【中文版】

马云是阿里巴巴集团的创始人和前任执行主席，他曾经表示，阿里巴巴在香港上市是他的“耻辱”。这是因为，香港的资本环境不太适合阿里巴巴的发展，而内地A股市场则更适合阿里巴巴的上市。

首先，香港股市对于企业的监管和审查非常严格，这使得阿里巴巴需要花费更多的精力和时间来应对监管和审查。相比之下，内地A股市场则更加宽松和自由，阿里巴巴可以更加灵活地运用资本市场的优势来发展业务。

其次，香港股市的投资者更注重短期的收益和利润，而阿里巴巴则需要长期的资金支持来发展其业务。在内地A股市场，投资者更加注重企业的长期发展和市场前景，这更加符合阿里巴巴的发展战略。

最后，阿里巴巴的业务主要在中国市场，而香港股市的投资者则更加关注国际化的公司和业务。因此，阿里巴巴在内地A股市场上市可以更好地与国内市场对接，同时获得更好的市场认可和品牌效应。

综上所述，马云不在香港上市的原因是因为香港股市的监管和审查比较严格，投资者更注重短期的收益和利润，而阿里巴巴则需要长期的资金支持来发展其业务。在内地A股市场上市则更加适合阿里巴巴的发展需求。

【英文版】

Jack Ma, the founder of Alibaba Group, once stated that Alibaba's failure to list in Hong Kong was his "disgrace". The reason is that the capital environment in Hong Kong is not suitable for the development of Alibaba, while the A-share market in China is more suitable for Alibaba's listing.

Firstly, the Hong Kong stock market has very strict regulations and scrutiny on enterprises, which requires Alibaba to spend more energy and time to respond to regulatory and review. On the other hand, the A-share market in China is more relaxed and free, and Alibaba can flexibly utilize the advantages of the capital market to develop its business.

Secondly, Hong Kong stock market investors pay more attention to short-term returns and profits, while Alibaba needs long-term capital support to develop its business. In the A-share market in China, investors pay more attention to the long-term development and market prospects of enterprises, which is more in line with Alibaba's development strategy.

Finally, Alibaba's business is mainly in the Chinese market, while Hong Kong stock market investors are more focused on international companies and businesses. Therefore, Alibaba's listing in the A-share market in China can better connect with the domestic market and obtain better market recognition and brand effect.

In summary, Jack Ma did not list Alibaba in Hong Kong because the Hong Kong stock market has strict regulations and scrutiny on enterprises, investors pay more attention to short-term returns and profits, while Alibaba needs long-term capital support to develop its business. Listing in the A-share market in China is more suitable for Alibaba's development needs.