Jack Ma: Raising Alibaba’s Standards
Jack Ma is the founder and chief operating officer of Alibaba Group.
Born in the city of Hangzhou, Zhejiang Province, China, founded Alibaba.com, a business to business operator in 1999, a China-based business to business marketplace site which serves 25 million members from 200 countries.
Ma remains as chief executive officer and chairman of board after Yahoo! acquired a 40% economic stake (35% voting rights) in Alibaba. Alibaba.com Corp. is raising as much as US$1.33 billion in what is set to be the largest initial public offering by a Chinese technology operator, the company said in a preliminary prospectus for the Hong Kong listing. TechCrunch reports that it will be the second biggest internet IPO ever.
Alibaba is selling 858.9 million shares, or 17% of its enlarged share capital, at an indicative price range of 10 Hong Kong dollars to HK$12 (US$1.29 to US$1.55) each, according to the listing document.
on October 27th, 2007 at 11:11 am
No doubt about it: Mr. Jack Ma is an extremely successful businessman, and he deserves a web celebrity status for having created Alibaba. Alibaba is currently going public to raise some US$ 1,5 billion in order to further expand their business both in China and internationally.
Reports from Hong Kong indicate that the transaction is going to be a very profitable deal for both Mr. Ma and the new shareholders, some 80% of them corporate investors such as the US web giant Yahoo!, Cisco Systems, and AIG Global Investments
This is all very exciting financial stuff… BUT - the new Alibaba stockholders and the media should also know this:
Jack Ma’s Alibaba is not only China’s biggest e-commerce firm but also the world’s largest online shark fin trader. But the Yahoo! executives don’t seem to mind. As stated, they already have a US-$ 1 billion stake in Alibaba representing a 40% shareholding, and will soon increase their investment in the Chinese internet company by another 8-10%.
Activist groups, thousands of petitioning individuals from all over the world, media organizations have approached both Alibaba and Yahoo! to try to induce them to drop the shark fin trade. The reaction from them was utterly disappointing. While the Alibaba executives stated that they do not wish to “take sides” in the ongoing “controversy”, Yahoo! innocently claimed that they are not in a position to interfere with the business policies of corporations in which they don’t have a majority shareholding.
The fact of the matter is that both firms do not want to end the highly lucrative trade of shark fins. They blatantly ignore the well-founded conclusion of internationally renowned marine experts that the indiscriminate mass killing of sharks mostly for their fins, well over 100.000.000 animals per year, is driving many species toward extinction with catastrophic consequences for the biodiversity of the world’s oceans.
By offering international shark fin dealers a convenient platform to do business Alibaba / Yahoo! are fueling the often illegal finning of sharks and, thus, actively and recklessly contribute to an environmental disaster they are very well aware of.
Here is an article that was published by Business Week recently:
http://www.businessweek.com/globalbiz/content/jul2007/gb20070720_756191.htm
And by clicking this link you will find a letter from Captain Paul Watson, CEO of the Sea Shepherd Society, to Susan Decker, President of Yahoo!:
http://www.seashepherd.org/news/media_071004_1_article.html
The international pressure on Alibaba to stop trading shark fins will increase. Soon, Alibaba’s Jack Ma and Ms. Decker of Yahoo! will have to realize that the firm’s involvement in this highly unsavory business, partially controlled by criminal organizations will severely damage its reputation, not only in the United States and Europe but wherever thery have educated and informed clients, including China and other Asian countries.
Too bad Mr. Ma cannot come to the conclusion already now that it would be much better business for his company to adopt an environmentally responsible trade policy than to keep hawking shark body parts.
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