Ali control and valuation to take into account the listing will be in a dilemma

Alibaba listed is known as the world’s most anticipated Internet IPO project, it is destined to be the highlight of this year’s capital market.

recently, there is news that Alibaba group has submitted to the HKEx partner system listing proposal to ensure its control. The Alibaba executives in the first Financial Daily reporters to reiterate: the company has not yet determined the time to market and the location of the listing, the inconvenience to respond.

is difficult for Ma, Ali IPO, he not only to keep control of the Ali group in the existing ownership structure, at the same time in order to buy YAHOO in the hands of the remaining shares, he must also take into account the valuation of ali. And whether it is listed on the NYSE or listed on the HKEx, he will face the problem to be solved.

HKEx listing: control difficult

media reports, under the pressure of control, Alibaba proposed a partner system listing proposal. According to the proposal, the partner can nominate the majority of the board (Simple Majority), the board of directors, there are 9 people, the partner can nominate the 5." Partner of the directors nominated by the shareholders’ meeting, to vote by appointment. This program is to keep Ali’s management of the group’s control.

public information, the current real estate ownership structure in Alibaba, as of the end of 2011, Ma total holdings of about 7.43%, plus the remaining seven management held a total of 10.38%.

at the end of 2011, Ma Yun holds a total of 185 million 970 thousand and 673 shares of Alibaba group, divided into three parts: Ma Yun holds 1 million 773 thousand and 177 shares directly held some 134 million 197 thousand and 496 shares; family interests, including Ma Yun spouse Zhang Ying control shares; equity 50 million shares held by Ma Yun through their control of APN Ltd.

as of the end of 2011, Ali group currently CEO Lu Zhaoxi, executive director of the current board of directors and the current CFO, such as the proportion of other shares of Ali and other executives, respectively, 0.29%, 2.15% and 0.03%.

contrast, YAHOO, Softbank two foreign shareholders were holding about 24% and 36.7%, far higher than the holdings of Ma Yun and other executives.

currently, 2:2 Alibaba to take the four board structure, namely two Alibaba executives (one of which is Ma Yun), a representative of a representative of YAHOO, softbank. Therefore, Ma still has control over the years. According to YAHOO SEC filing last year, buy YAHOO shares after the Alibaba group reached its "new shareholder agreement", until the Alibaba group listed as a whole, the structure of the board of directors will continue to maintain the 4 person.

once the IPO is successful, Ali’s board will continue to maintain the 4 person