How did Hong Kong lose Alibaba's business?
17 March 2014 Last updated at 07:29 GMT
Chinese internet giant Alibaba has announced that it will make its stock market debut in the US.
Alibaba's share sale is expected to be the biggest since Facebook.
How did Hong Kong's stock exchange lose out on winning the business of such a lucrative Chinese firm?
The BBC's chief business correspondent Linda Yueh explains.