HONG KONG: Every big bank in town wanted a piece of the Alibaba Group Holding Ltd initial public offering, set to be the biggest technology listing ever. So much so that, according to Thomson Reuters data, major banks skipped an estimated US$100mil in combined fees they could have made from work for other clients over the past year.
People familiar with the matter say that's because the banks didn't want to irk the Chinese e-commerce giant by working for its rivals or acquisition targets, and risk losing out on business in an IPO expected to be bigger than Facebook Inc's US$16bil listing in 2012.
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