It will take time to study and digest the Governance structure innovation of the emerging enterprises.

"In today's Hong Kong market, it will take time to study and digest the governance structure of emerging enterprises." We decided not to list in Hong Kong. "--this may be the most important word in the Internet media on the web today," said Ali Group CEO Lu, speaking at a media conference in Hangzhou yesterday, and he made it clear that the company had made a decision not to list in Hong Kong. This is Ali group's first public response to the recent uproar over the listing rumors.

In the media conference, Alibaba Group spokesman said: Ali has always welcomed the discussion of "partnership system" the mechanism of innovation. Alibaba has not submitted a formal application, did not ask AB double shareholding structure, did not challenge the Hong Kong market to pursue the "same share" standard. But without seriously listening to Alibaba's real needs on the premise of the absence of facts and rumors to discuss, and thus come to the "conclusion", we regret that. The group therefore made the above decision.

So far, Alibaba in Hong Kong IPO matters can be said to be an ending. Prior to this, Ali Group and HKEx on the listing of Ali to Hong Kong, especially around the "partner system" has been a number of rounds of game.

September 10, Ma Yun Internal Mail interpretation of "partner system" is Ali's internal dynamic mechanism, Alibaba is the guarantee of the inheritance of corporate culture, and said that "we introduced a partnership system, it is hoped that through the operation of the company to achieve mission inheritance, so that Alibaba from an organized commercial company, into an ecological thinking of social enterprises ...... We don't care where we go on the market, but we care about where we're listing and we have to support this kind of openness, innovation, accountability and a culture of long-term development. ”

Around this special "partnership system" charter, HKEx and Ali Group conducted a few degrees of public relations game, especially at the end of September, HKEx chief executive Li, Ali co-founder Tsai, Ali shareholder soft Silver Group President son successively spoke, but Ali and the exchange between the acrimony to the climax of the public opinion.

September 25, the Hong Kong stock Exchange chief executive Li on the HKEx website published an article "Investor protection", the indirect response to Alibaba's request for special treatment of partners in Hong Kong listing. The article alludes to Ali IPO, and lists a lot of different views on this matter, and hinted that not for the special requirements of some companies to hurt the interests of most investors, in fact, is also a euphemism for the "partner system" will not open any back door.

September 26, Ali co-founder and vice chairman of Tsai issued an open letter stressing that Ali insists on the partner system is to ensure the company's cultural heritage. It also expresses two meanings: 1. Avoid the accusation of "double shareholding structure" which involves direct mechanism conflict; 2, to seize Li said "Hong Kong listing policy has the possibility to explore" this sentence, to imply that if the Hong Kong capital market does not release Ali IPO, it will "be left behind by the rapidly changing world."

September 27, Ali group shareholder, Japan Soft Silver Group President son issued a statement, "Over the years, Alibaba has created great value for shareholders, the results are amazing." Alibaba's special corporate culture is the core of its success, and maintaining this culture is very important to the continuous development of enterprises. Therefore, we very much support Alibaba's partner system.

September 27, a little later, after son issued a statement, Ali Group's second largest shareholder of the U.S. Yahoo Company also issued a statement, expressed its full support Alibaba Group to adopt "partner management structure." "In the rapid development of the technology market, the company leaders can adhere to and inherit the enterprise culture, and use to formulate future business strategy, is very important." As one of Alibaba's most important shareholders, Yahoo believes that Alibaba's management effort is aimed at maintaining the long-term success of the company's operations while balancing shareholders ' interests. Yahoo Human Resources and Development executive vice president, Alibaba Group board director Jacqueline Rethers said.

At this point, Alibaba Group proposed "partner system" can be said to have been the support of all major shareholders, however, the progress seems to be not smooth, even if the soft silver, Yahoo and the two major shareholders of the official support, the HKEx has not made concessions, adhere to the same shares of the principle of the same rights, there is no need to adapt to the meaning of Ali. Therefore, earlier this month, Ma Yun to Hong Kong, so that the media and the community have a number of reading and speculation.

October 4, according to the Hong Kong letter reported that the Chairman of the Alibaba board of directors to Hong Kong, to restructure the communications strategy to improve the company's image. In a report in the Hong Kong letter, the Hong Kong letter reported that Alibaba's "application for listing in Hong Kong was very high-handed", and public opinion one-sided that the SFC did not accept Alibaba's decision to use its partner system to list.

On October 5, Mr Ma Weibo, which has rarely been a microblog, said he would not drift along, insisting on the future and ideals that seemed to reveal the information that had not been smooth in Hong Kong. "It's not easy to make decisions for the future, at least 30% of people will object to you," Weibo said. Good decisions are generally difficult and painful, but pain is not necessarily a good decision. The winners will not stand by you, the frustrated will scold. In the Internet age, the most ruthless is often those who have no interest in the "public" people, they often win 40% confused people do not understand. Because of fear of being scolded and drift with the crowd. The most valued investment in life is the persistence of the future and the ideal!

October 7, said that Mr Ma refused the "reduction restrictions" proposed by HKEx, which led to the deadlock in the listing of Ali in Hong Kong.

October 9, the Hong Kong government level to make a formal response. According to a number of Hong Kong media, the Secretary for Financial services and the Treasury, Chan, said that Hong Kong must uphold the principle of "same-share rights" in order to protect investors ' rights and interests, and the Hong Kong listing rules could not provide double stakes. There is no plan to launch the listing rules for different shareholding systems at this stage. Chan's comments mean that Alibaba's hopes of a partner system for listing in Hong Kong have been dashed.

October 10, Alibaba Group CEO Lu announced that Ali decided not to choose Hong Kong listing.

This is the whole incident some approximate point in time, Ali Group's listing site is again a mystery. But there are also analysis that LU announced not listed in Hong Kong, there may be a public relations smoke bomb, Ali's final choice will be Hong Kong. For all of the previous analyses, Hong Kong was the best choice for all of Ali's possible listings, and it was officially recognised by Ali. Lu once admitted: "The listing of the group has not yet been determined, both Hong Kong and the United States are good choices and Hong Kong has a greater impact on the Chinese." "In a press release that Ali declared not to be listed in Hong Kong, it does not refer directly to the Hong Kong government or the HKEx, which means that Ali is unwilling to have any positive conflict with the Government or HKEx, and Ali said that his side did not submit formal official applications, and that Hong Kong, based on media reports, had drawn its conclusion and described its withdrawal as a last resort. It also frees up a message that Ali will make a new choice as long as Hong Kong's attitude towards Ali is loosened.

So, not listed in Hong Kong, is Ali's PR smoke bomb? Or the final decision? Let's continue to focus.