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Alibaba reveals 27-partner alliance

2014-06-17 08:18 Shanghai Daily Web Editor: Qin Dexing

Chinese e-commerce giant Alibaba Group Holding revealed the members of its 27-person partnership in an updated prospectus for its US share listing yesterday.

The members, which include founder Jack Ma, Executive Vice Chairman Joseph Tsai and CEO Jonathan Lu, will have the exclusive right to nominate most of Alibaba's nine-member board of directors.

Alibaba also announced the composition of the nine-member board following the initial public offer.

Among the four independent directors who have been asked to join the board are former Hong Kong Chief Executive Tung Chee Hwa, Yahoo! Inc founder Jerry Yang and J. Michael Evans, former vice chairman of Goldman Sachs Group Inc.

The Alibaba Partnership comprises 22 members of management, four members of the company's Small and Micro Financial Services Co and one management member of China Smart Logistics.

The updated filing gives potential investors more information about the operations of China's biggest e-commerce firm, whose initial prospectus, filed in May, was criticized for its lack of detail.

Alibaba's profit almost tripled in the past year amid a 52 percent rise in revenue, according to the prospectus.

Profit in the year ended on March 31 soared to 23.1 billion yuan (US$3.7 billion) from 8.4 billion yuan in the year-earlier period, according to the filing. Its revenue jumped 52 percent to 52.5 billion yuan.

Its Taobao and Tmall units posted a 55.8 percent surge in combined transactions from a year earlier to 1.68 trillion yuan. Its consumer-to-consumer site Taobao still contributed most of the transaction value, or 70 percent of its total gross merchandise volume.

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