Alibaba’s co-founder and vice chairman, Joe Tsai — and the rest of the 28-partner control group — believes in the Chinese company’s corporate governance structure.
So much so, in fact, that the company is willing to publicly play negotiation hardball with the Hong Kong stock exchange in the weeks leading up to one of the most hotly anticipated tech company initial public offerings since Facebook.
Tsai released a blog post Thursday morning, publicly confirming that the talks between Alibaba and the Hong Kong exchange had broken down over the exchange’s objections around Alibaba’s current governance structure. In Alibaba’s preferred method, the company’s founders would retain majority control after taking the company public.
“We proposed a governance structure that would enable Alibaba’s partners … to set the company’s strategic course without being influenced by the fluctuating attitudes of the capital markets so as to protect the long-term interests of our customers, company and all shareholders,” Tsai wrote.
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