Alibaba executives have defended a controversial deal to split off its payments arm, as investors expressed their concerns about corporate governance at the Chinese internet behemoth’s fundraising roadshow.
Fund managers have questioned the 2011 transfer of Alipay to a company controlled by Alibaba founder Jack Ma at private meetings and it has come up at well-attended group lunches in Boston and New York this week, even as executives generate growing excitement over the $21bn share sale.
A knockdown price has enabled bankers to build strong interest ahead of the flotation, planned for next week.
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