Adding to the complexities, as a foreign private issuer, Alibaba can waive some New York Stock Exchange governance requirements. The board composition will not include a majority of independent directors; the board's compensation committee or corporate governance committee will not be composed of only independent directors.

同时，作为外国私营发行人，阿里巴巴可以不受纽约证券交易所（New York Stock Exchange）某些管理要求的制约，这一点进一步增加了事情的复杂性。独立董事不必在该公司董事会占据多数，薪酬委员会和公司治理委员会成员也不需要都是独立董事。

To be sure, Alibaba's variable interest entities account for much less of its consolidated picture than many past Chinese firm IPOs: As of Dec. 31, 2013, they were 17% of the total assets and 11% of the nine months' revenues. Investors are attracted to Alibaba for its in-China growth, however -- and that's precisely where the variable interest entities reside. What looks modest today might be an area ripe for conflicts of interest, if investors' dreams of growth are to come true.

当然，和以往许多赴美上市的中国公司相比，阿里巴巴的可变利益实体在合并后财报中所占的比重要小得多：截至2013年12月31日，该实体占阿里巴巴总资产的17%，占此前9个月收入的11%。阿里巴巴中国业务的成长势头吸引了投资者，但这也正是该可变利益实体所属之地。投资者希望自己的增长憧憬能变为现实，而阿里巴巴出现利益冲突的条件也已经成熟，只是现在这个问题还够不明显。(财富中文网)

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