case study

1. Describe dual-class share structure. Is Alibaba’s (ALB) ‘partnership structure” different from dual-class share structure? Deas “voting premium” mean that “minority” shareholders are losing money?

2. Why do NYSE and NASDAQ allow dual-class share structure while HKEx does not? 

If you were Charles Li, what would you do?

3. What are the pros and cons of listing in Hong Kong versus New York? If you were Jack Ma, where would you list? Under what conditions?

4. What is your valuation of Alibaba?

5. When is the optimal time for Alibaba to go public?

answer question 4 and 5