Alibaba reveals microfinance arm's share structureUpdated: 2013-11-02 09:39
HANGZHOU - Jack Ma, founder of Chinese e-commerce giant Alibaba Group, who holds less than 7.3 percent of shares in the newly founded Alibaba Microfinance Service Group, revealed a shareholding structure report on Friday.
Forty percent of the shares are held by over 20,000 staff of the Alibaba Group and the Alibaba Microfinance Service Group, said the report.
That 40 percent, part of an incentives scheme to make "all staff shareholders," includes Ma's shares.
Ma also holds 7.3 percent of shares in the Alibaba Group.
The other Alibaba Microfinance shares are expected to be acquired by strategic investors in the future, according to the report.
Alibaba set up the Microfinance Service Group in March to integrate its payment and micro payment businesses.
The Alibaba Microfinance Group is not included in the portfolio of Alibaba Group's much-discussed initial public offering.