This was the corporate template helping power the wave of Chinese IPOs and reverse mergers in the U.S. during the mid-2000s, and it's employed by Alibaba for the China-domiciled operations such as Taobao Marketplace, Alibaba.com. and AliExpress, among others. Ma is among the owners of those China-domiciled companies and also, among the owners of the soon-to-be-public firm.

2005年前后，这种模式帮助了大批中国公司在美国上市，或者进行反向收购。阿里巴巴也将这种方法用到了自己在中国境内的业务，比如淘宝网、阿里巴巴网站和阿里巴巴全球速卖通等。马云是这些中国境内公司的所有者之一，同时也是即将出现的境外上市公司所有者中的一员。

Yet the "owner mentality" of one firm -- the one doing business in a regulated industry -- might differ from the owner mentality of the public firm's shareholders. China's laws require a fiduciary duty to a company by its directors or executive officer. Alibaba's directors and executive officers of the variable interest entities, including Ma, must therefore act in good faith and in the best interests of the variable interest entities. At the same time, under Cayman Islands law, Ma has a duty of care and loyalty to public shareholders. That's like asking one man to serve two masters.

不过，对于在受限制行业开展经营活动的公司来说，它的“主人翁精神”可能和上市公司股东的主人翁精神存在差异。中国法律要求公司董事或高管承担受托责任。因此，阿里巴巴的董事和该可变利益实体的高管，包括马云在内，必须出于善意按照对可变利益实体最有利的方法行事。同时，按照开曼群岛（Cayman Islands）法律，马云有责任照顾并忠实于上市公司股东。这就形成了一仆二主的局面。

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