The company had planned to list in Hong Kong under a structure that would allow its "partners" - a group of founders and senior employees - to keep control over the makeup of its board.
"The Hong Kong authorities need time to study this corporate governance structure (for knowledge-based companies)," Lu said in an interview at the company's headquarters in China's Hangzhou city in Zhejiang province.
He added that the company had not yet committed to list on any other exchange, including the New York Stock Exchange.
© Thomson Reuters 2013
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