Alibaba submits updated prospectus to US authorities

NEW YORK - Alibaba HAS submitted an updated initial public offering prospectus to the US Securities and Exchange Commission, revealing for the first time the company’s 27 partners, nine board directors, and its financial situation. The partnership list was dominated by insiders, including 22 members of management such as CEO Jonathan Lu and Executive Chairman Jack Ma.

According to its planned corporate structure, partners will play a decisive role in the development of the company and will have the right to nominate a majority of the company's nine-member board. The Alibaba partnership was a large part of the company’s decision to list its shares in the US rather than Hong Kong, since the latter disallows dual-class share structures.

The prospectus also stated that Alibaba’s net income in the quarter ended March 31 climbed 32% to RMB 5.543 billion. Revenue was up 38% to RMB 12.031 billion. Alibaba is expected to make its IPO debut in the US as early as August, but it is still uncertain if it will list on the New York Stock Exchange or the Nasdaq.