Tsai, the Alibaba Group Holding executive in charge of plans for the highly anticipated deal, only abandoned hope of a Hong Kong listing in the last few weeks, according to people familiar with the matter. The company’s shareholding structure, giving senior managers sway over board appointments, would not pass muster with local regulators. The final straw was the snail’s pace of a public consultation process of reviewing local listing rules on which Alibaba had pinned its hopes, the people said. That…
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