Alibaba Group decided not to list in the Hong Kong, says CEO Jonathan Lu, “today’s Hong Kong market needs time to study so that to understand innovative corporate organizational structures established by newly emerging enterprises. We decided not to list in Hong Kong.”

It’s the first response from Alibaba after a wave of reports and rumors on where the Chinese e-commerce giant would go public again.

It is reported that Hong Kong is the first choice of Alibaba, but the company failed to convince Hong Kong, where dual-class stock structure isn’t allowed, to adjust rules for its partnership structure.