Alibaba, the Chinese e-commerce giant, posted revenue gains of 28% last year. Maggie Wei Wu, now in her third year as Alibaba’s CFO, has voiced confidence that next year’s growth will be even higher. But the pressure is on Wu, a former KPMG audit partner of 15 years: last May the SEC launched an investigation into Alibaba’s accounting practices. One target of suspicion was Alibaba’s official sales estimates for Singles’ Day—an Anti-Valentine’s, one-day sales extravaganza—that allegedly raked in $14.3 billion in 2015. The company’s overall stock performance since its 2014 IPO hasn’t proven much cheerier: in its first year trading on the NYSE, Alibaba’s shares fell 28%. While Alibaba has boosted growth with new investments in food delivery services and film studios, it will be a while before the company reaches its goal of reaping over half its revenues from outside China.
|Market Value (as of 8/26/16)|