The 60-page report from Hong Kong's financial advisory body on what's wrong with the territory's IPO market makes no mention of Alibaba Group. And it doesn't bring up the "one share, one vote" policy - which helped the internet group decide to list in New York instead of Hong Kong - until page 58. The apparent insouciance to the loss of Alibaba's billions might seem surprising, but there is a long and thorny list of other problems, less media-grabbing but ultimately more significant, to address. The Financial Services Development Council report uses plenty of ink on the roadblocks to attracting foreign issuer participation. It takes largely well-aimed shots at the market's taste for cornerstone investors, regulators' staunch support of retail allocations and the unnecessarily long delay between pricing and trading.
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