HONG KONG -- Jack Ma Yun dealt Hong Kong's stock exchange a blow that it still hasn't recovered from when he chose New York for Alibaba's initial public offering in 2014, giving the Big Apple bragging rights to hosting the largest-ever technology listing. Today, the Chinese billionaire is dangling another threat over the Hong Kong bourse as he prepares to float Ant Financial, the e-finance company that could be worth as much as $75 billion.
The deciding factor for Ma, then and now, is whether Hong Kong will relax its rules on investor rights. Ma chose the New York Stock Exchange three years ago because it allowed a group of partners at Alibaba Group Holding to have full authority to appoint the board of directors, denying shareholders a say in an essential part of running the company. This was staunchly opposed by Hong Kong, which views the principle of "one share, one vote" as a bedrock ideal -- one that has withstood periodic challenges for decades.