As Alibaba marches toward a late-summer initial public offering in the U.S., it's expected to update its regulatory filing in the next week with details addressing concerns raised by the Securities & Exchange Commission, according to people familiar with the matter.
The document could come as soon as Friday after market close, though these people cautioned the draft would be unlikely to be finished by then. The SEC had been expected to respond to Alibaba's initial filing in early June, at which point the company would adjust its disclosures to allay regulators' questions.
Among the details Alibaba is expected to provide in its updated filing: A breakdown of earnings associated with the e-commerce company's various lines of businesses; a list of the 28 executives comprising Alibaba's "partnership" that uses its voting rights to choose the board, among other things; and the full slate of nine directors put forth by that partnership.
Alibaba's F-1 disclosed four board members—founder Jack Ma, vice chairman Joe Tsai, Softbank chairman Masayoshi Son and Yahoo executive Jackie Reses—but said Reses would resign and the partnership would nominate the remainder of the group.
First-quarter financial information is also expected to be completed by the filing, these people said.