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天使投资唐 发表于 2014-9-7 22:20:44 | 显示全部楼层 |阅读模式
Search for 在网页里搜【Letter from Jack Ma】
Dear Investors,
Thank you for taking the time to read our prospectus, and for considering investing your precious resources in our company. If you invest with us, you will be embarking on a journey with Alibaba, and in this letter I would like to share with you some of our thoughts and beliefs for the future.
Our Mission and Vision

唐:盖茨这20年中,15年都是世界首富=760亿美元。如果中国首富要持久,一定要有世界革命性的创新,如今山寨的土壤,你可以山寨,我也可以,就看马云背后资本和拼爹后台可否持久!>>@快媒体张君丽:最近首富换得有点儿勤 >>@程仁田-达晨创投: 改变了千百万人的消费习惯,成为首富实至名归>>@刘-赞:中国新首富


彭博社:马云净资产218亿美元 跃居中国首富

2014年08月28日 来源:中国经济网
“中国创造财富的速度非常快,特别是像马云这样的企业家,他们创建的业务受益于中国迅速扩大的中产阶级。”对冲基金Dalton Investments驻上海投资组合经理托尼·徐(Tony Hsu)表示。
阿里巴巴计划下月在纽交所挂牌交易。今年7月接受彭博社调查的5位分析师平均预计,阿里巴巴的IPO(首次公开招股)估值在1540亿美元。马云持有阿里巴巴8.8%的股份,剔除他通过旗下慈善机构SymAsia Foundation所持有的1.5%股份,马云所持阿里巴巴的权益价值为113亿美元。

05 Sep 2014
Alibaba, the ecommerce giant hailed as China’s answer to Amazon, has unveiled the largest tech IPO in history, pricing its initial public offering at between $60 and $66 a share and valuing the business at up to $167bn.
The valuation is relatively conservative compared with some analysts’ predictions, but it still makes the Chinese technology giant larger than Amazon and Facebook.
The 15-year-old company aims to raise up to $24.3bn through its initial public offering, a figure which would put it ahead of Visa’s 2008 IPO which raised $19.7bn. It may also rank as the largest share sale America has ever seen.
Founded in Hangzhou by former school teacher Jack Ma, Alibaba operates a string of online marketplaces in China. They include the Amazon-style Tmall, eBay rival Taobao, and Juhuasuan, a discount sales website similar to Groupon. Together the three sites have amassed a huge audience, with 279m active buyers a year. They are also hugely profitable and growing at the pace of a start-up. Profits nearly tripled to 12.3bn yuan (£1.2bn) in the last quarter alone, while sales jumped 46pc to 15.77bn yuan.
Those figures will make for a compelling pitch when Alibaba begins its investor roadshow on Monday, ahead of its flotation the following week, when it will list on the New York Stock Exchange under the ticker “BABA”.
Many would-be shareholders see the company as a way into the lucrative Chinese market, which still remains relatively closed to Silicon Valley businesses despite efforts to crack it.
However, investors are still wary of Alibaba’s Chinese focus, partly because that makes it heavily dependent on a single economy, and partly because its marketplaces are unfamiliar in their own territories.
On Friday Mr Ma, now Alibaba’s chairman, acknowledged that having a Chinese company listed in America would bring with it “new challenging issues”.
In a letter to shareholders, he wrote that it would be hard for Alibaba to “sidestep controversy”. “When an internet company of our scale that originated from China enters the global scene, you should expect that it will encounter scepticism from different directions due to differences in cultural perspectives, values and even geopolitical positioning.”
The Chinese technology company opted for an American flotation partly so that it could preserve its unusual governance structure, which allows 27 “partners”, including Mr Ma, to nominate a majority of the board. In his letter, the technology chief argued that this system allows Alibaba to bring a group of energetic figures into its top ranks, rather than relying on just one or two people.
“Our ecosystem is too complex — and too important — for us to depend on one or two founders or executives, no matter how capable they are,” he wrote. “We must deal with the issue of sustainability and succession systematically. Our partnership system promotes people with different skill sets but all having the same beliefs and values. It is not a system established to protect individual interests. It exists to safeguard our mission, values, vision and culture.”
In another unorthodox move, Mr Ma also used the letter to inform shareholders that they would be third on his priority list, behind customers and even employees.
“I can see that investors who hear this for the first time may find it a bit hard to understand,” he wrote. “We believe that the only way for Alibaba to create long-term value for shareholders is to create sustainable value for customers. So customers must come first. Next come our employees, because …without talented, happy, diligent and passionately committed employees, our commitment to serving customers will be empty.”
Estimates of how much Alibaba is worth have varied wildly over the past year. Conservative analysts have priced it as low as $115bn, while the most bullish claim it is worth as much as $245bn – roughly on a par with Walmart, the biggest retailer in the world.
However, in recent months, grey market trading in Alibaba handed it a valuation of around $198bn.
Alibaba’s own target is modest by comparison, and will reassure many investors who fear that technology valuations have climbed too high and that we could be headed for a new dotcom crash.

As Alibaba's IPO Approaches, Founder Jack Ma Pens Letter To Potential Investors
On Friday, Alibaba Group filed new documents with the Securities and Exchange Commission detailing a price range for its long-awaited IPO. Deeper in those papers, however, was a new three-page letter from company founder and Chairman Jack Ma that detailed the company’s vision as it takes the next step toward becoming a public company.
In 2011, FORBES profiled the billionaire entrepreneur in a story that detailed Ma’s charisma, customer-first ethos and vision for the Chinese market. Those characteristics led him to build one of the world’s largest online retailers, which could be worth up to $163 billion by the time of its initial public offering on the New York Stock Exchange.
In the letter below, Ma takes time to spell out his company’s mission and detail the company’s 15 year journey to potential investors. He also lays out his famous central tenet: “customers first, employees second, and shareholders third.”

Search for 在网页里搜【Letter from Jack Ma】in http://chinastockadvice.com/2014/09/05/baba-f-1a-alibaba-group-holding-ltd/
Dear Investors,
Thank you for taking the time to read our prospectus, and for considering investing your precious resources in our company. If you invest with us, you will be embarking on a journey with Alibaba, and in this letter I would like to share with you some of our thoughts and beliefs for the future.
Our Mission and Vision


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