China's Alibaba submits updated prospectus

People walk at the headquarters of Alibaba in Hangzhou, Zhejiang province, April 23, 2014. [Photo/Agencies]

HANGZHOU - Chinese e-commerce firm Alibaba submitted an updated initial public offering prospectus to the US Securities and Exchange Commission (SEC) on Monday (Beijing time).

The updated filing revealed for the first time the 27-person partnership, future listed company's nine-member board of directors, and its financial situation.

The partnership includes 22 members of management, four members of the company's Small and Micro Financial Services Co and one management member of China Smart Logistics.

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Alibaba's founder Jack Ma, Executive Vice-Chairman Joseph Tsai, Chief Executive Officer Jonathan Lu and others are found in the namelist.

According to its planned corporate structure, partnership will play a decisive role in the development of the company. They are selected from employees who have worked more than five years in Alibaba and will have the right to nominate a majority of the company's nine-member board of directors.

Joseph Tsai said the value of partnership is it gives bigger strategic decision-making rights to the company's core managers and reduces the impact of rapid fluctuation of capital market, so as to ensure long-term interests of customers, the company itself and all shareholders.

In early May, Alibaba filed an initial public offering document to the US SEC.

Hong Kong was once the top choice for its IPO but the plan was aborted partly because of Hong Kong's Securities and Futures Commission's opposition to Alibaba's unique corporate structure.

Under Alibaba's statutes, the company's partners are able to nominate and control the board, a challenge to the one share -- one vote standard applied in Hong Kong.

In the updated prospectus, Alibaba also announced the composition of the nine-member board, which includes five directors and four independent directors.

Former Hong Kong Chief Executive Tung Chee Hwa is included in the four independent directors, who have been invited to join the board.

Meanwhile, the updated prospectus revealed Alibaba's financial situation.

It said the total revenue of Alibaba reached 52.504 billion yuan ($8.4 billion), up 52.1 percent year on year, and its net income almost tripled to 23.403 billion yuan in 2014 fiscal year (from April 1, 2013 to March 31 this year).

In the 2014 fiscal year, its mobile transactions increased 394 percent compared to the previous year, it said.

Sources said Alibaba will make its IPO debut in the US as early as August.

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