LSE joins race for $60bn Alibaba listing The London Stock Exchange has joined the queue of venues trying to attract the multibillion dollar listing of Alibaba, China's biggest ecommerce company, after Hong Kong rejected it on corporate governance concerns. Alibaba executives met UK officials who were in Hong Kong last week as part of the visit by Boris Johnson, Mayor of London, according to people familiar with the events. The London Stock Exchange declined to comment. The company is pursuing an initial public offering that could value the business at more than $60bn mainly because of a sales agreement with its second-largest shareholder, Yahoo, which wants to offload more of its stake. According to that deal, Alibaba must list shares through a "Qualified IPO" for Yahoo to sell down more of its 24 per cent stake, which the agreement describes as an IPO on the Hong Kong Stock Exchange or a US national securities exchange. However, that does not preclude a primary or secondary listing in London, or another exchange, according to a person familiar with the group, although the Chinese company would need to get Yahoo's consent for a different listing venue. The company first tried to list in Hong Kong, its preferred venue, but listing authorities declined to approve its unusual governance structure, which will allow a group of senior management to nominate a majority of its board directors. However, both the Nasdaq and the New York Stock Exchange in the US have told Alibaba they would approve its so-called partnership structure, according to the company. The two US exchanges have declined to comment. Hong Kong rejected the structure due to concerns that it would undermine the principle of one-share, one-vote by instituting a system that would operate very similarly to a dual class share structure, putting more power in the hands of a small group of individuals. Hong Kong's rules are very similar to those in the UK, where dual-class shares have been systematically discouraged for decades. However, a secondary listing in London by Alibaba would not be held to the same standards. Requirements for listing in the UK are laid down by UK regulators, not the LSE. Alibaba executives also discussed how to encourage more British retailers to join Tmall, its main venue for companies to sell direct to Chinese consumers, according to a person familiar with the meetings. Marks and Spencer and Mothercare are among a handful of UK retailers that have shops on Tmall and more are due to join, according to the person.