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Alibaba and the 40 thieves (aka bankers) finally make it out the door with an IPO in Hong Kong with the hope of raising 1.49billion. The stock triple on the first day of trading.The question is whether Alibaba deserves such a high valuation?

I don’t think so. However, the market reaction to this rare dotcom gem is as expected. People have short memories.

This bring to memory a Singapore equivalent called Commerce Exchange. That faded out early. Then there still is Sesami.com (an Alibaba copycat?) and a few other smaller exchanges.

Just like search engines, Exchanges will segment eventually.