ALIBABA Group Holding disclosed a wider web of Chinese government stakes in its business units than previously known, following an inquiry from the US Securities and Exchange Commission.
The Hangzhou-based e-commerce pioneer said in filings in the US and Hong Kong over the weekend that more than a dozen of its entities are partially owned by Chinese state-owned enterprises or foreign sovereign wealth funds.
In the notice, the company said the disclosures were made “in response to certain comments from the staff of the SEC” as an amendment to its earlier filing from July.
The filings come as China’s ruling Communist Party said this month that it will play a bigger role in steering the country’s technology and science development. – Bloomberg