One element missing from Alibaba's initial public offering prospectus – weighing in at 248 pages before notes and exhibits – was a letter from founder Jack Ma.

People familiar with the matter had said that some missive was in the works, reminiscent of the letters Amazon.com chief Jeff Bezos or Google founders Larry Page and Sergey Brin crafted for their IPO filings, to outline their vision for their companies and industries.

Mr. Ma who is famous for his saying "customers first, employees second, and shareholders third" did write a letter—but it was only to employees. Taking the eccentric, inspirational tone that has become his signature, Mr. Ma praises the perseverance of his employees—whom he refers to as Aliren, or Ali people in English—even as he warns of huge new pressures that Alibaba will face as a public company. Still, he downplays the importance of listing Alibaba, likening it to a stop at a gas station. Given Mr. Ma has ambitions for Alibaba to carry on doing business for another 87 years, one day the listing may indeed seem an unimportant moment, but for now it's important enough to merit a letter from the founder himself. Below is a translation of the letter obtained by China Real Time. New Opportunities, New Challenges, a New Journey Dear Aliren, In a few minutes we will officially submit our initial registration statement to the U.S. Securities and Exchange Commission. This means Alibaba is about to enter a new era of challenges. Fifteen years ago, 18 founders of Alibaba came together determined to create a Chinese company that could be counted as a global Internet company, with hopes that it would become one of the world's ten largest internet companies and that it would last for 102 years. Fifteen years later, we are lucky to still be here. We live better now than we could have imagined back then. We understand it's not how hard we worked or how smart we are that has gotten us where we are today, but the fortune of the era we live in. It's thanks to the Internet, thanks to vibrant young people, thanks to a group of entrepreneurs who accompanied each other on the road to their dreams, thanks to the reform and opening of this country… We know well we haven't survived because our strategies are farsighted and brilliant, or because our execution is perfect, but because for 15 years we have persevered in our mission of "making it easier to do business across the world," because we have insisted on a "customer first" value system, because we have persisted in believing in the future, and because we have insisted that normal people can do extraordinary things. After we release the first draft of the company's prospectus we will encounter all sorts of opinions. Over 15 years we've had lots of support, but behind the praise and applause, we have also faced criticism, blame and doubts. The best way to respond to all of this is to maintain a thankful and reverential attitude, and just as in the past, we must continue to follow our task of "making it easier to do business across the world," we must remain dedicated to our work, we must continue to help small businesses succeed, and we must allow time and the results of our work speak for themselves. A public listing has never been our goal. It is one important strategy and vehicle for fulfilling our mission. It is a gas station along the road to the future. But Aliren should be conscious that, lying behind the massive allure of the capital market, there is unparalleled ruthlessness and pressure. In this market, only a small number of outstanding enterprises can maintain a gallop. Alibaba will undoubtedly be confronted with unprecedented challenges and pressure due to the scale (of the listing), expectations, national boundaries, culture clashes, and regional politics and economics. Only by continuing to persevere and believing what we believe will we be able to survive for the next 87 years of hardship and the pressures and temptations. We are lucky and honored to be among the few companies capable of to face such global challenges. After we go public, we would continue to adhere to the principle of "customer first, employee second, shareholder third." We believe that, no matter what difficult decisions we face whether now or in the future, sticking with our principles is the best way to respect and protect the interests of all parties. In one sense, a public listing empowers us to better help customers, support employees and guard the shareholders' interests. Finally, I want to remind all of you to strictly comply with securities regulations and the group's confidentiality rules, and not to make any public comment on the prospectus. All interviews should be handled through the group's public relations department. The human resources department will soon send out details of stock issues for each individual employee. This is truly a pleasing thing. We must stick to our principle of "living seriously and work happily." Please work, contribute and donate to the society to the extent you can while taking care of your own wealth, yourself and your family. Thank you all very much. "It is by the odes that the mind is aroused. It is by the rules of propriety that the character is established. It is from music that completion arises." Aliren, the past 15 years have been difficult and exciting. Every single day of the future is bound to be extraordinary and complicated. If we don't put in the effort today, we might not see the sunshine the day after tomorrow. No business runs smoothly all the time. As we persevere in persevering, we must change for the customer, we must change for the world and we must change for the future. Jack Ma Chairman of the Board, Alibaba Group 2014.5.7

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