Hong Kong may have lost Alibaba’s giant initial public offering to the United States, but for some large investors in this Asian financial hub, that’s just fine.
On Tuesday, the Asian Corporate Governance Association released the results of a survey it had conducted among its members showing that nearly all respondents were opposed to dual-class shareholding structures — or partnership control structures, like Alibaba’s — that give management a disproportionate say in how companies are run.
The governance association surveyed 70 institutional investors and received 54 responses from companies with combined assets under management of about $14 trillion. The results of the survey showed more than 90 percent of respondents opposed allowing dual-class shareholding structures and partnership control structures in Hong Kong.
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