News Column

Alibaba gives more business details ahead of IPO

June 16, 2014

NEW YORK (AP) — Alibaba is pulling back the curtain a little bit more, providing more information about its partnership structure and financials ahead of its planned initial public offering.

China's biggest e-commerce company filed for an initial public offering in the U.S. in May. Its latest disclosure filed Monday is in part meant to squash criticism that it didn't provide enough details on its business in its initial filing.

Alibaba Group Holding Ltd. said in the filing that its partnership currently has 27 members, including 22 people from its management ranks such as CEO Jonathan Zhaoxi Lu. The partnership has the exclusive right to nominate a simple majority of the board's members.

Alibaba said net income for the quarter ended March 31 increased 31 percent to $883.4 million. Revenue rose 39 percent to $1.93 billion.

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Source: Associated Press

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