阿里巴巴的合伙制PPT课件

tuic阿里巴巴合伙人自从1999年我们的公司创始人首次在马云的公寓里集会以来，他们及管理团队就一直坚持合伙人的精神。

我们将文化看作我们取得成功、服务客户的能力、提升员工、为股东带来长远价值的根本。

2010年7月，为了保持合伙人精神，确保公司使命、远景和价值观的可持续性，我们决定将这种合伙人制度正式定义为“湖畔合伙人”，以当初公司成立时马云和其他创始人集会的“湖畔花园”小区来命名。

我们将这种合伙人关系称作阿里巴巴合伙人。

我们坚信，我们的合伙人制度策略帮助我们更好地管理业务，使高管人员相互协作，克服官僚主义和等级制度。

阿里巴巴合伙人目前共有27名成员，由22名来自我们公司的管理人员、4名来自阿里小微金融服务集团的管理人员和1名来自菜鸟网络科技有限公司的管理人员组成，其中有两名成员既是我们公司的管理人员也是阿里小微金融服务集团的管理人员。

阿里巴巴合伙人的人数是不固定的，随着新合伙人的入选以及现有合伙人的退休或离开，合伙人的数量会不时变动。

我们的合伙人制度是一个动态的体制，通过每年引入新的合伙人保持优秀、创新和持续性。

不同于通过高投票权使得少数创始人能够集中控制公司的双重股权结构，我们的合伙人制度能够体现一大群管理合伙人的视野。

即使我们的创始人将来终有一天会退休，这种合伙人结构使得创始人创建的文化得以保持延续。

与我们的合伙人制度相一致的是，所有的合伙人投票都是建立在一人一票的基础上。

合伙人关系将根据合伙协议运作。

我们将在本次发行完成之前对合伙协议进行修改。

合伙人关系在促进我们业务发展的原则、政策和程序下运行。

以下将详细介绍阿里巴巴合伙人制度。

合伙人的提名和选举阿里巴巴合伙人制度每年都要选举新的合伙人。

选举之前，先由现有合伙人向合伙人委员会提名候选人。

选举新合伙人的标准和程序强调的是要对合伙人、客户、员工以及股东负责。

合伙人委员会会审核并决定被提名的候选人能否参加选举。

新合伙人的当选需要得到至少75%合伙人的同意。

阿里巴巴合伙人制度XXX时间20**年9月6日凌晨，阿里巴巴集团更新上市招股书，新的资料显示，阿里合伙人团队成员已由原来的27人增加至30人，最新加入的三人分别是来自阿里云技术团队的蔡景现、来自小微金服集团技术团队的倪行军，以及来自人力资源及组织文化团队的方永新。

这三人均为“70后”，方永新现年40岁，蔡景现、倪行军均为37岁。

这三人是近期选举产生的。

阿里规定，每年都要选举一批新的合伙人加入团队。

20**年,$阿里巴巴集团(ALIBABA)$ 集团向纽交所递交招股说明书F1文件.在招股说明书里面,阿里巴巴集团专门对其合伙人制度做了阐述.通过招股书的简述,对合伙人有如下理解.阿里巴巴的发展体现合伙人精神。

从1999年，阿里巴巴的创始人在马云的公寓内成立公司起，他们就在以合伙人的精神在运营和管理这家公司。

阿里巴巴合伙人制度是在20**年正式确定。

20**年7月，为了保持公司的这种合伙人精神，确保公司的使命、愿景和价值观的持续发展，阿里巴巴决定将这种合伙人协议正式确立下来，取名‘湖畔合伙人’，取自马云和我们的创始人创立阿里巴巴的地方——湖畔花园。

合伙人资格认定。

马云和蔡崇信为永久合伙人，其余合伙人在离开阿里巴巴集团公司或关联公司时，即从阿里巴巴合伙人中“退休”。

每年合伙人可以提名选举新合伙人候选人，新合伙人需要满足在阿里巴巴工作或关联公司工作五年以上;对公司发展有积极的贡献;高度认同公司文化，愿意为公司使命、愿景和价值观竭尽全力等条件。

担任合伙人期间，每个合伙人都必须持有一定比例的公司股份。

合伙人基本情况。

共有28名成员，包括22名阿里巴巴集团的管理层和6名关联公司及分支机构的管理层。

合伙人的权利与义务。

权力包括董事提名权,奖金分配权。

合伙人需竭尽全力提升阿里巴巴生态系统愿景、使命与价值。

不同于双重股权结构。

双重股权结构是将投票权集中于一小部分创业者。

而合伙人的目标是体现一大批管理层的期望，一方面使创业文化传承，另一方面保证创业者管理层能老有所依。

与资本博弈——阿里的合伙人制度最近，阿里巴巴能不能用合伙人制度在香港上市，成为整个世界关注的焦点。

资本市场诞生以来，如何处理创始人和风险投资者，以及创始人和董事会的关系就是一个极大的难题。

围绕这些难题，资本市场不断上演各种好戏。

而阿里巴巴合伙人制度作为一种试图在投资人和创始人之间重建一种新的平衡的创新制度，因为颠覆了整个资本市场底层设计而对中国的广大创业者，乃至未来中国创业者与国际资本市场的关系都产生了深远影响。

创始人和投资人的利益不总是一致的阿里巴巴合伙人制度只所以引起这么大的影响，无法是因为这项制度踩到了资本市场底层设计的软肋，因为创新一脚踏进了雷区，揭开了那层创始人和投资人之间的敏感地带。

在创始人和投资人的关系中，创始人总是希望按照自己的意志来构建商业模式，来为用户创造价值。

创始人眼里更多的是用户，更多的是自己的公司，他关心的是自己的公司能不能永续存在，或者说创始人更关心如何把自己的公司打造成一个能够长久向用户永续提供价值的经济体是他们考虑的首要问题。

而创始人的这种专注于公司长远利益的行为模式可能会和投资人的利益发生冲突，因而引发纠纷。

有纠纷的地方总会有人试图制定规则，资本市场同样具有规则。

尤其是在美式资本市场，创始人和投资人的关系有明确的游戏规则。

创始人和投资人构成的董事会是美式民主在商业上的翻版和实践。

即股东按照持股比例依据规则选举董事会董事，董事会行使股东对公司的领导权力。

在这个模式下，判断投资人和创始人对与错的裁判官并非高高在上三尺神明，或是滚滚向前的世界大势……而是双方的持股比例和对董事会董事的提名权。

而这种模式下，往往在创业开始时，股权被高度稀释的创始人会被开除出董事会，遭遇扫地出门的命运。

然而，这种美式公司治理制度虽然残酷，但是维持着投资人和创始人之间关系的平衡。

对整个世界的贡献功不可没。

两种对待风险投资的态度和背后的商业理想创始人被赶出公司的情况多发生在美国，而在欧洲、日本却很少发生。

阿里巴巴的合伙人制度2014年9月19日，随之在纽交所登陆，阿里巴巴（以下简称“阿里”）终于完成其举世瞩目的上市历程，从香港转战美国，围绕其合伙人制度的争议也终于尘埃落定。

根据其于5月7日向美国证券交易委员会（以下简称“美国证监会”）提交的IPO招股说明书（以下简称“招股书”）及其他公开披露的信息，阿里维持15年之久并在2010年正式确立的阿里合伙人制度揭开了神秘的面纱。

一、阿里合伙人制度的法律内容阿里的合伙人制度又称为湖畔合伙人制度（英文翻译为“Lakeside Partners”），该名称源自15年前马云等创始人创建阿里的地点——湖畔花园。

阿里的创始人自1999年起便以合伙人原则管理运营阿里，并于2010年正式确立合伙人制度，取名湖畔合伙人。

仔细阅读阿里合伙人制度的内容，我们不难发现其主旨是通过制度安排，以掌握公司控制权为手段保证核心创始人和管理层的权益并传承他们所代表的企业文化。

然而，与其他在美上市的公司做法不同，阿里没有采取双重股权制度实现管理层控制上市公司[1]，而是通过设立一层特殊权力机构以对抗其他股东的权利并稳定创始人和管理层现有的控制权，这层机构就是阿里合伙人。

因此，阿里合伙人虽然使用了合伙人这一名称，却与《合伙企业法》等法律规范定义的合伙人存在本质上的区别。

根据2014年5月阿里向美国证监会递交的招股书，当时阿里合伙人共计28名；而后阿里于2014年6月更新了招股书，阿里合伙人减至27名，其中22人来自管理团队，4人来自阿里小微金融服务集团（其中两人兼任阿里和阿里小微金融服务集团的管理职务），1人来自菜鸟网络科技有限公司；2014年9月，阿里合伙人再次调整，新增3名合伙人，总人数增至30人（合伙人信息详见附录）。

阿里合伙人制度并未固定人数，名额将随着成员变动而改变且无上限，除马云和蔡崇信为永久合伙人外，其余合伙人的地位与其任职有关，一旦离职则退出合伙人关系。

根据阿里的招股书、公司章程及其他公开资料，阿里合伙人制度的主要规定如下：1、合伙人的资格要求：（1）合伙人必须在阿里服务满5年；（2）合伙人必须持有公司股份，且有限售要求[2]；（3）由在任合伙人向合伙人委员会提名推荐，并由合伙人委员会审核同意其参加选举；（4）在一人一票的基础上，超过75%的合伙人投票同意其加入，合伙人的选举和罢免无需经过股东大会审议或通过。

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第一题：阿里巴巴合伙人制度对股东利益保护的有利之处和不利之处。

有利之处：（1）保障创始人或实际控制人对公司的控制权企业层面，双重股权结构常见于家族控制的企业和被少数人控制的集团公司。

IPO采用双重股权结构的目的便是在获取直接融资的同时防止创始人丧失对公司的控制权；阿里巴巴属于已经拥有大量自由现金流的公司，一般情况下，阿里巴巴所处的行业趋于成熟，收入增长稳定且市场份额较高，但是投资双方存在严重的利益冲突，因此选择双重股权结构的目的在于提高内部股东的话语权，杜绝外部股东观念与管理层理念冲突的危机化，进而形成“一言堂”的公司治理局面，从而保障实际控制人对公司的控制权。

（2）促进行业整体的持续、稳定、有效发展行业层面，以纽约交易所和NASDAQ的上市公司为例，采用双重股权结构的企业多集中在传媒、互联网和高科技三大行业，同样采用双重股权结构的还有部分特大型的制造业企业，如福特公司等。

美国经验表明，大多数科技型企业的创始人对自己的企业往往具有极大的影响力和号召力，这在一定程度上解释了他们对企业实际控制权的要求，因此他们也更青睐双重股权结构的制度安排，也就是说，双重股权结构能够促进科技型企业所在的行业的发展。

双重股权结构能够保证企业的长期目标不因利润的短期波动而发生变化，从而在长期目标的实现基础上形成一个行业的领先水平，双重股权结构带来的权力集中能够为领导层带来极大的自主创新热情，进而带动整个行业技术水平的提升，从帮助企业创新成长的角度促进行业整体的持续、稳定、有效发展，从捍卫企业长远利益的角度促成行业整体的长期进步。

（3）提高资本市场资源配置的效率市场层面，尽管双重股权结构在亚洲的资本市场上并不多见，但是在欧美发达国家的资本市场上双重股权结构却很常见。

目前，纽约证券交易所的62家上市公司拥有双重股权制度，占比约2.6%。

欧美发达国家的资本市场已经日趋成熟，具有开放程度较高、政府干预较小、信息披露详细和监管机制周全的特点，资本市场本身具有足够的判断能力，接近于强势有效市场。

简要介绍阿里巴巴的合伙人制度
阿里巴巴的合伙人制度是一种高级别的员工激励和参与公司治理的制度。

根据阿里巴巴集团内部文件中的规定，合伙人是经过严格的选拔程序，由公司董事长和执行委员会主席邀请的人员组成，他们通常是在阿里巴巴集团表现出色的高级管理人员或者是对公司业务有重要贡献的专家。

合伙人享有特殊的权益和责任，他们可以参与公司战略决策和重大事务的讨论和决策过程，还可以通过参与董事会会议来了解公司的发展方向和管理决策。

除此之外，合伙人还可以分享公司的利润，具备拥有公司股份的权益，并能够通过委任代表来行使他们的投票权。

合伙人制度在阿里巴巴的企业文化中起到了重要的作用，它体现了公司对于员工的重视和激励，同时也促进了员工的发展和成长。

通过合伙人制度，阿里巴巴集团能够留住优秀的人才，鼓励员工创新和担当，进一步增强了公司的竞争力和长期发展的可持续性。

阿里巴巴合伙人制度（英文版）IntroductionSince our founders first gathered in Jack Ma's apartment in1999,they and our management have acted in the spirit of partnership.We view our culture as fundamental to our success and our ability to serve our customers,develop our employees and deliver long-term value to our shareholders.In July2010,in order to preserve this spirit of partnership and to ensure the sustainability of our mission,vision and values,we decided to formalize our partnership as Lakeside Partners,named after the Lakeside Gardens residential community where Jack Ma and our other founders started our company.We refer to the partnership as the Alibaba Partnership.We believe that our partnership approach has helped us to better manage our business,with the peer nature of the partnership enabling senior managers to collaborate and override bureaucracy and hierarchy.As of the date of this annual report,the Alibaba Partnership has a total of28members.The number of partners in the Alibaba Partnership may change fromtime to time due to the election of new partners,the retirement of partners and the departure of partners for other reasons.Our partnership is a dynamic body that rejuvenates itself through admission of new partners each year, which we believe enhances our excellence,innovation and sustainability.Unlike dual-class ownership structures that employ a high-vote class of shares to concentrate control in a few founders,our approach is designed to embody the vision of a large group of management partners.This structure is our solution for preserving the culture shaped by our founders while at the same time accounting for the fact that founders will inevitably retire from the company.Consistent with our partnership approach,all partnership votes are made on a one-partner-one-vote basis.The partnership is governed by a partnership agreement and operates under principles,policies and procedures that have evolved with our business and are further described below.Nomination and Election of PartnersThe Alibaba Partnership elects new partners annually after a nomination process whereby existing partners propose candidates to the partnership committee as described below.The partnership committee reviews the nominations and determines whether the nomination of a candidate will be proposed to the entire partnership for election.Election of new partners requires the approval of at least75%of all of the partners.Partners should be employees of Alibaba Group.To be eligible for election,a partner candidate must have demonstrated the following attributes:∙a high standard of personal character and integrity;∙continued service with Alibaba Group for not less than five years;∙a track record of contribution to the business of Alibaba Group;andbeing a"culture carrier"who shows a consistent commitment to,and traits and actions consonant with, our mission,vision and values.We believe the criteria and process of the Alibaba Partnership applicable to the election promote accountability among the partners as well as to our customers,employees and shareholders.In order to align the interests of partners with the interests of our shareholders,we require that each partner maintain a meaningful level of equity interests in our company during his or her tenure as a partner.Since a partner nominee must have been our employee for at least five years,as of the time he or she becomes a partner,he or she will typically already own or have been awarded a personally meaningful level of equity interest in our company through our equity incentive and share purchase or investment plans.Duties of PartnersThe main duty of partners in their capacity as partners is to embody and promote our mission, vision and values.We expect partners to be evangelists for our mission,vision and values,both within ourorganization and externally to customers,business partners and other participants in our ecosystem.Partnership CommitteeThe partnership committee must consist of at least five but no more than seven partners,including partnership committee continuity members,and is currently comprised of Jack Ma,Joe Tsai,Daniel Zhang, Lucy Peng,Xiaofeng Shao and Eddie Wu.The partnership committee is responsible for administering partner elections and managing the relevant portion of the deferred cash bonus pool,with any amounts payable to partners who are our executive officers or directors or members of the partnership committee subject to approval of the compensation committee of our board of directors.Either one or two partners may be designated as partnership committee continuity partners,and currently the partnership committee continuity members consist of Jack Ma and Joe Tsai. Other than partnership committee continuity members, the partnership committee members serve for a term of five years and may serve multiple terms.Elections of partnership committee members are held once everyfive years.Partnership committee continuity members are not subject to election,and may serve until they cease to be partners,retire from the partnership committee or are unable to discharge duties as partnership committee members as a result of illness or permanent incapacity.A replacement partnership committee continuity partner is either designated by a retiring or,as the case may be,the remaining, partnership committee continuity member.Prior to each election,the partnership committee will nominate a number of partners equal to the number of partnership committee members that will serve in the next partnership committee term plus three additional nominees less the number of the serving partnership committee continuity members.Each partner votes for a number of nominees equal to the number of partnership committee members that will serve in the next partnership committee term less the number of the serving partnership committee continuity members, and all except the three nominees who receive the least votes from the partners are elected to the partnership committee.Director Nomination and Appointment RightsPursuant to our Articles of Association,the Alibaba Partnership has the exclusive right to nominate or,in limited situations,appoint up to a simple majority of the members of our board of directors.The election of each director nominee of the Alibaba Partnership will be subject to the director nominee receiving a majority vote from our shareholders voting at an annual general meeting of shareholders.If an Alibaba Partnership director nominee is not elected by our shareholders or after election departs our board of directors for any reason,the Alibaba Partnership has the right to appoint a different person to serve as an interim director of the class in which the vacancy exists until our next scheduled annual general meeting of shareholders.At the next scheduled annual general meeting of shareholders,the appointed interim director or a replacement Alibaba Partnership director nominee (other than the original nominee)will stand for election for the remainder of the term of the class of directors to which the original nominee would have belonged.If at any time our board of directors consists of less than asimple majority of directors nominated or appointed by the Alibaba Partnership for any reason,including because a director previously nominated by the Alibaba Partnership ceases to be a member of our board of directors or because the Alibaba Partnership had previously not exercised its right to nominate or appoint a simple majority of our board of directors,the Alibaba Partnership will be entitled(in its sole discretion and without the need for any additional shareholder action)to appoint such number of additional directors to the board as necessary to ensure that the directors nominated or appointed by the Alibaba Partnership comprise a simple majority of our board of directors.In determining the Alibaba Partnership director nominees who will stand for election to our board,the partnership committee will propose director nominees who will be voted on by all of the partners,and those nominees who receive a simple majority of the votes of the partners will be selected for these purposes.The director nominees of the Alibaba Partnership may be partners of the Alibaba Partnership or other qualified individuals who are not affiliated withthe Alibaba Partnership.The Alibaba Partnership’s right to nominate or appoint up to a simple majority of our directors is conditioned on the Alibaba Partnership being governed by the partnership agreement in effect as of the completion of our initial public offering in September2014,or as may be amended in accordance with its terms from time to time.Any amendment to the provisions of the partnership agreement relating to the purpose of the partnership,or to the manner in which the Alibaba Partnership exercises its right to nominate a simple majority of our directors,will be subject to the approval of the majority of our directors who are not nominees or appointees of the Alibaba Partnership and are“independent directors”within the meaning of Section303A of the NYSE Listed Company Manual.The provisions relating to nomination rights and procedures described above are incorporated in our Articles.Pursuant to our Articles,the Alibaba Partnership’s nomination rights and related provisions of our Articles may only be changed upon the vote of shareholders representing95%of the votes present in person or by proxy at a general meeting of shareholders.Alibaba Partnership has not fully exercised its director nomination right.Our board of directors currently consists of ten members,six are independent directors nominated by our nominating and corporate governance committee,four are Alibaba Partnership nominees.Current PartnersThe following table sets forth the names,in alphabetical order by surname,and other information regarding the current partners of the Alibaba Partnership.Name GenderYearJoinedAlibabaGroupCurrent Position withAlibaba GroupLijuan CHEN(陈丽娟)F2003Vice PresidentTrudy ShanDAI (戴珊)F1999Director and ChiefExecutive Officer,Taobaoand Tmall GroupDirector,AlibabaName GenderYearJoinedAlibabaGroupCurrent Position withAlibaba GroupLucy Lei PENG (彭蕾)†F1999Partner,AlibabaPartnershipDirector,Local ServicesGroupDirector,AlibabaInternational DigitalCommerce GroupXiaofengSHAO(邵晓锋)†M2005Senior Vice PresidentJie SONG (宋洁)F2000Vice President,AlibabaInternational DigitalCommerce GroupLijun SUN (孙利军)M2002Director-General,AlibabaFoundationName GenderYearJoinedAlibabaGroupCurrent Position withAlibaba GroupLei WANG (王磊)M2003Senior Vice President,CloudIntelligence GroupWinnie JiaWEN (闻佳)F2007President,PublicAffairsDirector,Digital Mediaand Entertainment GroupMaggie Wei WU(武卫)F2007DirectorDirector,Digital Mediaand Entertainment GroupEddie Yongming WU(吴泳铭)†*M1999Senior Vice PresidentChairman,Taobao andTmall GroupDirector,Local ServicesGroupDirector,AlibabaInternational DigitalCommerce GroupName GenderYearJoinedAlibabaGroupCurrent Position withAlibaba GroupZeming WU (吴泽明)M2004Group ChiefTechnology OfficerDeputy Head of AlibabaDAMO AcademyChief TechnologyOfficer,Local ServicesGroupDirector,CloudIntelligence GroupDirector,Taobao andTmall GroupDirector,Local ServicesGroupSara SiyingYU(俞思瑛)F2005Group General CounselDirector,Digital Mediaand Entertainment GroupYongfu YU M2007Chairman and ChiefName GenderYearJoinedAlibabaGroupCurrent Position withAlibaba Group(俞永福)Executive Officer,LocalServices GroupJeff Jianfeng ZHANG (张建锋)M2004Head of Alibaba DAMOAcademyDaniel Yong ZHANG(张勇)†*M2007Group Chairman andChief Executive OfficerChairman and ChiefExecutive Officer,CloudIntelligence GroupJessie Junfang ZHENG (郑俊芳)F2010Director and Chief RiskOfficer,Cloud IntelligenceGroupShunyan ZHU (朱顺炎)M2014Chairman and ChiefExecutive Officer,AlibabaName GenderYearJoinedAlibabaGroupCurrent Position withAlibaba GroupHealthDirector,Local ServicesGroup†Member of the partnership committee.*Effective September10,2023,Joe Tsai will succeed Daniel Zhang as Group Chairman and Eddie Wu will succeed Daniel Zhang as Group Chief Executive Officer.CompensationOur board of directors,acting on the recommendation of our compensation committee, approves an annual cash bonus pool for our management,calculated based on a percentage of our adjusted pretax operating profits.Once the annual cash bonus pool is calculated,our compensation committee determines the proportion allocated and payable to our management for the year,and approves the amount of individual cash bonus payable to our executive officersand directors and members of the partnership committee.The remaining portion of the annual cash bonus pool is available for the partners and may,upon the approval of our compensation committee,be deferred,and used as determined by the partnership committee,with any amounts payable to our executive officers or directors or members of the partnership committee individually be also subject to approval of the compensation committee of our board of directors.The board,acting on the recommendation of our compensation committee,may determine the remuneration to be paid to non employee directors.We do not provide employee directors with any additional remuneration for serving as directors other than their remuneration as our employees.Pursuant to our service agreements with our directors,neither we nor our subsidiaries provide benefits to directors upon termination of employment.We do not separately set aside any amounts for pensions,retirement or other benefits for our executive officers,other than pursuant to relevant statutory requirements.Management members who are partners of the Alibaba Partnershipmay receive retirement payments from the deferred portion of the annual cash bonus pool available to the Alibaba Partnership.Retirement and RemovalPartners may elect to retire from the partnership at any time.All partners except continuity partners are required to retire upon reaching the age of sixty or upon termination of their qualifying employment.Jack Ma and Joe Tsai are designated as continuity partners,who may remain partners until they reach the age of seventy (and this age limit may be extended by a majority votes of all partners),elect to retire from the partnership,die or are incapacitated or are removed as partners.Any partner,including continuity partners,may be removed upon the vote of a simple majority of all partners present at a duly-called meeting of partners for violations of certain standards set forth in the partnership agreement,including failure to actively promote our mission,vision and values,fraud,gross misconduct or gross negligence.As with other partners, continuity partners must maintain the shareholding levels required by us of all partners as described below.Partners who retire from the partnership upon meeting certain age and service requirements may be designated as honorably retired partners by the partnership committee.Honorably retired partners may not act as partners,but may be entitled to allocations from the deferred portion of the annual cash bonus pool described below as post-retirement payments. Continuity partners will not be eligible to receive allocations from the annual cash bonus pool if they cease to be our employees even if they remain partners,but may be entitled to receive allocations from the deferred bonus pool if they are honorably retired partners.Restrictive ProvisionsUnder our Articles of Association,in connection with any change of control,merger or sale of our company,the partners and other holders of our ordinary shares shall receive the same consideration with respect to their ordinary shares in connection with any of these types of transactions.In addition,our Articles provide that the Alibaba Partnership may not transfer or otherwise delegate or give a proxy to any third-party with respect to its right to nominatedirectors,although it may elect not to exercise its rights in full.In addition,as noted above,our Articles also provide that the amendment of certain provisions of the Alibaba Partnership agreement relating to the purpose of the partnership or the manner in which the partnership exercises its rights to nominate or appoint a majority of our board of directors will require the approval of a majority of directors who are not appointees of the Alibaba Partnership and are “independent directors”within the meaning of Section 303A of the NYSE Listed Company Manual.Amendment of Alibaba Partnership AgreementPursuant to the partnership agreement, amendment of the partnership agreement requires the approval of75%of the partners in attendance at a meeting of the partners at which not less than75%of all the partners are in attendance,except that the general partner may effect certain administrative amendments.In addition,certain amendments relating to the purposes of the Alibaba Partnership or the manner in which it exercises its nomination rights with respect to our directors require the approval of amajority of our independent directors not nominated or appointed by the Alibaba Partnership.Alibaba Group Equity Interest Holding Requirements for PartnersEach of the partners holds his or her equity interests in our company directly as an individual or through his or her affiliates.Each partner is required to enter into share retention agreement with us.These agreements provide that a period of three years from the date on which a person becomes a partner,which ranges from January2014to June2023for our existing partners, we require that each partner retain at least60%of the equity interests(including shares underlying vested and unvested awards)that he or she held on the starting date of the three-year period.Following the initial three-year holding period and for so long as he or she remains a partner,we require that the partner retain at least40%of the equity interests(including shares underlying vested and unvested awards)that he or she held on the starting date of the initial three-year holding period.Exceptions to the holding period rulesdescribed in the share retention agreements must be approved by a majority of the independent directors.Weighted Voting Rights(WVR)StructureWe have one class of Shares,and each holder of our Shares is entitled to one vote per Share.Pursuant to our Articles of Association,the Alibaba Partnership has the exclusive right to nominate or,in limited situations, appoint,up to a simple majority of the members of our board of directors.These rights are categorized as a weighted voting rights structure,or WVR structure, under the Hong Kong Listing Rules.As a result,we are deemed as a company with a WVR structure.。