Under Hong Kong's listing rules, new applicants must not include shares whose voting power doesn't bear a "reasonable relationship" to the equity interest. Exemptions can be granted for stock that was already listed with a dual class and "exceptional circumstances agreed with the exchange." Florence Shih, a Hong Kong-based spokeswoman for Alibaba, and officials at Hong Kong Exchanges & Clearing and the SFC declined to comment. "Alibaba seems to see this process as negotiation with the exchange rather than the listing process being fairly set in stone," said Allen of the ACGA. "There is a degree of negotiation but usually on more peripheral things, not on something quite as fundamental as the right of shareholders to nominate directors." Alibaba's partnership includes Ma, cofounder Joseph Tsai, Chief Executive Officer Jonathan Lu and at least five women. Bloomberg