Taobao and Tmall two major platforms

[Case] ​​dismantling most complex benefit structures Ali: Behind strategist Rothschilddid the Hong Kong Government and the Hong Kong Stock Exchange recently invited back to Hong Kong secondary listing of Alibaba to discuss, intentionally lead back to Ali Baba. Tung Ali identity independent director, which play a role in provoking the imagination. Alibaba Open Sesame. The whole world is waiting for the Alibaba opened the final veil. Alibaba Group, the United States updated the listing prospectus, based on the first edition update disclose a lot of information about the outside world. This is the history of the world's Nike Lebron 11 Elite largest amount of financing IPO, the world's most intelligent minds who was an English teacher Jack Ma designed the most complex structure of the transaction, locking the best interests of the Ma and his team. The first edition of the prospectus, to the outside world a glimpse of a huge empire Ali, but still smoke and mirrors, some of the information disclosure was inadequate, but also left many questions. The new version seems to be absorbed prospectus upgrade 'user feedback' after. Previously, Ali no data Taobao and Tmall two major platforms to be disclosed individually but together cost-effective packaging and placed under 'China retail business', arousing speculation its hidden motives, such as whether Taobao digital inadequate Beautiful. The new version is both independent discloses GMV (gross turnover). Most people concerned about is the fate of Ali around who can design the core system. Alibaba transaction structuring, the most critical is still the partner system design 27 people. Who is the first partner? Can on this list, but also often means that it is the most powerful man Ali. In addition, the Board is composed of nine people who constitute the? List from this disclosure, although Ali the right to nominate a majority of directors, but willing to few, only four seats. Nomination Rules are disclosed in the prospectus of the new version of 'minority' Ali's fear is entirely superfluous. A new version of the prospectus, Ma also tried to answer, before listing those looks messy, fairy falls to pieces formula logic of the acquisition. Prior to listing, Ali Fengjuancanyun Cheap Nike Free Outlet investment acquisition of a basket of companies, people do not understand and shook his head, said Ali's system, and therefore more and more complex. Insiders believe that Ali acquired a lot of companies did not seem particularly competitive and imagination, just prior to listing for the IPO plus a fire. The updated prospectus, Ali corporate investments and acquisitions to re-do the sort, given their own logic. Lynx catch up Taobao According to the latest disclosure of fiscal 2014 (April 2013 --2014 March 2003), the total revenue Alibaba reached 52.5 billion yuan, compared with growth of 52.11 percent year on year. Two figures look very pretty, but compared with previous years, the growth rate decreased significantly. An increase of 2011-2013 year were 78.46%, 68.23%, 72.37%. Alibaba's revenue consists of four parts, namely China trade, international trade, cloud computing and network facilities, other. Among them, the revenue contribution of China's trade in 2010 more than half since then increased year by year, in 2014 total revenue of 85.96%. This means that Alibaba's reliance on the domestic market is becoming more. To some extent, the electricity supplier Ali idea influenced a generation of Chinese people. In turn, the domestic electricity supplier explosive NIKE KD 6 NSW growth, but also achievements Ali empire. But the decline year on year growth of domestic trade is not small, in 2014 was 54.74 percent, 106.27 percent in 2011 to about half of the total revenue is the main factor influence. Chinese market segment, Taobao and Women Lebron Hyperdunk 2013 Tmall GMV eight quarters ended the first quarter of this year has been disclosed. As can be seen from the data, the Lynx's GMV in the last year has maintained a high growth rate, at 100% up and down, and Taobao is declining. 2013 second quarter was 53.89%, the first quarter of this year, only 32.29 percent. 2014 first quarter, Taobao GMV reached 295 billion of Nike Kobe VIII the total, while the Lynx GMV has reached 135 billion total, both volume gap is getting smaller. In 2012, the Lynx Taobao's GMV only about 1/4. An industry that has grown significantly Taobao does not move. Ali advantage that its profit business model is still very rich, but its greatest competitive growth, decline in the valuation of Taobao growth should be affected. Fiscal year 2014, net profit of 23.4 billion yuan Ali, net profit margin as high as 44.57 percent, the figure was a record high Alibaba. In addition, little change Alibaba margin stable at around 70% to 75%. Rapidly rising plateau effect and high visibility, but also reduce the marketing costs of Ali Baba. But with the expansion of revenue scale, the costs account for the proportion of total revenue Alibaba declined significantly, especially marketing costs, in 2010 total revenue of 35.01%, net profit still negative then Ali. This year, Ali marketing expenses to total revenue ratio of only 8.66%. How Ali partner system design partner system for the outside Reebok CL Chi Kaze world that Ali innovations in corporate governance, as well as Ali was shut out of the Hong Kong Stock reasons. The core of the system are equal partners, each partner, one vote, so that these partners is Ali and Ali affiliate managers, able to cross the bureaucratic level cooperation to better manage Ali. Ali partner currently has 27 members, but this number is not the same. In order to maintain the vitality of a partner institution, each year there are new entrants, entry and exit will be the norm. AB shares as an alternative architecture to ensure control of the more common ways (such as Jingdong Mall), have not been adopted Ali. AB Unit will focus on the control of the founder of the audience, but the founders are in the minority, and will eventually leave the company to retire. This approach was rejected by the Ma. Partner system is able to accommodate a larger management team, while maintaining the founder of shaping the corporate culture, absorb more visionary company managers. In theory, the partner system, including the need for at least five years of the entry Ali before adding other regulations, so Ali truly become the manager of the company, control of more stable, not because the founders or other shareholders equity of the change and turmoil. But another concern is how to protect the interests of shareholders? Partnership Nike Air Max 2011 among the first 27, 22 from the Ali Group, four from Ali small micro gold dress, a rookie from the stream. 22 Ming Ali executives, Peng Lei and Hu Xiaoming also executives of small and micro gold suit. Such a configuration, the system can be seen that the right to speak Ali Air Jordan Outlet owned by the parties. Previously a partner prospectus disclosure in an amount of 28 people, so the outside world which is less curious. According to previously disclosed, 28 people from 22 Ali Group, 6 from Ali affiliates. And now, the Nike Lebron X Elite number of partners is adjusted to 27 people. Among them, small and micro Ali affiliates (including Peng Lei) selected five people. It is reasoned that temporarily 'leather name' Ali partner should come from the small and micro. Leather out of a partner, from 28-27, is likely to ensure that voter turnout for the vote evenly matched singular need not appear. Partners-, only Ma and Cai Chongxin permanent partners. Ma and Cai Chongxin people can stay in until they take the initiative to withdraw from the partnership or other partners removed. Yes, as long as the number of votes to reach a majority of all the partners, including Ma and Cai Chongxin, it can be Jordan CP3 VI removed. This 27 partners, called the most powerful man Ali, about the fate of Ali. In addition to Ma, Vice-Chairman of the Board of Directors Ali Caichong Xin, Peng Lei, CEO of small and micro Ali, Ali chessboard, the role is crucial. Taiwanese Cai Chongxin 1999 as a founding team of a join Ali. Elite returnees annual salary of several hundred thousand dollars to give up work, turning to follow Ma, as CFO, for a long time took only five hundred monthly salary of RMB. Investment and legal background has led Ali history Caichong Xin series of capital operation, including the introduction of Softbank, Yahoo China and so on. From Nike Air Max 2013 Ali inception, Caichong Xin is a board member, is also currently high moral map and other companies to invest in the director Ali. Ma has even said in public, I am most grateful to the people that he (Caichong Xin)! Caichong Xin is also considered the founder Ali invisible empire. Taiwan Business Week is estimated that overwhelmed Ali completed IPO, Caichong Xin's net worth will be matched with Gou. Not only is Caichong Xin, in charge of Ali's 27 partners, varied backgrounds, each legend. Some of the business elite, career paths solid sound. Ali served as CFO of Bue as Ali Alibaba.com's B2B business in the year 2007 CFO, is responsible for establishing the company's financial systems, send it listed on the Hong Kong Stock Exchange, in 2012 and co-led it delisting. Prior to joining Ali, one of the four Bue former Beijing accounting firm KPMG Partner and KPMG effect 15 years. Ali currently serves as chief technology officer of Wang Jian is born academia. He was a professor of psychology at Zhejiang University, 1999 worked Nike KD VI Elite at Microsoft Research Asia, in 2008 to join Ali, chief architect of identity. The 27-man squad has 11 from the founding team, Peng Lei is considered the most powerful woman Ali. From the start the beginning, most of the time, Peng Lei, chief personnel officer in the position. In 2010, she served as Alipay CEO, 2013 years and was appointed Ali small microfinance CEO. This month, Peng Lei again Ali was appointed chief human resources officer, served two important roles of Ali. Another partner Tong Wen-hong's experience is also quite legendary, started in Ali's reception. Over the past 14 years, she is now the representative of a partnership among the rookie logistics, he served as chief operating officer. Ali mystery Board 9 Board will constitute the final set of nine people, but had only disclose Ma, Cai Chongxin, Masayoshi Son, Softbank, Yahoo Jacqueline D. Reses four members, after which Jacqueline D. Reses will be listed in accordance with the agreement from Ali Board of exit. Updated prospectus disclose further two directors and four independent directors. Among them, the two directors Ali CEO and COO Mr. Lu Yong. The four independent directors are former Chief Executive Tung Chee-hwa, Hong Kong, financial experts Guo Deming, Goldman Sachs J. Michael Evans and Jerry Yang of Yahoo. Ali invite outside Tung as an independent director of the reasons all kinds of speculation. Ali reason is the value of the business and political spheres Tung deep experience and strategic vision. In addition, Ali also referred to the establishment and strengthening experience Tung Sino-US relations. Ali in the United States, it may also be bonus items. Politicians as directors of listed companies is not surprising, Apple's board of directors where there is former US Vice President Al Gore sits. Politicians also has extensive business background, former Hong Kong Chief Executive Tung Chee-hwa as Hong Kong-listed Orient Overseas is the CEO. But more subtly, the recent Hong Kong's 'Ming Pao' reported that, according to sources close to the Stock Exchange, the Hong Kong Government and the Hong Kong Stock Exchange (0388) did recently invited back to Hong Kong secondary listing of Alibaba to discuss. HKEx and Ali is still in a preliminary understanding of the process, temporarily unknown whether for formal discussions have begun, but the Secretary of Treasury, Professor KC Chan successive blond Bureau and the shareholding structure of companies listed on multiple sound, or to reflect is paving the way for discussion. Tung's independent director status, which play a role in provoking the imagination. Guo Deming was an independent non-executive director and chairman of the audit committee under the board of directors of Alibaba.com. Alibaba.com in October 2007 at the Hong Kong Stock Exchange listing, delisting in July 2012. The Guo Deming Ali and had the same role. And Bue, like Guo Deming also from KPMG, he has 25 years of experience, it is a partner in Hong Kong. After Enron, the SEC requires listed companies to be set up under the Board Audit Committee, and at least one director to be recognized as 'financial expert.' Guo Deming served in the Board of Directors Ali precisely this role. See 9 constituting the Board members, Ali only four seats for minorities. Ali the right to nominate the majority of outside directors did not exercise the right reasons also quite curious. But at least it is not worth worrying about, the updated prospectus said that if at any time for any reason, by Ali partner nomination or appointment of a minority on the board of directors, Ali partner is entitled to appoint a director to get a majority of seats. Since the situation can be reversed at any time, whether you need time to occupy a strong majority of seats was not so important. Behind the scenes strategist: the Rothschilds shot another highlight of this update is the prospectus Ali before a series of investment acquisitions to re-do the comb, trying to sort out ideas. The first edition of the prospectus is roughly attributed to the investment and acquisitions of mobile Internet, O2O, digital media and entertainment, Nike Air Jordan 6 Women pharmaceutical products, logistics of these categories. The investment strategy Ali has been described, but also to explain the reasons behind several generous. Ali investment target acquisition strategy has three: Get the users and enhance user stickiness and improve the user experience and expand products and services. Tactically it is starting from a small number of shares, commercial cooperation, depending on the follow-up to further invest or wholly-owned acquisitions. UC browser, high moral map, microblogging is the case. In addition, Ali will also support entrepreneurs and innovative products and technologies. Investment in UC, Hengda, microblogging meet Ali get the user and enhance user stickiness goal. According to iResearch data, in March of this year, UC in the world has 264 million active users, the Nike Air Max 2013 acquisition Hou Ali to get this part of the user. After several rounds of investment for many years, in April this year, UC Ali holds 66% stake, with $ 479 million this month, Ali and 12,300,000 restricted shares of value in exchange for the remaining shares. Based on estimates, UC's valuation at about $ 3 billion. Invest 1.2 billion yuan in Guangzhou Hengda 50% equity, so Ali can come into contact with millions of Chinese fans also get a potential marketing platform. To improve the user experience, Haier Ali investment, Intime, and Youku potatoes and microblogging. Ali hopes to cooperate with Haier large appliances delivery, installation and after-sales services to improve the user experience on Taobao, the day the cat. Intime investment is to try new forms of O2O, users can store shopping online via consumer mobile devices. Finally, with Ali's main electricity supplier industry is not very close relations, have been classified as Ali extended product and service category. Youku potatoes, Chinese culture, China Media [-0.95% funding research report] [1.16% funds research report], to provide users with anytime, anywhere digital media entertainment. High moral map provided O2O and location-based services continues to migrate to mobile end users. CITIC 21CN helped Ali to expand electricity supplier business to the field of medicine. Ali market scale of financing may create history, it can act as underwriters involved, not only witness history, more a lucrative underwriting fees. Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, Citibank is so lucky. According to foreign media estimated that if the listing Ali raised $ 20 billion, underwriting commissions of up to $ 400 million, six banks each will share about $ 66 million. So who is listed as Ali unprecedented financial advisor do? Prestigious European investment bank Rothschild Group predators. Ali also has a low-key listed behind top promoter, that an independent financial adviser. During the IPO financial advisor to provide advice to businesses, but not involved in selling shares to institutional investors. This is not the first collaboration with Ali Rothschild. Early in 2010, Ali Nike Air Max wholly acquired US retail shop service provider Vendio company as the deal that is financial adviser Rothschild. By 2011, Ali to repurchase 40% of the shares held by Yahoo sought $ 4 billion of debt financing, hire consultants also Rothschild. It is reported that the Rothschild Group has been involved in too many famous pen trading in Asia. Last September, the Hong Kong tycoon Cheng Yu-tung Huishan shares in Hong Kong IPO, Cheng Yu-tung Rothschild served as financial advisor. Ali is responsible for listing the treasurer Yaoyun Ren also served Rothschild banker in Hong Kong. Source: Money Weekly Author: Lin Jie