Financial analysts in Hong Kong said on Monday that the city's initial public offering market may go into virtual hibernation for the rest of the year if the mainland's top e-commerce company, Alibaba Group Holding, scraps its $60 billion plan to list.

A report in Monday's edition of the Financial Times said that Alibaba's founder Jack Ma and other top executives may abandon the Hong Kong IPO plan because the city's listing rules ban dual-class shares, which give top management officials more voting power.

The report added that Alibaba may switch the listing venue to New York, where such a corporate structure is allowed.