Alibaba Inc., the Chinese e-Commerce giant that is on track for a massive U.S. IPO, has updated its SEC filing to include the 27-member group that will control the company. The filing also includes nominations for Alibaba’s board of directors, which will include Chairman Jack Ma and Vice Chairman Joseph Tsai, Yahoo co-founder Jerry Yang, former Goldman Sachs banker J. Michael Evans and Chee Hwa Tung, the first chief executive of Hong Kong when control was transferred from Great Britain to China in 1997.
That list of 27 partners, which apart from Ma and Tsai also include the company’s president and COO, has the exclusive ability to nominate a majority of directors of the company, giving it near total control of the businesses direction. The ability to list with such a partnership was one of the main driving factors in the U.S. rather than Hong Kong based listing, reports Forbes, as exchange rules in Hong Kong prohibit such structures.
Yang, Evans and Tung’s presence on Alibaba’s board of directors satisfies U.S. requirement for a certain number of seats being reserved for outside contractors.
The updated filing contains no information as to whether Alibaba will list on the NYSE or the NASDAQ, its proposed ticker symbol or the price range and the number of shares that will be listed. The filing did update the company’s financial figures through March 31, which showed full-year revenue of $8.4 billion and net income of $3.7 billion.
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