Alibaba to Disclose Names of 28 Major Shareholders: Report
Alibaba Group Holding Ltd will name the 28 people who will control the world's biggest e-commerce firm in an update to its initial public offering (IPO) 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.
The company could not be immediately reached for comment.
Former English schoolteacher and lead founder Jack Ma owns 8.9 per cent of Alibaba.
Joseph Tsai, co-founder and executive vice-chairman, is the only other individual with a disclosed stake - of 3.6 per cent.
Yahoo Inc and SoftBank Corp own 22.6 per cent and 34.4 per cent of Alibaba, respectively, on a fully diluted basis.
Alibaba, which powers 80 per cent of all online commerce in China, is expected to raise more than $15 billion from its IPO later this year.
Copyright @ Thomson Reuters 2014
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