“(We at Alibaba) should be conscious that, lying behind the massive allure of the capital market, there is unparalleled ruthlessness and pressure.”
— Jack Ma, chairman and founder of Alibaba, which on Tuesday filed papers for an initial public offering in the United States. Among the main points in a translation of his letter to the Chinese Internet commerce behemoth’s employees: The company’s success is due to a mix of hard work and putting customers first, as well as plain luck, or “the fortune of the era we live in.” He urged his employees to “maintain a thankful and reverential attitude.”
As the Mercury News reported, the Alibaba IPO could be the tech industry’s biggest ever, and affects U.S. tech giants such as Yahoo, which owns a 23 percent stake in the company, as well as eBay, Google, Amazon.
Photo: The headquarters of Alibaba Group in Hangzhou in eastern China’s Zhejiang province. (Associated Press)