News this week: The Alibaba Group,
China’s largest e-commerce company, reported first quarter results which ended 31st
March 2014. The company posted a net profit of US$893 million, an increase of 32%
over the same period last year. Revenue was up 38% to US$1.9 billion. This
represents a slowing of the growth rate which was 62% in the first quarter of
2013.
The company also revealed
the composition of its 27-member “Partnership” in an amended IPO filing. The “Partnership” will have exclusive right
to nominate a majority of the company’s nine-member board post-IPO. Consisting
primarily of members of Alibaba’s current management team, the “Partnership”
includes company founder and executive chairman Jack Ma, executive vice
chairman, Joseph Tsai, and CEO, Jonathan Lu.
Ma, Tsai, and Lu,
will also be a part of Alibaba’s board of directors post-IPO. They will be
joined by SoftBank’s chairman and CEO Masayoshi Son. The company also named four
independent directors. They include Hong Kong’s former Chief Executive Tung
Chee Hwa, Yahoo Inc’s co-founder Jerry Yang, J. Michael Evans, former vice chairman
of Goldman Sachs Group, and Walter Kwauk, a former-Alibaba executive.
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