Alibaba

As a amateur investor, a recent financial news that caught my attention is the Chinese e-commerce company Alibaba Group decides not to list its shares in the Hong Kong Stock Exchange.

Or, probably more close to the reality, the Hong Kong Stock Exchange plans to delcine the company's IPO (Initial Public Offer) application.

The reason is not difficult to understand: Alibaba has a unique partnership structure; Jack Ma, the company's founder, and other senior executives could control the nomination and appointment of the company's board of directors, so much so that ordinary stock holders have practically no say on the running or supervision of the company.

My first response was HKSE made a correct decision. Although declining a gigantic IPO means losing the opportunity of making a big money, it gives a clear message that HKSE is upholding its core value - all shares should have the same right.

But, when I come to think of it, the considerations may not be all that simple.

For example, what is the price of the core value?