— This is the script of CNBC's news report for China's CCTV on September 18, Thursday.
Welcome to the CNBC Business Daily, I'm Qian Chen.
While New York is cheering the mega-IPO, let's not forget that Hong Kong has to sit and watch this all unfold.
There was lots of back and forth between the Hong Kong Stock Exchange and Alibaba about listing there...
But unlike politics in the city, on the market, it is ONE vote for ONE shareholder.
Susan Li has more.
A fight between New York and Hong Kong for the world's largest IPO this year.
New York won.
Well, New York Stock Exchanges allow for dual class shares -- which helps company founders retain control without having to own the majority of the stock.
Hong Kong only allows for 1 share 1 vote.
Despite losing out on what could be the largest technology listing of all time - a recent survey suggests that Hong Kong investors are OK with that.
[JAMIE ALLEN / Sec-Gen, Asian Corporate Governance Association] "What we found is they're very strongly in favor of 1 share, 1 vote. They're not in favor of the special partnership structure that Alibaba was proposing"
The Hong Kong Exchanges' listing committee is having a second look at their rules - a healthy debate that its CEO has encouraged.
[CHARLES LI / CEO, Hong Kong Exchanges & Clearing] "We are not going to change our rules just for one company. Despite the fact that we probably all agree that there are good reasons for us to review it."
Both Hong Kong and Singapore ban dual class share listings. London discourages the practice.
A former director of the Hong Kong Exchanges board says that Hong Kong has it right.
[DAVID WEBB / Editor of Webb-site] "I think the system works well. It requires people to put their money on the line if they want voting rights"
Besides Alibaba - other Chinese technology companies have also chosen to IPO in New York instead - including Baidu and China's Twitter-like service Weibo.
The owner of Weibo - Sina's chairman says there's another good reason for Chinese tech firms to list in New York.
[Charles Chao / Chairman & CEO, Sina] "It was just by default. US market become the place for listing for a lot of companies because if you cannot list in China the best choice is US market because that market understands technology better and has a lot more liquidity than any other market and usually can be more friendly to valuation"
Alibaba will price its mega IPO tonight,after raising the range to between 66 and 68 dollars earlier this week.
There hasn't been THIS much excitment about an IPO since probably Facebook -- and we all know what happened there.
So to ensure Alibaba doesn't do a facebook faceplant -- the NYSE is updating all those involved in the stock's trade in a conference call.
Meanwhile, in its final roadshow before trading, Executive Chairman Joe Tsai told investors the company plans to expand steadily in Europe and the US.
Tsai also addressed concerns of fake goods being sold on its site, saying it has about a thousand staff devoted to rooting out pirated items.
I'm Qian Chen, reporting from CNBC's Asian headquarters.