---
endpoint: analytics
pattern: Internet
status: done
latency_ms: 161386
conversation_id: de786f25-123f-477b-839f-c181fde24398
citations: 6
created: 2026-05-31 21:08:52Z
---

# Who are the key shareholders of Alibaba?

# Alibaba Group (BABA / 9988.HK) — Key Shareholders

Based on Alibaba's most recent 20-F (FY2026, fiscal year ended March 31, 2026, with beneficial ownership disclosed as of May 18, 2026). Note: the filing was retrieved from public SEC documents; CLSA's internal research archive contains many notes that *mention* Alibaba but no current note dedicated to its shareholder register.

## Headline structure

Alibaba's ownership has shifted dramatically from its post-IPO setup. **The 20-F's "Major Shareholders" table no longer discloses any 5%+ outside shareholder by name** — the disclosure framework is limited to "each person known to us to beneficially own 5% or more of our ordinary shares" plus directors/officers [1]. Total shares outstanding were **18,669,888,147 ordinary shares (~2.33 billion ADSs)** as of May 18, 2026 [1]. This reflects the historical exits of SoftBank (formerly the largest holder, sold down materially through 2023–2024) and Altaba (formerly Yahoo!).

## 1. Insider / Founder Group (the controlling bloc via the Alibaba Partnership)

Although individual founders no longer hold a controlling economic stake, **effective control runs through the Alibaba Partnership structure**, not through ordinary-share majority. The Partnership has the right to nominate a simple majority of Alibaba's directors:

- The current board has **10 members — 6 independent directors nominated by the Nominating and Corporate Governance Committee, and 4 Alibaba Partnership nominees** [5].
- **Jack Ma and Joe Tsai are designated "continuity partners"** of the Alibaba Partnership and sit on its Partnership Committee alongside Eddie Wu, Fan Jiang, and Zeming Wu [5].

### Joseph C. Tsai (Group Chairman, co-founder)

The 20-F itemizes Joe Tsai's beneficial ownership in detail (representing the largest individually-disclosed insider stake) [2]:
- **814,405 Shares** held directly
- **3,333 Shares** acquirable via RSU vesting within 60 days of May 18, 2026
- **10,749,496 Shares** held by **Joe and Clara Tsai Foundation Limited** (Guernsey-incorporated; Joe Tsai holds a revocable proxy) [2]
- Founding member of Alibaba; joined in 1999; was previously CFO until 2013 and Executive Vice Chairman until September 2023 [6].

### Jack Ma (Co-founder)

- Jack Ma is **no longer disclosed as a 5%+ shareholder** of Alibaba in the current 20-F.
- Historical reference point: "the percentage of our ordinary shares Jack Ma and his affiliates beneficially owned immediately prior to the completion of our initial public offering was 8.8%" [4] — his stake has been reduced via family-trust transfers, charitable donations, and Ant Group restructuring agreements.
- He retains influence as a **continuity partner** of the Alibaba Partnership [5] and through historical share-pledge / voting arrangements tied to APN Ltd.

### Other directors & executive officers (named in the 20-F beneficial-ownership table) [2]

Eddie Yongming Wu (Group CEO), J. Michael Evans (President), Maggie Wei Wu, Jerry Yang, Wan Ling Martello, Weijian Shan, Irene Yun-Lien Lee, Albert Kong Ping Ng, Kabir Misra, Toby Hong Xu, Jane Fang Jiang, Sara Siying Yu, Fan Jiang.

## 2. The Alibaba Partnership (de facto control mechanism)

This is **not** a shareholder in a legal sense but is the most important governance bloc. The Partnership has ~20 partners as of the latest 20-F, including [5]:

| Notable partner | Role |
|---|---|
| Jack Yun MA | Continuity Partner |
| Joseph C. TSAI | Group Chairman; Continuity Partner |
| Eddie Yongming WU | Group CEO; Partnership Committee |
| Fan JIANG | CEO, Alibaba E-commerce Business Group |
| Toby Hong XU | Group CFO |
| Jane Fang JIANG | Group Chief People Officer |
| Sara Siying YU | Group General Counsel |
| Luyuan FAN | Chairman/CEO, Hujing Digital Media |
| Lin WAN | CEO, Cainiao |
| Judy Wenhong TONG | Partner |
| Plus ~9 others including Jiangwei Jiang, Zhenfei Liu, Lei Wang, Winnie Wen, Zeming Wu, Jeff Zhang, Jessie Zheng, Jingren Zhou [5] |

This partnership directly nominates 4 of the 10 board seats today and has the contractual right to nominate a simple majority [5].

## 3. Historical 5% holders that have EXITED or scaled down

- **SoftBank Group Corp.** — Was Alibaba's largest shareholder for over a decade. SoftBank progressively monetized its stake via prepaid forward contracts and outright sales through 2022–2024 and is **no longer disclosed as a 5%+ holder in the FY2026 20-F**. SoftBank still appears extensively in the filing as a counterparty to historical agreements (SAPA, voting agreement, Ant Group restructuring) [3].
- **Altaba Inc.** (formerly Yahoo! Inc.) — Fully liquidated its Alibaba stake post-2019.

## 4. Adjacent ownership — Ant Group (relevant context, NOT an Alibaba shareholder)

Because Ant Group is frequently confused with Alibaba's shareholder register, note the ownership structure of Ant Group itself (Alibaba's 33%-owned affiliate, not its parent or shareholder) [3]:

| Holder of Ant Group | Equity interest |
|---|---|
| Junhan (controlled by separate GP since Dec 2023) | ~32% |
| Junao (controlled by separate GP since Dec 2023) | ~22% |
| **Alibaba Group itself** | **33%** |
| Other shareholders | ~13% |

Since December 2023, **Jack Ma no longer controls the majority voting interests in Ant Group held by Junhan and Junao** following voting-structure changes [3].

## 5. Free Float / Institutional ownership

Outside the Partnership-aligned insider block, **the vast majority of Alibaba's ~18.67 billion ordinary shares trade freely** [1] across the NYSE (BABA ADSs) and HKEX (9988.HK). Major institutional holders typically include global passive managers (Vanguard, BlackRock) and large active emerging-markets / China funds, but the 20-F does not disclose any of them as 5%+ beneficial owners as of the most recent record date — meaning no single institution crosses the 5% threshold.

## Synthesis — who "really" controls Alibaba

| Layer | Mechanism | Key parties |
|---|---|---|
| **Governance control** | Alibaba Partnership director nomination right (simple majority) | Jack Ma + Joe Tsai (continuity partners) + ~18 other partners |
| **Largest disclosed individual ownership** | Direct shares + foundation/trust holdings | Joe Tsai (incl. Joe & Clara Tsai Foundation) [2] |
| **Largest single shareholder (entity)** | Free-float institutional ownership — no single 5%+ holder disclosed | Diffuse global asset managers |
| **Historical 5%+ holders now exited** | Sold down to <5% disclosure threshold | SoftBank, Altaba/Yahoo |

The takeaway: post-SoftBank exit, Alibaba has **no single 5%+ economic owner disclosed**, with control resting structurally in the Alibaba Partnership rather than in any concentrated share register.

---

**Sources**
[1] Alibaba Group Holding Limited — FY2026 Form 20-F (Item 7. Major Shareholders, beneficial ownership table as of May 18, 2026)
[2] Alibaba FY2026 20-F — Joe Tsai beneficial ownership breakdown (direct + Joe & Clara Tsai Foundation + RSUs)
[3] Alibaba FY2026 20-F — Ant Group ownership structure as of March 31, 2026 (Junhan 32%, Junao 22%, Alibaba 33%)
[4] Alibaba FY2026 20-F — Jack Ma's historical 8.8% pre-IPO stake reference (Item 7B)
[5] Alibaba FY2026 20-F — Alibaba Partnership current partners list and continuity-partner provisions
[6] Alibaba FY2026 20-F — Biographical information for Joseph C. Tsai (Chairman)

## Citations

- [1] **FY 2026 Alibaba Group Holding Limited** · external
- [2] **FY 2026 Alibaba Group Holding Limited** · external
- [3] **FY 2026 Alibaba Group Holding Limited** · external
- [4] **FY 2026 Alibaba Group Holding Limited** · external
- [5] **FY 2026 Alibaba Group Holding Limited** · external
- [6] **FY 2026 Alibaba Group Holding Limited** · external

