分享Alibaba正在火热进行的IPO路演PPT(非官方, 仅供参考), 和招股说明书 NYSE “BABA” Prospectus(下载链接)。BABA的业务中，广告交易平台只是沧海一粟，归在“Marketing Affiliates” , 从收入量级来看Display Advertising 对BABA来说基本不算个事儿。此外，Alipay并不是上市的BABA公司的的一部分而是一个私人公司（路演文件P.23中说法）：“Alipay is controlled by our management and provides payment services to our marketplaces through contractual arrangements” 。 此外，招股书中P.30 披露的风险提示：We do not control Alipay or its parent entity, Small and Micro Financial Services Company, over whichJack Ma effectively controls a majority of the voting interests. Accordingly, if conflicts arise between us andAlipay or Small and Micro Financial Services Company, including conflicts that could threaten our ability tocontinue to receive payment services on preferential terms or conflicts relating to commercial opportunitiesthat we or Alipay or Small and Micro Financial Services Company wish to pursue, such conflicts may not beresolved in our favor and could have a negative effect on our ecosystem and materially and adversely affectour business, financial condition, results of operations and prospects. Moreover, conflicts of interest may arisedue to Jack Ma’s role as executive chairman of our company and through his voting control over and hiseconomic interest in Small and Micro Financial Services Company, and he may not act to resolve suchconflicts in our favor.