Ma's 'redemption' Nightmarehorse [REVIEW] when i realized that it is likely to lose control over a Womens Nike LeBron 11 company, Ma took a variety of unusual ways of trying to 'ransom.' The success of the market, is the last key step. Although not the largest shareholder, Ma but did not want to give up control of the Alibaba Group. Eight years ago, Alibaba Group's 39% stake, in exchange for Yahoo's $ 1 billion plus Yahoo's Chinese assets, the solution of the urgent needs of funds. If you notice is likely to lose control over a company, Ma has taken various unusual way trying to 'ransom.' The success of the market, is the last key step. But whether it is in Hong Kong or the United States capital Nike Air Jordan 10 market, Ma Nike Kobe 9 Elite Low is now very difficult to accept as a partner to control the system's design. Just stake Ma and Alibaba management of about 10%, this kind of control very fragile. And AB share mode and can not be resolved once control of the risks. So Ma can only hope that a partner institution as a last resort. But, Ma has not yet caught that straw. September 10, 2013, Alibaba Group Chairman Jack Ma to all employees of the Board sent an e-mail. In this message, the first time disclosed Ma Alibaba partner system has been running for three years. Ma believes that this is an Nike Air Max advanced institutional arrangements. He said: 'We do not care where the market, but we care about our market place, must support such an open, innovative, and respected Cheap Nike Free Outlet assume responsibility for long-term cultural development.' But the message is viewed as Ma put pressure on the Hong Kong SFC . Hong Kong's 'South China Morning Post' said that around 3 September, the Commission held a board meeting in Hong Kong, decided not to support a partner institution listed in Hong Kong. Beijing law firm Allen \u0026 Overy partner Raymond Wang told the Southern Weekend reporter, he and his colleagues are finding is that Ma said this partner system is set up in Alibaba registered in the Cayman Islands shell company in the sea A Nike Air Max 2012 Men special management Nike Air Max 2011 Women provisions. 'Ma said these partners, mainly Alibaba executives. It's a bit like a lot of the corporate system companies, such as consulting firms, investment banks, the title of senior managers also called a 'partner', but not in the legal sense partner. 'Raymond Wang told the Southern Weekend reporter. At present, these partners a total of 28 people, mainly by senior members of the Alibaba Group structure, including Ma. Data 'Wall Street Journal' disclosure of these partner Alibaba overseas shell companies to hold a 9.4% stake. Softbank Corp. and Yahoo Inc. each hold 35% of Alibaba and 24% of the shares. Ma Alibaba hopes after the listing, these partners have the right to nominate more than half of the board of directors of listed companies. According to 'The Wall Street Journal' saying that although partner needs the approval of the directors nominated by the shareholders' meeting, but if the partner does not get the nomination of directors by shareholders, the partners have the right to nominate directors to continue until it is recognized by shareholders. For Ma Taking a loudspeaker, September 12, HKEx chairman Chow Chung in an interview with Hong Kong media interview that he hoped the Hong Kong-listed Alibaba, but to protect the interests of investors, not because of convenient small part of the business and give up regulatory guidelines. The war Ma and HKEx, the origin stake in Alibaba eight years ago changed hands. Since 2005 Yahoo $ 1 billion plus the cost of Yahoo China's assets, in exchange for a 39% stake in Alibaba Group Jack Ma is destined to be trapped in a nightmare loss of control. From 2010 Yahoo Alibaba management ridicule start to 2011 Ma Alipay load your own company from Alibaba's controversial, to the 2012 redemption of shares of negotiations with Yahoo, Ma tried a variety of unusual instruments , to restore the year of 'bondage' error. If the system successfully listed as a partner, it is a key step out of the nightmare of Ma future. But right now, the odds are not high. Why rivalry with HKEx 'We calculated that, Ali Baba in the United States, to take AB shares is feasible, but Ma and the management team in case the company has only about 10% of the shares in AB shares regime is no way to secure control of the company a. 'The choice of listing venue, a person familiar with the Hong Kong capital market on the Southern Weekend reporter that Ma is more inclined to the Hong Kong market. The reason is that Alibaba's B2B companies in Hong Kong had been to market, Ma is very familiar with the supervision of the Hong Kong market. And the Hong Kong market is welcome technology stocks mainland, is expected to give a higher market value. For example, on September 16 Tencent HKEx's market capitalization has more than HK $ 782.8 billion, when compared to the listed share price increased more than a hundredfold. The market value Ma must care about the issue. May 2012, Alibaba and Yahoo reached an agreement, Alibaba in order to further redeem their shares of Yahoo, must listed in December 2015 before, and Alibaba's IPO issue price for an Bie Li repurchase Yahoo shares share premium 110 %. Failing that, you can deal with Yahoo Nike Zoom KD V in the hands of its own shares. In other words, if Ma is not a higher market capitalization of listed as soon as possible, Alibaba, Yahoo still will occupy more than 20% of the shares. This is clearly Ma want to see. If you can not be allowed in Hong Kong-listed Alibaba Group Jack Ma can take it to the US market? Beijing law firm Allen \u0026 Overy partner Raymond Wang told reporters on the Southern Weekend, a partner in the system mode is no precedent in the United States, the US capital market is not Alibaba will set Nike Air Jordan 9 a precedent. He asked a lot of American law, most agree that Ali Baba to the US market can not use the partner system. In addition, this year the credibility of Chinese stocks in the US market is not good. And Ma had to bypass the board of directors in 2011 without authorization from the Alibaba Group Alipay spinoff behavior, so he was indicted in the United States encountered a problem. Coupled with the Taobao platform and parallel proliferation of fakes, Alibaba reputation in the US market greatly reduced. Alibaba even to the US market, the ability to sell high market value is unknown. Raymond Wang said that Alibaba If you choose to go to the US market, if you want to share with less control of the company, can only choose one, called AB shares are listed on the shareholding structure of the dual mode. The so-called AB shares mode, will stock into A, B two series, in which outside investors issued Series A common stock has one vote and, while Series B ordinary share held by management, there are N ticket (usually 10 votes) vote. This pattern is not uncommon in the capital market. According to the US 'The Economist' magazine, the adoption of such architecture is mainly technology companies. In 2000 the United States a total of 482 double voting structure of the company, after the Internet bubble burst in 2002, dropped to 362. This pattern continued to decline since then, until 2010, only 12 companies listed at the time of adoption of the structure. Public information, AB shares model currently used mainly star technology companies including the US Google, Facebook, Groupon and Zynga, and China stocks all companies, Baidu, Youku company and potatoes companies. The company has not yet listed Jingdong Mall, also adopted the double voting rights. The problem is that 'we calculated that, Ali Baba in the United States, to take AB shares is feasible, but Ma and the management team in case the company has only about 10% of the shares in AB shares regime is no way to secure control of the company.' Raymond Wang said. At present, many carry out this dual voting pattern of the company, its founder is often itself a major shareholder, the number of shares or more. For example, Facebook founder Mark Zuckerberg in the market before it holds a 28% stake, by the dual ownership structure and voting rights agreement, to Nike Air Max 2011 Men grasp 58.9% of the voting rights. And after all companies listed in the United States, founder Chen Zhou shareholding of 22.8%, with 55.9% of the voting rights. Ma ransom price. (CFP / Chart) hard to open the door to the Hong Kong market in Hong Kong, the only Hong Kong Stock Exchange listed company have the privilege to nominate directors. In order to ensure government control of the HKEx, HKEx 13 board members, only six directors elected by the shareholders. HKEx this privilege, the Hong Kong Legislative Council passed the legislation, 'the Exchanges and Clearing Houses Nike Air Griffey Max (Merger) Bill' recognized. After Hong Kong, according to an analyst who requested anonymity, said Alibaba start listing job, the first communication with the Hong Kong capital market is the AB shares listed on the program mode. But the HKEx Listing Rules do not support AB shares mode. SFC in the 1990s, around 2007 and 2012, respectively, CURRY ONE rejected a similar request Jardine Air Jordan Outlet Matheson Group, Baidu Women Lebron Hyperdunk 2013 and Manchester United Football Club. HKEx senior manager of business and money Jie Communications Investors also confirmed this, he told the Southern Weekend reporter, the provisions of the Hong Kong Stock Exchange listing rules, is not allowed the right to share this with different listing mode. Unless special circumstances HKEx consent. 'Hong Kong Economic Times' said that when the end of August 2013, Alibaba proposed 'innovation' proposed listing 'partner' system to the HKEx, the system will allow partners include Ma after the listing of the nomination, including more than half The directors, in order to ensure control of the company. HKEx Beijing Representative Office 黄兴玲 the Southern Weekend reporter said, whether stocks or partner AB mode, the HKEx Listing Rules related to the current conflict. This is the HKEx unable to break through, Alibaba now whether this minority control of the company's model listed in Hong Kong, the decision SFC in Hong Kong. Hong Kong's 'South China Morning Post' said that around 3 September, the SFC board meetings have been held to discuss how to deal with matters listed Alibaba worth hundreds of billions of Hong Kong dollars. Finally we reached a consensus that the SFC would veto anything that would be seen as giving the Alibaba exemptions, so that it need not comply with changes to the existing listing requirements. Among them, including allowing Ali to retain senior partner architecture plan. Raymond Wang believes that, as a minority shareholder of the management of a monopoly on the right to nominate a director for more than half, which means that the external medium and small investors are more vulnerable, unable to nominate their representatives on the board of directors, the transparency of corporate governance are even worse. And the protection of minority shareholders, it is very valued HKEx. In Hong Kong, the only Hong Kong Stock Exchange listed company have the privilege to nominate directors. In order to ensure government control of the HKEx, HKEx 13 board members, only six directors elected by the shareholders. The nomination of directors of HKEx privilege, is the Hong Kong Legislative Council passed the law 'Exchanges and Clearing Houses (Merger) Bill' recognized. According to technology stocks analysts plurality requested anonymity said the Hong Kong securities industry, although there is no formal Alibaba submit an application listed in Hong Kong, but Ma are lobbying Hong Kong securities regulators through the government public relations and other means, want to modify the regulations, admission Alibaba partner institution listed in Hong Kong. A costly mistake after that, Ma accelerate Alibaba control of the fight. Public information, leading from Ma 1999 17 entrepreneurial venture partner, to invest an additional 2004 Softbank, Alibaba, Ma and his entrepreneurial team has been the largest shareholder of Alibaba, accounting for 47% of the shares; the second largest shareholder Softbank, accounting for about 20%; about 18% of Fidelity, several other shareholders a total of approximately 15%. August 2005, Yahoo with $ 1 billion plus the assets of Yahoo China, Alibaba received 39% of the shares, but only 35% of the voting rights. At the time, the deal Nike Air Jordan 6 Women eased the financial difficulties Alibaba, but years later, Ma found that this is a huge mistake. Prospectus information B2B company Alibaba Group, listed on the HKEx showed that in 2005, Alibaba Group and Yahoo signed an agreement providing start from October 2010, Yahoo's voting rights will increase to 39.0%, while Ma and other management's right to vote from 35.7% down to 31.7%, Softbank to keep 29.3% of the shares and voting rights remain unchanged. At the same time, the number of board seats at Yahoo's Alibaba Group will increase to two seats, and Ma and other Alibaba Group's management the same number of seats. This indicates that Ma and other management team might lose control of the company. Then, beginning in 2009 Ma, you do prepare for the upcoming 2010 a critical moment. The first step is the introduction of a partner system. In early 2009, Ma proposed bid farewell to the founder of the era ushered in the era of a partner. September of that year, Alibaba 'Eighteen' have resigned founder duties, re-competition, their job number 20000 Rank discharged later. Into 2010, Yahoo and Alibaba relationship has become strained. First, Alibaba Group Chief Financial Officer Caichong Xin said, 'As long as Yahoo is willing, Alibaba Alibaba is willing to recycle all of the shares they hold.' Then it is when he was CEO of Alibaba B2B companies Wei said, Yahoo is a company facing bankruptcy threat, and 'Alibaba Group, Yahoo is no longer needed.' Yahoo spokeswoman said it would maintain the same stake in Alibaba. 2011 Jaba conflict upgrade, Ma privately to Alipay from Alibaba spun off to private companies under their control. Yahoo said the incident has not been fully approved by the Board. Two months after the incident ended with the two sides shake hands. July 2011, Alibaba Group, Yahoo and Softbank event on Alipay signed an equity transfer agreement. Alipay commitment to be the holding company of Alibaba Group, a one-time cash return Alipay listed, or other 'liquidity issues', the return of $ Alipay 'realized' when 37.5% of the total market capitalization / equity value, the return will amount to no less than 20 one hundred million US dollars and not more than six billion US dollars. In addition, Alipay holding company also pledged to 'cash' before there will be 49.9% of pre-tax profits paid to the Alibaba Group, as an intellectual property licensing fees and software technical services. Citigroup Investment Report that 'Alipay listing to Yahoo returns the maximum amount of only $ 6 billion, we think this is bad.' After that, Ma accelerate Alibaba control of the fight. September 2011, Alibaba announced the launch of employee share purchase plan, known internally as 'Dawn plan.' The program provides funds required by the Russian joint venture investment giant DST and Ma Yunfeng fund shares and so on. The investment agency will unify voting delegate to Alibaba Group's management. Followed by internal Alibaba Group called 'Long March (LM)' program, namely to repurchase shares of Yahoo, Alibaba hold hands. Yahoo in May 2012 signed an agreement with Alibaba, Alibaba Group in stages to allow the repurchase of shares held by Yahoo. The first phase will be about $ 7.6 billion to repurchase 50% of Alibaba shares held by Yahoo (approximately 20% of Alibaba Group's shares). If the Alibaba Group IPO, Ma has the right IPO to buy back 50% of the IPO (approximately 10% of Alibaba Group's shares) the remaining shares of Yahoo. The remaining 10% of the stock, until after the lock-up period listed Alibaba Group, Yahoo can choose to sell. The first round of equity buyback completed in late 2012. Since then, about 20% of the remaining shares held by Yahoo; Ma and management, the investment company, CITIC Capital, Bo Yu capital and CDB Capital holds a total of 45.1% of the shares; Softbank holds 31.9% of the shares. In addition to Yahoo and Softbank, said institutional investors to participate in the dawn of the plan, mostly abandoned in Alibaba Group voting rights and board seats, and institutional investors to participate in the Long March program, most agreed to vote together and management. So far, Ma led Alibaba's management to regain control. But Ma and Alibaba shares held only about 10 percent of management, this kind of control very fragile. And AB share mode and can not be resolved once control of the risk, so Ma can only hope that a partner institution as a last resort. But, Ma has not yet caught that straw.