[Interpretation] Ali finally disclose Alipay VIE and detailed architecturei dark horse REVIEW: prospectus disclosure of holding structure VIE agreement Alibaba Group, Alibaba Group had 202 subsidiaries and business entities. According to the US listing requirements, Ali disclosed mainly business Taobao C2C, B2C B2B business days of cat and overseas business alibaba.com, Nike Lebron 11 Low B2B business 1688.com domestic and overseas shareholding structure VIE AliExpress's B2C business, VIE structure of these services are more up to four layers. But prospectus Alipay restructuring process within the capital, whether foreign shareholder consent or prior consent of the Board of Directors authorized this critical fact, did not make a clear explanation, but outside of the dispute and the team against Ma critique focused on business ethics here. Alibaba Group, the early morning of July 12 announced the third edition of the prospectus, the fair displays its ordinary shares currently priced at $ 56 / share, this calculation the overall valuation of $ 130.2 billion. June 16 prospectus update its price range of $ 40-50 / share, valued at 93 billion -1163 billion. 130 billion market valuation is much lower than the general spread of $ 200 billion valuation said. Alibaba's market close, told reporters the new wealth, transaction pricing on $ 56 / share compared to the market that have occurred have a 20% discount, this calculation, Alibaba stock is currently trading as high as $ 70 / share. Wish to subscribe Alibaba shares pay offer has close to $ 80 / share valuation up to $ 180 billion. For $ 56 / share of \u0026 ldquo; \u0026 rdquo ;, fair price Alibaba insiders say internal equity and current repurchase price considerably. \u0026 Ldquo; fair offer price will not be in full accordance with the current capital markets, but inside, a reference price, the price is determined in accordance with Scholes pricing method. \u0026 Rdquo; he said. And compared to the previous version of the Prospectus, this Prospectus stated in the listing of Alibaba, its 27 partners have the right to the existing nine board members on the basis of renomination two board members, board members may be increased to 11 people . Currently, nine-member board Ma, Cai Chongxin, Mr. Lu and Zhang Yong, Alibaba's management, Masayoshi Son, Softbank nominated as non-executive director, Alibaba Group also invited Tung Chee-hwa, Jerry Yang, Guo Deming (Walter Kwauk) and Michael Evans as independent Non-executive directors. This means Air Jordan Outlet that if Alibaba partner renomination two board members, management board members of the Board will be more than half the seats on the board of control further strengthened. But the prospectus also disclosed, Alibaba listing of its nine board members remain, yet the exercise of power to nominate another director. For mobile terminal operational capacity outside of general interest, this version of the prospectus disclosure of more data: Alibaba movement of goods turnover amounted to fiscal year 2014 (Mobile GMV) 3190 billion yuan, 81 billion increase over last year 394%. Share of overall trading volume mobile terminal increased from 10.7% in fiscal 2013 to 27.4 per cent. The mobile terminal 2014 first quarter revenue of 1.162 billion yuan, 12.4% of total revenue, a year earlier, income is only 147 million mobile terminals, the proportion was only 2.2% of total revenue. Data show that 2014 first quarter mobile end monetization rate (Group revenues / total merchandise trade) was 0.98%, compared to 0.47 in the year-end liquidity moving doubled, but still less than the rate of overall business monetization half, its liquidity inferior to the PC. It is worth noting that the first quarter of 2014, the overall business monetization rate 2.18%, compared to 2.30% a year earlier decline. The main business complex VIE structure VIE prospectus also disclosed agreement Alibaba Group holding structure, Alibaba Group had 202 subsidiaries and business entities. According to the US listing requirements, Ali disclosed mainly business Taobao C2C, B2C B2B business days of cat and overseas business alibaba.com, B2B business 1688.com domestic and overseas shareholding structure Nike Lebron 11 Elite VIE AliExpress's B2C business, VIE structure of these services are more up to four layers. Taobao Lynx, for example, the listing entities registered in the Cayman Islands Alibaba Group Holding Limited, its 100% wholly-owned registered in the Cayman Islands Taobao Holdings Limited, the holding company 100% wholly-owned There are registered in Hong Kong Taobao China Holdings Limited. 100% owned Hong Kong companies registered in China Taobao (China) Nike KD VI Co., Ltd. and Zhejiang Lynx Technology Limited. These are the holding company, shareholders pure foreign investment. The company in charge of the domestic real Taobao and Tmall business operations are Zhejiang Taobao Network Co., Ltd. and Zhejiang Lynx Network Limited. The two companies by Ma, Xie Shihuang holdings of Nike KD V Elite Low domestic companies, they said Taobao (China) Co., Ltd., Zhejiang Lynx Technologies Co., Ltd. signed an agreement Nike Jordan Hydro 2 separately control contract. Prospectus also disclosed Alipay equity market is most concerned about the situation and future equity arrangements, and Nike Air Max 2011 Women the 2010 event to make an explanation Alipay. Prospectus explained Alipay event, said: in June 2010, People's Bank of China released new requirements for non-bank payment companies need to obtain a license to operate in China. These provisions only provide specific guidelines for domestic license applicant. Provisions that any foreign investment to pay Cheap Nike Free Outlet the company wanted to obtain a license, its business scope and qualifications of foreign investors stake are required to comply with future regulations will be published, and the need by the State Council for approval. Did not get a license must pay the company ceased operations in September 1, 2011. Although Alipay early as the beginning of 2011 is ready to submit a license application, but the People's Bank of China at that time did not Nike Lebron 11 Low publish any applicable to foreign invested companies paid the guidelines (for Nike Zoom Soldier VIII the period ended when the prospectus, the guidelines have not released). In view of foreign invested pay the relevant license eligibility and application process company uncertainties, Ali management decided to Alipay restructuring of domestic companies, stripping Alibaba Group has Alipay all rights and control over both the financial statements separation. Alibaba said: \u0026 ldquo; This enables the Alibaba in May 2011 in time to get a license payment services, without affecting our China retail business or Paypal have any adverse effects. \u0026 Rdquo; Alibaba said Alipay stripping after the commencement of the first quarter of 2011, Alibaba Group and small micro-financial services company (Alipay parent company), Paypal, Yahoo, Softbank, Ma and Cai Chongxin on the management of the Future Group and Alipay and its mother Relations reached a framework agreement. In accordance with the agreement, Alipay will give priority to provide payment services to the Womens Nike LeBron 11 group. But prospectus Alipay restructuring process within the capital, whether foreign shareholder consent or prior consent of the Board of Directors authorized this critical fact, did not make a clear explanation, but outside of the dispute and the team against Ma critique focused on business ethics here. After separating Alipay, its parent company, Zhejiang Alibaba E-Commerce Co., Ltd., the small micro-financial services group Womens Nike Zoom Hyperflight PRM became Ma and holding, employee-owned domestic companies. According to the prospectus, which recently re-arrangements of its ownership structure, Hangzhou-Jun Nike Air Jordan 11 Women Han Equity Partners (limited partner) holds 58% stake in Hangzhou Junao Equity Partners (limited partners) hold 42% of the shares. The prospectus did not disclose specific details of the ownership structure Junao only say \u0026 ldquo; There are several Alibaba partner holds the \u0026 rdquo ;. The equity Han Jun, the Alibaba Group employees and employees of small and micro financial services company owned by Ma and. Ma as unlimited partners Junao and Jun Han's right Nike Air Max to vote, but only have a limited partner economic stake. Therefore, Ma can be used as a small micro-financial services company shareholders on Jun Jun Han Australia and exercise their voting rights. In other words, Ma will continue to control small micro-financial services companies the right to vote, then grasp Paypal. Previously, Alipay had to explain the future of foreign equity arrangements that Paypal will gradually increase the proportion of employees who, while Ma's stake will fall and its stake in Alibaba Group, rather, that is 7%. The prospectus also plan to make a statement: said Jun Han partner shares will be transferred as employee incentive to Alibaba Group and small micro-financial Kevin Durant services employees. In addition, according to the prospectus Alipay we will also introduce private investors, but not higher than the proportion of its stake Ma and the staff common shares. For allow Alibaba Group employees hold shares this arrangement Alipay, Alibaba's market close analysis, said the new fiscal reporter: the US market, including the United States Securities and Exchange Commission for the payment of Alibaba Group has control over the treasure of fear, \u0026 ldquo; In the American view, the group is the group, is Ma Ma, to ensure Alipay and interest groups the same, not entirely Ma as a link. \u0026 Rdquo; Alibaba Group employees and employees of small and micro finance common shares, will further strengthen the relationship between the Group and Alipay. But some market participants to the new fiscal reporter expressed concern that Alibaba Group, Alipay stake held by employees, will pay the electricity business entities and related party transactions financial entities become more complex, taking into account partner Alibaba system