"Ali baby" reveals Chinese government shares in more than ten subsidiaries

The “Ali Baba” group has unveiled wide Chinese government classes in its business units, more than before, after an investigation of the US Securities and Exchange Commission. The leading E -Commerce Company, which is in Hangzhou, indicated by deposits in the United States and Hong Kong during the weekend that more than ten of its entities are partly owned by Chinese state enterprises or foreign sovereign wealth. In the notice, the company said the revelations came in response to inquiries from the employees of the Securities and Exchange Authority, which has been an amendment to the previous data submitted since July last year. These deposits come at a time when the ruling Communist Party in China said this month that it will play a greater role in developing the development of technology and science in the country. Beijing’s tightening of its grip on technology companies over the past few years has worsened investors’ concerns and the possibility of more auditing in the United States. Global and Arabic funds that Chinese enterprises have had on the state in 6 direct sales companies for ‘Ali Baba’, which contributed less than 6%of their total revenue in the financial year to March 2023. 5 of these shares were less than 10%, and the other is less than 30%, according to deposits. She also said that state -owned businesses have acquired many commercial entities in the field of sports, health, logistics services and local consumer services. In addition, “Ali Baba” revealed that small classes are owned in some units by the sovereign wealth boxes from Singapore, Malaysia, the Emirates and Qatar. ‘Ali baby’ did not specify the entities specified to deposit it. Its institutional structure is very complicated and subject to a comprehensive reform, as the company considers the distribution of many of its business lines in stand -only businesses. The company representative did not immediately respond to a request for comment. Golden shares add the last deposit to the SO -Called “Golden Arrows”, a symbolic shares of 1%, obtained last year by Chinese government entities in companies, from Chinese technological leaders, including “Ali baby” and “Tencent Holdings”. The theoretical stock structure enables the government to nominate members of the Board of Directors or influence the company’s most important decisions, a step that is seen as another tool to influence the most important businesses that play a remarkable role in the largest internet square in the world. ‘Ali Baba’ has struggled to renew its broad empire for e -commerce, logistics and electronic clouds over the past year, after seeing a setbacks in the restructuring project that strives for its performance. CEO Edi Wu has now taken direct control over its basic work in an effort to restore users in light of increased competition and organizational risks locally and externally.