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 Alibaba settled earlier this year on New York for its stock market listing after Hong Kong refused to make an exception for the company's partnership system in which a small group of company insiders nominate the majority of the board of directors without owning a controlling stake.
Executives at Hangzhou, China-based Alibaba said its partnership system was necessary for preserving the company's innovative culture, but Hong Kong's listing committee said it would go against the exchange's "one share, one vote" principle that's aimed at treating all investors equally.
Other Chinese tech firms that have had recently listed in the U.