Alibaba Reveals More Details About Internet Business in New IPO Filing.
Alibaba has recently revealed the names of the 27 partners that shall determine who will serve as a director on the Chinese e-commerce giants board once the company goes public.
During an updated filing with the Securities and Exchange Commission, the company listed over 27 names, which included 22 employees such as CEO and founder Jack Ma, for the very first time
The amended document also gave Alibaba the chance to provide and update on its full fiscal 2014 results, including its financial for the past three months ending during March 31st.
Having filed its initial public offering within the US, Alibaba is positioned for what has been stated to be the biggest market debut in corporate history. While the Chinese company is massive, it’s relatively unknown in the U.S., and has only as of recently started to emerge into the U.S. market. The SEC filing has provided the public with a glimpse into one of the world’s largest e-commerce providers, which could eventually go up against Amazon.
Alibaba has chose to employ a unique partnership mode, which was created during 2010, and will continue on once the company goes public. It insists that the model is more fair than a dual-class stock structure, in which only a handful of insiders control the company with a different class of more influential stock. The company says it will elect new partners each year.
Alibaba has also decided to show off more of its earnings. For the fiscal year ending on March 31st, Alibaba sees its revenue soar more than 50 percent to $8.45 billion. Its profits nearly tripled to $4.75 billion. The company had previously only provided financial figures for the first nine months of its fiscal year, with results up to the end of December.
The company’s continued strong performance will be critical to its desires for a strong IPO.
Alibaba also listed its directors for the first time. In addition to Ma, SoftBank CEO Masayoshi Son, who is attempting to merge its Sprint business with T-Mobile, will serve on the board. Yahoo co-founder Jerry Yang will also be a director.