Alibaba to reveal names of 28 major shareholders

Tuesday 17 June 2014 11:48 CET | News

Chinese ecommerce platform Alibaba Group has affirmed plans to name the 28 people who will control the ecommerce company in an update to its initial public offering filing, reports.

According to the company’s bylaws, the partners will keep an iron grip over the company after its IPO because they hold the power to nominate directors to a majority of Alibaba’s board seats.

Alibaba, which powers 80% of all online commerce in China, is expected to raise more than USD 15 billion for 2014.

The personal stakes of only two partners have been disclosed in filings so far: lead founder Jack Ma, who owns 8.9% of Alibaba, while Joseph Tsai, co-founder and executive vice-chairman, is the only other individual with a disclosed stake of 3.6%. Yahoo and SoftBank own 22.6% and 34.4% of Alibaba, respectively.

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Keywords: Alibaba, shareholders, China, Yahoo, Softbank, ecommerce
Categories: Payments & Commerce
Countries: World
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