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
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