“Alibaba” confirms ownership of Chinese government and discloses it to US SEC

US Securities and Exchange Commission reportedly asked Chinese company Alibaba to disclose the ownership of the Beijing government in it, prompting the Chinese giant to disclose this.

The Hangzhou-based e-commerce company said more than 10 of its entities are partly 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 SEC staff” as an amendment to its previous filing from July.

Alibaba Group Holding Co., Ltd. is a Chinese multinational corporation specializing in e-commerce, retail, the Internet, and artificial intelligence technology. The company was founded in 1999, and since then it has been providing sales services to business consumers and smaller companies via web portals, in addition to electronic payment services, shopping search engines, and cloud computing services. Alibaba operates a diverse group of companies around the world in many sectors. The group was selected by Fortune magazine as the world’s most admired company.