Alibaba's attempt to list in Hong Kong exchange was unsuccessful. It is shocking news to both Hong Kong and mainland China if Alibaba gave up Hong Kong and choose to be listed in America instead. Anbound’s senior researcher He Jun thinks that although Hong Kong Stock Exchange’s rejection of Alibaba seems to be persisting its principle and sustaining a fair market system. In reality, it reflects that Hong Kong lacks courage in market system innovation. It is a disadvantage for Hong Kong’s development in the long run.