[charlesdm]

In this case, because:

1/ As a minority shareholder, you don't have control over the Alibaba shareholding. Theoretically, the company could sell it off and do other things with it and you would have no way of stopping it. If this company would be trading at a substantial discount (say, 15-25%), it could be 'raided' by an (activist) investor who sells it for parts.

2/ The Alibaba stock can't be transferred directly to the shareholders without incurring tax. It's 'stuck' in a shell corporation. The only exit is probably Alibaba acquiring that company to clean up their shareholder structure.