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2014年的中国资本市场上,阿里巴巴(以下简称“阿里”)上市问题成为经济学家、企业家和学者共同关注的焦点。2010年马云正式推出合伙人制度,并寻求在中国香港上市。但香港证监会在阿里提出“合伙人制度”的初期便对此予以否定,而港交所也坚持保护中小投资者的“同股同权”原则。~①因此,对公司股权结构较为开放的美国资本市场成为阿里上市的目的地。2014年9月19日,阿里巴巴成功在纽交所上市。但关于诸如阿里合伙人制度
The listing of Alibaba (hereinafter referred to as “Alibaba”) became a common focus of economists, entrepreneurs and scholars in China’s capital market in 2014. In 2010, Jack Ma officially launched the partner system and sought to be listed in Hong Kong, China. However, Hong Kong Securities and Futures Commission denied this at the very beginning of Ali’s proposal of a “partner system”, and the Hong Kong Stock Exchange also insisted on the principle of “equal rights” for small and medium-sized investors. Therefore, the U.S. capital market, which is more open to the company’s shareholding structure, becomes the destination for Ali’s listing. September 19, 2014, Alibaba successfully listed on the NYSE. But on the system such as Ali partner