station network (www.admin5.com) news September 13th, called Hongkong "South China Morning Post" reported today, Alibaba executives may group listed on the plan until 2015. Reported that the reason for the delay is not lack of funds Alibaba, Ma consider more is how to maintain the company’s control".
recently listed on the Alibaba, the focus is still concentrated in the control of the billions of empires. It is understood, including Ma, Ali executive team holds only 9.4% of the shares of the Alibaba, the two largest shareholder Softbank and YAHOO respectively hold 35% and 24% of the shares. Once you have selected the Alibaba listed in Hongkong, if not up to the standard of valuation of shares to YAHOO to repurchase, coupled with the provisions of the HKEx shares after the listing will be unified for equal voting rights of ordinary shares, then Ma may lose control of ali. In announcing the partner system in an open letter, Ma said: "we will not be concerned about who is going to control the company, but we are concerned about the control of this company, must adhere to and inheriting cultural mission partners Alibaba." This attitude is also regarded as the founding team and management of Alibaba, hoping to continue to control the company’s public declaration after IPO. But the Hongkong Securities Regulatory Commission does not intend to partner with the Alibaba proposed green light. According to the British "Financial Times" reported that the Hongkong Securities Regulatory Commission and the founder of the Alibaba’s management not to yield a step in the control of the problem, the Alibaba may go to New York market, which will enable the company’s largest shareholder YAHOO investors benefit.
although the United States to allow the same shares with different rights, but the nomination of directors demanding, and there is no similar precedent. Said in an interview the listed project management limited company chairman of the board of directors of Xu Xiaxiong Addie company, compared with the company law of Hongkong, in the U.S. state and federal law and restricted by corporate governance and board nomination is a complicated game category, Ma proposed partnership system, if not used in equity double track support, to fully meet the management control of Ali after the listing to maintain demand, there will be no small difficulty. He said: "the United States regulatory principles very stressed the independence between the board of directors and shareholders, in order to ensure that the board of directors of listed companies do not favor any party’s interests, maintain the principle of fairness, and to improve the level of corporate governance, the listed company will set up an independent nominating committee, members of the committee must include the principle of independent directors. For the board of directors nominated by the nomination committee, the shareholders will take a relatively large number of voting decisions, but no veto power, up to abstain from voting. Shareholders holding 5% or more of the same rights may also have the right to nominate."
According to YAHOO
last year and Alibaba signed the agreement, Ali is entitled to half the market price to buy YAHOO 24% stake, or allow YAHOO listed on Alibaba to sell these shares, but the premise is the need to repurchase Ali listed by the end of 2015. Today, the "South China Morning Post" reported that the Hongkong SFC bear >