• Mon
  • Dec 22, 2014
  • Updated: 2:21am

Alibaba

Alibaba is the world’s biggest e-commerce group. Founded by Jack Ma, it owns Tmall.com and its consumer-to-consumer business Taobao.com.

BusinessCompanies

Alibaba’s Ma says partnership not aimed to ‘exert control‘

PUBLISHED : Tuesday, 10 September, 2013, 2:36pm
UPDATED : Wednesday, 11 September, 2013, 1:48am

Alibaba Group founder Jack Ma Yun has revealed fresh details of the firm's partnership structure that regulators fear could give too much voting power to company executives after a planned share sale.

The structure was explained in an e-mail from Ma to staff yesterday and obtained by the South China Morning Post. An Alibaba spokesman confirmed the document was genuine.

The e-mail said the partnership scheme had begun in 2010 and had elected 28 partners over a three-round selection process following strict eligibility criteria.

"It is not a mere profit-sharing mechanism, nor is it a vehicle of power to exert greater control over the company," the document said.

Hong Kong Exchanges and Clearing and the Securities and Futures Commission fret that the partnership effectively creates a dual structure con- ferring more rights on one group of shareholders than another.

Such structures are not permitted for new listings in Hong Kong.

Share

Related topics

More on this story

For unlimited access to:

SCMP.com SCMP Tablet Edition SCMP Mobile Edition 10-year news archive
 
 

 

 
 
 
 
 

Login

SCMP.com Account

or