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Alibaba post-IPO structure gives insiders control

By Joe McDonald
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Alibaba post-IPO structure gives insiders control

BEIJING (AP) — Control over Alibaba Group will stay in the hands of founder Jack Ma and other company veterans after the Chinese e-commerce giant goes public on the New York Stock Exchange in a record busting share sale.

A group of 27 managers dubbed the “Alibaba Partnership” will have the power to nominate a majority of board members, a structure that was unpalatable to Hong Kong’s stock market and resulted in Alibaba deciding to list in New York.

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