Malo drugačna analiza je na voljo tukaj:
deep-throat-ipo.blog...d.html?m=1

Dva bonbončka:
Executive Summary: In this section we explore the following observations:

1.) There are now 920 separate operating entities in the Alibaba ecosystem. 500 in the PRC and 420 scattered all over the rest of the planet. Alibaba has created 300 new "legal" entities a year for the last two years.

2.) They've "Enhanced" their Capital Structure. The lawyers have been busy beavers.

3.) Major Business Segments and Operating Entities appear and disappear from the 20-F's. There is no explanation in the footnotes.

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1.) In the last year Alibaba has added roughly "Fifteen Pentagons" in office space with only 16,000 additional FTE's, or roughly 3,400 new square feet per new employee. Real Estate is expensive, yet, overhead stayed about the same. Weird.....

2017 20-F Pg 115

As of March 31, 2017, we occupied facilities around the world with an aggregate gross floor area of office buildings owned by us totaling 558,080 square meters. (6,007,173 square feet)

2018 20-F Pg 121

As of March 31, 2018, we occupied facilities around the world with an aggregate gross floor area of office buildings owned by us totaling approximately 5.7 million square meters. (61,354,800 square feet.)

(Authors Note: Whooooaaaa!!! 61 million square feet of OFFICE BUILDINGS OWNED by Alibaba!!!???)