Alibaba looks set to pull off another coup. If the stars align — and with rocky markets, that is far from a given — the Chinese technology giant that executed the world's biggest flotation will notch up another marquee deal with its planned secondary listing in Hong Kong.

The genius with this deal is that it plays to a host of constituents. The US$25 billion ($37.9b) New York listing in 2014 rewarded investors (shares are up roughly 2.5 times); investment bankers (a US$250 million fee pool) and founders. But it left the spurned Hong Kong stock exchange miffed and