Some shareholders have taken their concerns to U.S. exchanges. The Council of Institutional Investors, a trade group for big pension and mutual funds, has urged the New York Stock Exchange and Nasdaq Stock Market to ban dual-class stocks. Exchanges in London, Hong Kong and elsewhere already do, leaving New York as virtually the only place companies such as JD.com can go public.
JD.com plans to go public in the U.S. this week. Potential investors won't get much say