Ecommerce group Alibaba has denied that it misled investors in its record $25bn initial public offering, after a powerful Chinese government regulator revealed the group had failed to disclose a regulatory probe last July.
The State Administration for Industry and Commerce yesterday released a previously secret paper in which it criticised Alibaba for inadequate supervision of its ecommerce merchants.
The department said in a statement on its website that it had discussed the white paper with the group at a meeting on July 16, 2014. It added that “in order not to impede Alibaba’s preparations for its initial public offering, the meeting was private and confidential”.
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