari kasus yang disiapkan oleh John Don-Degan Oei Jing Wei, Chua Wen Hui Sarah, Ong Hui Zhu, Doralyn, dan Jerry Goh Shi
Bin di bawah pengawasan Profesor Mak Yuen Teen. Kasus ini dikembangkan dari sumber yang diterbitkan semata-mata untuk diskusi kelas dan tidak
dimaksudkan sebagai ilustrasi manajemen atau tata kelola yang efektif atau tidak efektif. Interpretasi dan perspektif dalam kasus ini tidak harus dari
organisasi yang disebutkan dalam kasus ini, atau direktur atau karyawan mereka. Versi singkat ini diedit oleh Amanda Aw Yong di bawah pengawasan
Profesor Mak Yuen Teen. Tekankan oleh Sahat Simanjuntak, untuk penggunaan internal) Translated and Emphasized by Sahat Simanjuntak

Hak Cipta © 2015 Mak Yuen Teen dan CPA Australia.

Latar Belakang

"Tidak ada yang mau percaya Jack Ma." - Jack Ma1

Bahkan HKEx ketika Jack Ma, Ketua Alibaba, membawa proposal yang menarik ke meja pada tahun 2013 - daftar gagasan e-commerce
yang sangat sukses Alibaba. Setelah negosiasi intensif selama berminggu-minggu, listing tersebut ditolak dengan alasan bahwa struktur
kemitraan 28 orang yang unik tidak memenuhi persyaratan daftar HKEx.

Ma kini dihadapkan pada keputusan yang sulit. Ubah struktur kemitraan yang telah bekerja dengan sangat baik untuk raksasa e-commerce
US $ 168 miliar? Atau meninggalkan mimpinya tentang listing-daftar di Hong Kong (HK) dan menuju padang rumput yang lebih hijau di
NYSE atau NASDAQ?

Kelahiran pahlawan E-commerce

Jack Ma memulai karirnya sebagai pemandu wisata bahasa Inggris di Hangzhou, China3, dan tidak memiliki pengalaman dengan
komputer atau peralatan yang berhubungan dengan teknologi. Ini berubah ketika ia menemukan bahwa pencarian internet tidak
mengangkat informasi tentang China4. Ma menyadari bahwa ini adalah kesempatannya untuk mengisi lubang yang menganga di internet,
dan mulai membuat situs web komersial pertama China, China Pages5.

Bisnis Ma bersaing dengan China Telecom dan ketika perusahaan milik negara menawarkan untuk memulai usaha patungan, Ma
menemukan tawaran itu terlalu bagus untuk ditolak6. Meskipun Ma adalah seorang sutradara, ia tidak memiliki kendali atas dewan
beranggotakan lima orang dan gagasannya ditolak dan kalah waktu berkali-kali7. Dengan kedua tangan terikat dan tidak ada cara untuk
memajukan ide-idenya, Ma memutuskan bahwa pilihan terbaiknya pada saat itu adalah mengundurkan diri.

Pada awal 1999, Ma memutuskan untuk memberikan mimpi kewirausahaannya kesempatan lain. Dia membayangkan sebuah perusahaan
e-commerce global dan berbagi mimpi ini dengan 18 orang lain yang telah dia kumpulkan di apartemennya8. Malam itu ternyata menjadi
titik balik dalam perjalanan e-commerce Ma. Dengan hanya US $ 60.000 untuk namanya, Ma dan 18 mitranya memulai perusahaan,
Alibaba, nama yang dipilih karena ejaannya yang sederhana dan hubungannya dengan perintah "Open Sesame" yang terkenal9.

Ma percaya pada pendekatannya untuk menciptakan bisnis yang sukses untuk konteks Cina - visi global, menang10 di-lokal. Tidak seperti
banyak pengusaha Cina lainnya yang mengadaptasi model bisnis internet AS yang berhasil11 yang mengelola transaksi Business-to-
Consumer (B2C) dan Consumer-to-Consumer (C2C )12, Alibaba menciptakan model bisnisnya sendiri. Ini berfokus pada sektor Business-
to-Business (B2B) dan menghubungkan perusahaan kecil dan menengah satu sama lain13.

Grup Alibaba

Saat ini, Alibaba adalah penyedia pasar online dan seluler terbesar di China, yang merupakan 80% dari pasar B2C dan C2C Cina. Alibaba
juga menyumbang lebih dari 70% dari paket yang dikirim di Cina dan dominasinya dalam pengiriman paket terus bertambah14. Secara
global, Alibaba telah mengungguli eBay dan Amazon dalam hal nilai barang dagang bruto, yang masing-masing menghasilkan US $ 67,8
miliar dan US $ 87,8 miliar di 201215.

Alibaba memiliki beberapa lini bisnis utama - Alibaba.com, Taobao, Tmall dan Alipay. Alibaba juga menawarkan komputasi awan dan
layanan periferal lainnya16.

Alibaba.com

Alibaba.com adalah terjun pertama Grup ke sektor e-commerce pada tahun 1999. Ini adalah portal online B2B yang menghubungkan
produsen Cina dengan pembeli di seluruh dunia. Model bisnis Alibaba.com didasarkan pada dua pengamatan terhadap pasar Cina.
Pertama, orang Cina sadar biaya. Hal ini menyebabkan Alibaba.com memberikan layanan dasar17 kepada pembeli dan penjualnya tanpa
biaya18. Untuk memenuhi s

Pada tahun 2013, Alibaba Group Holdings Limited (Alibaba) ingin pergi untuk Alibaba.com yang dipimpin ini untuk menyediakan layanan
dasar17 untuk pembeli dan penjual tanpa biaya18. Untuk melayani penjual yang sedikit kurang sensitif terhadap harga, Alibaba.com
menawarkan layanan tambahan19 dan opsi iklan online20. Kedua, konsumen Cina khawatir tentang keandalan penjual. Untuk mengatasi

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masalah ini, penjual terdaftar di Alibaba. com dapat memilih untuk memeriksa klaim mereka oleh pihak ketiga yang independen melalui
Layanan Verifikasi Independen (IVS). Hingga saat ini, Alibaba.com memiliki lebih dari 4,4 juta pengguna terdaftar dari lebih dari 200
negara dan wilayah21.

Taobao dan Tmall

Pada tahun 2003, Grup meluncurkan Taobao, yang setara dengan Cina eBay, menjadi pemimpin pasar di pasar C2C Cina dalam waktu
dua tahun sejak dimulainya22. Pada 2010, Alibaba meluncurkan Tmall.com, spin-off dari Taobao. Sejak itu menjadi platform belanja online
B2C paling populer di Cina. Pada 2012, Taobao dan Tmall.com menghasilkan volume barang dagangan gabungan gabungan sebesar
RMB1,1 triliun (US $ 171,2 miliar) 23.

Alipay adalah layanan pembayaran online terkemuka di China, mendominasi 80% pangsa pasar transaksi online China, dan hampir
mencapai US $ 150 miliar di FY2013 melaporkan pendapatan24. Sistem Alipay mendukung semua transaksi online Alibaba. Sistem ini
memungkinkan penjual mengumpulkan uang untuk barang di muka dan menempatkan jumlah dalam rekening escrow, memastikan
pembeli tidak default pada pembayaran25.

28 pria di pucuk pimpinan

Alibaba memiliki struktur kemitraan 28 orang, yang hanya terdiri dari pendiri perusahaan dan eksekutif senior kunci26. 28 mitra ini tidak
duduk di dewan direksi tetapi mereka memiliki kekuatan untuk mencalonkan mayoritas sederhana dari direksi 27/28.

Meskipun nominasi terutama dibuat oleh 28 mitra, semua pemegang saham memiliki hak untuk memilih atau menentang nominasi sesuai
dengan kepemilikan saham mereka. 28 mitra memegang gabungan 13% dari total saham Alibaba, sementara Yahoo! Inc. (Yahoo!) dan
SoftBank Corporation (SoftBank) masing-masing memegang 24% dan 37 %29. Sisa saham dipegang oleh pemegang saham minoritas
yang tersebar. Namun, jika kandidat yang dicalonkan ditolak, mitra dapat mencalonkan kandidat lain yang sesuai30. Proses ini berulang
sampai dewan direksi terbentuk.

Tujuan dari struktur kemitraan ini, menurut Ma, adalah untuk memastikan bahwa perusahaan dioperasikan oleh "sekelompok orang yang
bersemangat tentang perusahaan dan digerakkan oleh misi." 31 Pandangan ini didukung oleh Joe Tsai, Wakil Eksekutif Grup -Chairman,
yang percaya struktur kemitraan membantu melestarikan budaya inovatif perusahaan bahkan jika pendiri awal meninggalkan perusahaan,
memastikan perusahaan fokus strategis jangka panjang daripada keuntungan rabun atau jangka pendek32.

Lampu jin Alibaba - Sebuah daftar Bursa Efek

Alibaba telah berhasil dalam industri e-commerce selama dekade terakhir, sebagaimana dibuktikan oleh dua belas perkiraan penilaian
yang disusun oleh Bloomberg pada tahun 2014 yang menempatkan nilainya sekitar US $ 168 miliar33.

Daftar adalah langkah logis berikutnya untuk Alibaba. Grup ingin terdaftar di bursa saham untuk mendapatkan modal untuk ekspansi lebih
lanjut di sektor belanja mobile dan media sosial yang menjanjikan34.

Kisah Dua Kota - Mutiara dari Timur atau The Big Apple

Pada bulan Juli 2013, Alibaba siap untuk IPO tetapi masih berunding di antara tiga bursa efek yang telah diciutkan - NYSE, NASDAQ dan
HKEx35. Di jantungnya, keputusan Alibaba bermuara pada dikotomi sederhana antara dua negara - H.K. atau Amerika Serikat (A.S.).

Daftar A.S. memiliki beberapa keunggulan dibandingkan H.K. satu. Pertama, bursa saham A.S. memungkinkan struktur kemitraan Alibaba
yang ada36. Di sisi lain, HKEx mengadopsi prinsip "satu saham, satu suara" dan tidak mengizinkan struktur Dual Class Share (DCS)
kecuali dalam keadaan luar biasa37.

Kedua, perusahaan teknologi terbesar di dunia, seperti Facebook dan Amazon, terdaftar di bursa saham A.S., dengan sebagian besar
terdaftar di NASDAQ38. Sebaliknya, H.K. tidak memiliki banyak perusahaan "teknologi tinggi" atau "internet" yang terdaftar.

Ketiga, investor barat memiliki pemahaman yang lebih baik tentang sektor teknologi, meningkatkan akurasi penilaian mereka terhadap
perusahaan teknologi40. Selain itu, NYSE dan NASDAQ adalah bursa efek terbesar di dunia dalam hal kapitalisasi pasar41.

Keempat, NASDAQ tidak mengharuskan perusahaan untuk mendapatkan keuntungan selama tiga tahun sebelum go42, tidak seperti H.K.
yang memiliki persyaratan43.

Di sisi lain, daftar A.S. juga memiliki kerugian atas H.K. daftar. AS memiliki budaya litigasi44 yang mungkin menjadi masalah bagi Alibaba
jika tidak memberikan pengungkapan yang tepat waktu, karena mereka akan menghadapi potensi tuntutan hukum45. Ini adalah
kekhawatiran bagi Alibaba karena Taobao telah menghadapi masalah dengan barang palsu di masa lalu46 dan telah mencoba untuk
menyelesaikan masalah tetapi tidak berhasil47. Sebaliknya, H.K. tidak memiliki sistem hukum tindakan kelas48.

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Selain itu, A.S. juga meneliti pasar keuangannya lebih cermat daripada negara mana pun di dunia49. Perusahaan yang terdaftar di A.S.
menghadapi biaya kepatuhan yang lebih tinggi karena peraturan tambahan yang disyaratkan oleh Sarbanes-Oxley Act50.

Berikutnya, perusahaan China yang terdaftar di A.S. undervalued51. Ada banyak penyimpangan akuntansi, penipuan, dan skandal di A.S.
oleh perusahaan-perusahaan Cina selama dekade terakhir, yang menyebabkan kepercayaan investor yang lebih rendah52 terhadap
kelas perusahaan ini.

Terakhir tetapi tidak kalah pentingnya, akan lebih mudah bagi Alibaba untuk mempertahankan status quo bahkan setelah mendaftar
karena H.K. memiliki budaya yang serupa, menggunakan bahasa yang sama, dan menikmati kedekatan geografis dengan China53. Ini
sangat relevan karena pendapatan Alibaba sebagian besar dihasilkan di Cina.

Pada bulan September 2013, Alibaba memutuskan H.K. daftar dan mengajukan aplikasinya ke HKEx. Untuk mendaftar, Alibaba harus
mendapatkan persetujuan dari Komisi Efek dan Kontrak Berjangka Hong Kong (HKSFC) dan Bursa Efek Hong Kong (SEHK).

Lampu jin hancur

Pada akhir September 2013, hanya beberapa minggu setelah mengajukan aplikasi, negosiasi dengan HKEx jatuh hingga54.

Alasan penolakan mereka berasal dari proposal daftar Alibaba yang memberikan kekuatan tambahan kepada 28 mitra yang memimpin.
HKEx mengklaim bahwa kekuatan seperti itu merusak prinsip "satu saham, satu suara" karena sangat mirip dengan struktur DCS yang
memberikan lebih banyak kekuatan kepada sekelompok kecil orang yang memiliki lebih sedikit saham55.

Charles Li, CEO HKEx, memperkuat pendirian ini dengan menjelaskan bahwa HKEx mengadopsi prinsip "satu saham, satu suara" dan
tidak mengizinkan struktur DCS kecuali dalam keadaan luar biasa56. Li juga menyoroti bahwa pertukaran itu tidak siap untuk
“membengkokkan aturan yang ada hanya untuk satu pemohon” 57.

Antara Batu dan Tempat yang Sulit - Dilema HKEx

“Sangat penting bagi HKEx untuk tidak membuat pengecualian dan menjaga integritas pasar, terutama mengingat apa yang telah terjadi
dengan perusahaan China dalam beberapa tahun terakhir ... Ada banyak perusahaan di Hong Kong dan Cina yang ingin melakukan hal
serupa, jadi membuat pengecualian menciptakan skenario yang sangat sulit. ”58 - Arjan Van Veen, Analis di Credit Suisse.

“Kehilangan satu atau dua kandidat yang mendaftar bukan masalah besar bagi Hong Kong; tetapi kehilangan satu generasi perusahaan
dari ekonomi baru Tiongkok. Dan kehilangan itu tanpa debat yang layak bahkan lebih tidak bisa diterima. ”59 - Li, CEO HKEx

Meskipun mungkin terlihat bahwa IPO yang diusulkan Alibaba seharusnya merupakan situasi yang langsung diterima atau ditolak, proses
musyawarah itu tidak lain adalah sederhana.

Proses Musyawarah yang Menyakitkan

Sepanjang tahun menjelang penolakan IPO, Alibaba dan HKSFC mengadakan diskusi pribadi terkait dengan listing. Selama periode
negosiasi ini, HKSFC menentang struktur kemitraan yang diusulkan Alibaba dan kedua belah pihak tidak dapat mencapai konsensus60.
Kabarnya, HKEx mengajukan draf konsultasi kepada HKSFC tentang perubahan dalam aturan pencatatan. HKSFC sejak itu mengirim
kembali kertas dengan serangkaian penyesuaian61.

Pada akhir September 2013, HKEx menolak IPO Alibaba. Namun, pada bulan berikutnya, komite pencatatan HKEx memulai diskusi
tentang jenis-jenis struktur kepemilikan saham yang harus ditawarkan oleh pertukaran tersebut.62 Mereka memutuskan bahwa sebuah
jajak pendapat publik mungkin diperlukan dalam waktu dekat untuk memutuskan arah yang tepat pada masalah tersebut63 dan pada
setiap masalah yang membutuhkan masukan publik. Pihak berwenang yang relevan telah berulang kali menekankan bahwa debat mereka
mengenai struktur saham bukan merupakan hasil dari insiden IPO Alibaba tetapi sebagai respons terhadap iklim ekonomi yang terus
berubah di H.K.64.

Namun pada saat yang sama, Li mengatakan bahwa "proposal Alibaba telah mendorong manajemen untuk meninjau" model operasi
mereka yang ada, dan bahwa "kerugian akhirnya mungkin bahkan lebih besar" jika mereka tidak "menjalani reformasi" 65.

Menjadi regulator dan penegakan garis depan aturan pencatatan bursa, badan regulator HKEx harus memastikan perusahaan mematuhi
aturan pencatatan saham. Wewenang dan tanggung jawab ini meluas ke tindakan terhadap perusahaan yang melanggar aturan atau
peraturan apa pun untuk menjaga integritas keuangan sistem keuangan negara66, dan untuk memastikan bahwa arahan dan prosedur
pencatatan dipatuhi dengan sepatutnya.

Di sisi lain, cabang promosi bisnis HKEx ditugasi dengan tugas menarik lebih banyak perusahaan untuk mendaftar di bursa mereka. HKEx
harus mengidentifikasi perusahaan yang menguntungkan dengan potensi pertumbuhan dan memaksimalkan pendapatan yang dihasilkan

11
melalui bursa. Pada akhirnya, HKEx adalah bisnis dengan pertimbangan garis bawah dan memiliki serangkaian tugas dan kewajiban
keuangan sendiri untuk dihadapi. Perusahaan harus mempertimbangkan manfaat dari daftar potensial, dan menarik perusahaan-
perusahaan yang menguntungkan ini untuk terdaftar di bursa saham, yang dalam hal ini adalah Alibaba.

Seandainya pencatatan perusahaan seperti Alibaba67 ditafsirkan sebagai pelanggaran peraturan pencatatan dan pengunduran diri
peraturan atau sebagai sarana untuk mempromosikan bisnis mereka dapat ditafsirkan sebagai pelanggaran terhadap aturan
pencantuman dan selang peraturan atau sebagai sarana untuk mempromosikan bisnis mereka68?

Padang rumput baru

Dengan tidak ada kemajuan lebih lanjut terkait perubahan kerangka pencatatan di H.K., Alibaba mengeluarkan pernyataan pada 16 Maret
2014 tentang keputusannya untuk memulai listing A.69 di AS. Mereka kembali ke papan gambar dan diharapkan untuk mengajukan IPO
dengan NYSE atau NASDAQ dalam beberapa hari ke depan.

Epilog

Mengikuti pengumuman niat Alibaba untuk mendaftar di bursa saham A.S., NYSE dan NASDAQ meningkatkan upaya merayu mereka,
dalam upaya untuk menarik listing teknologi terbesar70. Akhirnya, NYSE muncul sebagai pemenang, dan Alibaba meluncurkan IPO pada
21 September 2014. Pencatatan ini memegang rekor IPO terbesar, dan mengumpulkan total US $ 25 miliar. Pada hari perdagangan
pertama, saham melonjak lebih dari 35% di atas harga IPO US $ 6871 menjadi ditutup pada US $ 93,8972, dan turun sedikit di bawah
US $ 90 pada hari perdagangan kedua73. Di sisi lain, setelah draft konsultasi dipertukarkan antara HKSFC dan HKEx, HKEx memutuskan
untuk melanjutkan diskusi tentang daftar perubahan peraturan. Setelah putaran konsultasi publik yang komprehensif, tampaknya Bursa
akan mengizinkan struktur hak suara tertimbang, dengan rincian lebih lanjut akan dirilis pada kuartal ketiga kuartal keempat 201574.
Namun, pada 25 Juni, HKSFC mengatakan bahwa pihaknya menentang rencana tersebut. untuk menawarkan saham dua kelas75. Ini
mungkin membunuh proposal.

Pertanyaan diskusi

1. Bahas secara singkat pembagian kelas ganda dan bagaimana struktur seperti itu mirip atau berbeda dari sistem kemitraan 28-orang
Alibaba. Apakah sistem kemitraan Alibaba meningkatkan nilai pemangku kepentingan?

2. Mengapa pemegang saham utama, Yahoo! dan Softbank, bersedia menyetujui struktur kemitraan 28-orang?

3. Apakah ada beberapa perusahaan yang lebih cocok untuk struktur pembagian kelas ganda dan perusahaan lain yang kurang cocok
untuk itu? Sebutkan beberapa contoh perusahaan yang mengalami masalah sebagai akibat dari model seperti itu dan beberapa contoh
perusahaan yang telah sangat sukses dalam mengimplementasikan saham kelas ganda.

4. Apakah HKEx melakukan hal yang benar dalam menolak Alibaba? Apakah Anda pikir disarankan bagi HKEx untuk melihat kembali
merevisi aturannya pada struktur pembagian kelas ganda?

5. Singapura mengubah Undang-Undang Perusahaannya untuk memungkinkan perusahaan publik menerbitkan saham kelas ganda. Ini
dapat membuka pintu bagi perusahaan dengan saham kelas ganda untuk mendaftar di SGX. Saran apa yang anda dapat sampaikan bila
suatu pasar modal mengizinkan perusahaan untuk listing dengan saham kelas ganda. Dan perlindungan apa, jika ada, yang akan Anda
usulkan?

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