Alibaba's IPO drama isn't over: After initially rejecting the company's request to allow its management/founders to nominate a majority of board members, the Hong Kong Stock Exchange is now rethinking its stance. The exchange's listing committee plans to seek opinions from trade associations, lawyers, bankers, and investors on whether a rule change is warranted to hold onto a marquee IPO likely to yield a $100B+ valuation.
Thanks to HK's initial stance, Alibaba has been leaning towards an NYC IPO, and recently obtained NYSE/Nasdaq approval for its board nomination rules. But a U.S. listing would subject the Chinese e-commerce kingpin to SEC regulations and filing requirements, something it doesn't appear keen on.
24% Alibaba owner Yahoo (YHOO +1.4%) is trading higher today.