Did Alibaba's Jack Ma keep prized asset for himself?

Alibaba has clocked up some spectacular achievements in its 15-year history and its visionary leader, Jack Ma Yun, is undoubtedly a one-of-a-kind figurehead in the mainland's corporate world.

But while the 50-year-old former English teacher has said that its US listing will allow his company to be more transparent and open to public supervision, Ma has yet to properly address lingering concerns over key issues such as the spin-off of his tightly controlled online payment processor Alipay.

And while Ma may be willing to be more transparent, it is also clear that he wants to play by his own rules, with Alibaba's complex governance structure allowing him to be selective about such openness.

Alibaba has more than 80 per cent market share in China's online retail market, and some have argued that its dominant position gives it little scope for growth.

And that makes Alipay, a "golden goose" business not included in the offering, Ma's most important asset.

Alipay handles about half of all online transactions in China, giving Alibaba a favourable position from which to oversee personal credit histories and capital flows in the mainland's rapidly growing internet finance sector, where traditional, state-owned lenders have failed to compete.