Three cheers for Hong Kong Exchanges and Clearing Limited!
Alibaba has decided to not list on Hong Kong Exchanges and Clearing Limited because the latter was not willing to bend its rules to pander to the demands of Alibaba, even though it would have been an iconic and valuable client to acquire. I congratulate Hong Kong Exchanges and Clearing Limited for its ethical and honorable stand.
There is now speculation that Alibaba will try to list on the Nasdaq or the NYSE. With a listing that could see a valuation of US$70 bn, it is a hugely attractive potential catch for any stock exchange. The media is rife with speculation about the potential competition between the two New York exchanges, should Alibaba decide to list in New York. I hope that the New York exchanges stand for ethics as strongly as Hong Kong Exchanges and Clearing Limited. In a world where money has become god there is a strong need to a return to basic values.