Business

Alibaba post-IPO structure gives insiders control

By Joe McDonald
Published September 18, 2014 6:26am ET
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Alibaba post-IPO structure gives insiders control
FILE - In this Aug. 27, 2014 file photo, a chef walks in the headquarter campus of Alibaba Group in Hangzhou in eastern China's Zhejiang province. 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. (AP Photo/File) CHINA OUT | Uncredited

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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