May 28 Alibaba Group Holding Ltd IPO-ALIB.N will name the 28 people who will control the world's biggest e-commerce firm in an update to its initial public offering filing, the Wall Street Journal said, quoting people familiar with the plans.
Alibaba also plans to name its full board in a future filing, the newspaper said, adding that the current board of four members would be expanded to nine. (r.reuters.com/hyr69v)
The company could not be immediately reached for comment.
Former English schoolteacher and lead founder Jack Ma owns 8.9 percent of Alibaba. Joseph Tsai, co-founder and executive vice-chairman, is the only other individual with a disclosed stake - of 3.6 percent.
Yahoo Inc and SoftBank Corp own 22.6 percent and 34.4 percent of Alibaba, respectively, on a fully diluted basis.
Alibaba, which powers 80 percent of all online commerce in China, is expected to raise more than $15 billion from its initial public offering later this year. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Simon Jennings)