Alibaba Never Proposed Dual-Class Share Structure, Executive Writes

(Beijing) – Alibaba Group's executive vice president and founding partner has written that the e-commerce giant never proposed to the Hong Kong Exchanges and Clearing Ltd. (HKEx) that it use a dual-class share structure.

Cai Chongxin wrote in an open letter to the city's securities regulator, the Securities and Futures Commission (SFC), on September 26 to explain why the company chose to structure itself the way it has.