News this week: Amid reports of the Alibaba
Group’s anticipated initial public offering
(IPO), company founder and executive chairman Jack Ma revealed in a company
e-mail details about the Alibaba Group management’s “partnership system”.
The issue was brought into the spotlight as the company
considers an IPO in Hong Kong or New York. In Hong Kong, the stock exchange
does not allow a dual-class share system for new listings such as those offered
in New York. Alibaba is seeking an exemption in order to maintain control of
its board of directors post-IPO.
Separately, it was reported that Alibaba has once again
restructured its management team following a similar exercise in January this
year. Company chief executive Jonathan Lu will head the company’s mobile
Internet business, under which sees the newly formed mobile communication unit,
Taotao Diandian – focused on Alibaba’s online-to-offline business, and the
formation of a digital entertainment business unit focused on music, video,
books and other entertainment business.
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