HANGZHOU — The Alibaba Group, China’s biggest e-commerce company, unveiled yesterday the details of its partnership system that founder and Executive Chairman Jack Ma said would help protect the company from the “temptation to seek short-term gains”.

In an e-mail to employees to mark the company’s 14th anniversary, Mr Ma said the current 28 partners are most likely to create value for customers, employees and shareholders. The partnership system “is not a mere profit-sharing mechanism, nor is it a vehicle of power to exert greater control over the company,” he said.

Mr Ma’s message comes as the company prepares for an initial public offering that could rival Facebook’s US$16 billion (S$20.3 billion) debut last year.

Hangzhou-based Alibaba has a value of about US$87 billion, according to analyst estimates. It could raise about HK$100 billion (S$16.4 billion) in the IPO, Ernst & Young said in June.

Alibaba has not decided on where to go public, but people familiar with the plans have said it is inclined to have the IPO in Hong Kong, although New York is also an option.

The company has asked Hong Kong’s stock exchange to allow the partnership to nominate a majority of board members, a person with knowledge of the matter said.

That would enable Mr Ma, with a 7.4-per-cent stake, and his management team to maintain control after an IPO.

Hong Kong does not allow new listings to have dual-class shares as New York does.

“We are not concerned about where to go public, but we do care that, wherever we end up going, the public must support this type of open, innovative, responsible culture that values long-term development,” Mr Ma said.

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