Alibaba's 2014 U.S. initial public offering was the world's largest-ever stock market flotation, raising a record $25 billion. Hong Kong lost out on the listing because its rules back then did not allow for Alibaba's corporate structure, which gives founding partners control over board appointments, as opposed to shareholders. However, Hong Kong Exchanges and Clearing changed its rules last year to allow «innovative companies» from China with listings elsewhere to do a secondary listing in Hong Kong, even if their voting rights structures did not comply with local standards.