The Financial Times:
Analysts say investors have grown uncomfortable with the sprawling and opaque structure.
Shaun Rein, head of Shanghai-based China Market Research Group, says the hedge fund he advises has raised concerns about how Alibaba allocates costs among different entities and whether it affects its margins and share price. "That's a concern that has been brought up to me many times," he says.
Alibaba declined to comment, though it said in its annual report that it has increased its disclosure on Cainiao in response to the SEC investigation.
Mr Ma is not just the biggest shareholder in Alibaba. He is also one of the principal owners of Ant Financial, which controls Alibaba's online payment platform Alipay and is contemplating a separate stock market listing.More in the Financial Times.
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