Alibaba Unveils New Partnership Members in Biggest IPO Offering Yet
Alibaba group has unveiled the members of their 27 person partnerships and board this week and at the same time brought closure to the dispute the e-commerce giant growth is slowing down compared to the fast pace it was having in the recent quarters. During an update on a prospectus which is said to be the largest technological initial public offering in history, show that the partnership which include the three top men namely Jack Ma Alibaba’s founder, executive vice chairman Joseph Tsai and CEO Jonathan Lu will still have exclusive rights to nominate a majority of the company’s nine member board. A move that will ensure the control of the firm rest with the hands of insiders.
Alibaba’s IPO is expected to surpass Facebook Inc. initial share offering of US$15 billion as the company debuts late this summer. But still this didn’t prevent investors and experts to raise doubts and questions of Alibaba’s disclosures and third party transactions. Previously Alibaba’s partnership consisted of 28 members who are elected annual and so far the company did not offer any explanation of the recent changes.
The filing has shared more information on Alibaba’s operations that handles a lot more transactions compared to Ebay and Amazon. Fr te quarter of March Alibaba reports an income which increased by 32 percent or 5.54 billion yuan, and company revenue was up by 38 percent as well or 12 billion yuan compared to the increase in the previous quarter of 62 percent.