1, the office is in China, and the management is in China, but the source of funds and the registration point are all overseas. At present, foreign capital is forbidden to control information enterprises in China, and foreign venture capitalists generally refuse to list the invested enterprises in China (in fact, Internet enterprises actually controlled by foreign capital cannot be listed in China, and variable entities are illegal in the view of China Securities Regulatory Commission).

2. From the perspective of supervision, China has higher requirements for listed companies, requiring them to make profits continuously. The enterprise structure will not be so complicated. Alibaba's holding structure involves many subsidiaries, holding each other.

3. From the perspective of enterprise registration, China is currently registered as an industrial and commercial enterprise, while the United States is registered as a commercial enterprise, which has very low requirements for the enterprise itself. In the listing process, the domestic approval time is very long. In 2009, after the NYSE was aligned with Nasdaq, the listing requirements were much lower than those in China. As the most radical exchange in the world, Nasdaq even allows dual ownership (one of the important reasons why Alibaba is not listed in Hong Kong is that the Hong Kong Stock Exchange insists on the same shares and the same rights). Alibaba's management shares are not many, but its voting rights are even greater than those of ordinary shareholders. Mainly Alibaba partner system (VIE structure, the so-called VIE, refers to a series of contracts to transfer the economic benefits of a company to a third party. It is through this structure that Softbank Group of Japan and Yahoo Company of the United States hold the effective "majority ownership" of Alibaba. )

4. The United States is a huge financing market, and Alibaba thinks that its financing amount is 21760 million US dollars, which is difficult to realize in China.

5. The tax, audit and time costs involved are high. Alibaba Group's previous preparations for listing, including documents and options, were designed in accordance with overseas rules. If you transfer back to China, you will face a lot of taxes, and you will need to redesign it according to domestic accounting standards. "The cost of taxation and auditing is amazing, beyond the imagination of many people.

6. Landing in A shares is also not conducive to Alibaba's internationalization.

Giants like Alibaba, in the end, the domestic listing system is not suitable for their development. Or this kind of Internet enterprise is not suitable for China's listing system.