1、证券法宗旨美国：SEC.(b) Consideration of promotion of efficiency, competition, and capital formation.Whenever pursuant to this title the Commission is engaged in rule making and is required to consider or determine whether an action is necessary or appropriate in the public interest, the Commission shall al
2、so consider, in addition to the protection of investors, whether the action will promote efficiency, competition, and capital formation. 为提高效率、促进竞争、及资本形成的考虑。在根据本法制定具体规则、需要考虑或决定某项行动对公共利益是否必要或适当时，证券交易委员会除了要考虑保护投资者之外，还应该考虑行动是否会将提高效率、促进竞争及资本形成。中国：证券法第一条 为了规范证券发行和交易行为，保护投资者的合法权益，维护社会经济秩序和社会公共利益，促进社会主义市场经
3、济的发展，制定本法。Article 1 This Law is enacted for the purpose of regulating the offering and trading of securities, protecting investors legal rights and interests , maintaining social economic order and public interests, and promoting the development of the socialist market economy. 诚实信用原则：合同法当事人行使权利、履行义
4、务应当遵循诚实信用原则。Article 6 The parties shall observe the principle of good faith in exercising their rights and performing obligations.公司法公司从事经营活动，必须遵守法律、行政法规，遵守社会公德、商业道德，诚实守信，接受政府和社会公众的监督，承担社会责任。Article 5 When engaging in business and operation, the company must abide by laws and administrative regulati
5、ons, stick to social morality and business ethics, honesty and fiduciary , accept the supervision by the government and the general public, and owe social responsibilities. 股份有限公司股东大会由全体股东组成，股东大会是公司的权力机构，依照本法行使职权。Article 98 Shareholders Meeting of joint stock companies is composed by all shareholder
6、s,which as the companys organ of authority ,shall exercise its duties and powers in accordance with this law.董事、监事、高级管理人员应当遵守法律、行政法规和公司章程，对公司负有忠实义务和勤勉义务。董事、监事、高级管理人员不得利用职权收受贿赂或者其他非法收入，不得侵占公司的财产。Article 148 Directors, supervisors and senior managers shall abide by laws, administrative regulations and
7、 the articles of association,and owe the duty of loyalty and care. Directors, supervisors and senior managers shall not abuse their authorities by accepting bribes or receiving other illegal income, and shall not convert company assets.证券法证券发行、交易活动的当事人具有平等的法律地位，应当遵守自愿、有偿、诚实信用的原则。 Article 4 All parti
8、es involved in the offering and trading of securities have equal legal status and shall observe voluntary，compensatory and fiduciary.书上范围3. Avoidance of provision excluding liability for misrepresentation.排除错误陈述或责任的条款无效If a contract contains a term which would exclude or restrict (a) any liability t
9、o which a party to a contract may be subject by reason of any misrepresentation made by him before the contract was made; or (b) any remedy available to another party to the contract by reason of such a misrepresentation, that term shall be of no effect except in so far as it satisfies the requireme
10、nt of reasonableness as stated in section 11(1) of theUnfair Contract Terms Act 1977; and it is for those claiming that the term satisfies that requirement to show that it does.如果合同某一条款排除或限制以下责任或救济：(a)合同任何一方因其在缔结合同前所做的任何错误陈述可能承担的任何责任;(b)合同相对人因该错误陈述可能享有的任何救济;则该条款无效，但满足 1977 年不公平合同条款第 11 条（1）款之规定的合理性要
11、求的除外。90.Compensation for statements in listing particulars or prospectus招股说明书中陈述相关赔偿(1)Any person responsible for listing particulars is liable to pay compensation to a person who has(a)acquired securities to which the particulars apply; and(b)suffered loss in respect of them as a result of(i)any un
12、true or misleading statement in the particulars; or(ii)the omission from the particulars of any matter required to be included by section 80 or 81.对上市说明书承担责任的责任人，对以下人员应当承担赔偿责任：(a)获得该说明书的相关证券者;(b)并且由于以下任何原因，遭受了该证券相关损失的人(i)该上市说明书中任何不真实或误导性陈述(ii)该上市说明书中遗漏了本法第 80 条或 81 条要求的任何事项345. JUDICIAL REMEDIES AVA
13、ILABLE 345 条（可获得的司法救济）The judicial remedies available for the protection of the interests stated in344 include judgment or order（a） awarding a sum of money due under the contract or as damages,（b）requiring specific performance of a contract or enjoining its non-performance,（c） requiring restoration
14、of a specific thing to prevent unjust enrichment,（d）awarding a sum of money to prevent unjust enrichment（e ）declaring the rights of the parties, and（f）enforcing an arbitration award.为保护第 344 条所述利益而可以提供的司法救济，包括以下判决或者判令：（a）授予合同项下应得的款项或者授予损害赔偿，（b）要求特定履行合同或者禁止不履行合同，（c）要求恢复特别事项以防止不当得利，（d）授予一定的金额以防止不当得利，（
15、e ）宣告双方当事人的权利，以及（f）强制履行仲裁裁决。 344 Purposes of RemediesJudicial remedies under the rules stated in this Restatement serve to protect one or more of the following interests of a promisee:(a) his “expectation interest,“ which is his interest in having the benefit of his bargain by being put in as good a
16、 position as he would have been in had the contract been performed,(b) his “reliance interest,“ which is his interest in being reimbursed for loss caused by reliance on the contract by being put in as good a position as he would have been in had the contract not been made, or(c) his “restitution int
17、erest,“ which is his interest in having restored to him any benefit that he has conferred on the other party.本法所述规则规定的司法救济，旨在保护承诺人的下列一种或多种利益：(a) “期待利益”，即倘契约得以履行，自磋商中所能得之利益;(b) “信赖利益 ”，即倘未签订契约，免于因信赖契约而遭受的损失之利益;(c) “回复利益”，即取回让与对方当事人权益之利益。阿里巴巴Our partnership is a dynamic body that rejuvenates itself th
18、rough admission of new partners each year, which we believe enhances our excellence,innovation and sustainability. Unlike dual-class ownership structures that employ a high-vote class of shares to concentrate control in a few founders, our approach is designed to embody the vision of a large group o
19、f management partners. This structure is our solution for preserving the culture shaped by our founders while at the same time accounting for the fact that founders will inevitably retire from the company。我们的合伙人制度是一个动态的组织结构，该结构每年新伙伴入场来保持新鲜血液，我们相信它增强了我们的卓越、创新和可持续性。不同于双重股权结构那种通过持有大量的股票将控制权集中在几个创始人手里的方
20、式，我们的方式是设计一个强大的管理层来实现该愿景。这种结构是用来保护我们的创始人塑造的文化而提出的解决方案，因为同时考虑到创始人将不可避免地从公司退休的事实。 New partners are elected annually after a nomination process based on a number of criteria including not less than five years of tenure with Alibaba Group, one of our affiliates and/or certain companies with which we hav
21、e a significant relationship such as Small and Micro Financial Services Company, and require a 75% approval of all of the partners. Partnership votes are made on a one-partner-one-vote basis.新合伙人每年通过一系列的标准被提名，包括在阿里巴巴集团或者其附属机构以及有重大关系的某些小微金融服务公司中拥有不少于五年的任职期，以及需要取得所有合伙人 75%的同意。所有合伙人为一人一票的原则。Partners ar
22、e evangelists for our mission, vision and values, both within our organization and externally to customers, business partners and other participants in our ecosystem.合伙人是公司文化，远景，价值的传教士，这不仅是对我们内部的组织组织而言，同样对外部的客户，业务合作伙伴和我们的生态系统的其他参与者也是一样。 We require each partner to maintain a meaningful level of equit
23、y interests in our company during such individuals tenure as a partner.我们要求每一个合作伙伴在公司内的个人任期内保持一个有意义的股权利益水平 The Alibaba Partnership will have the exclusive right to nominate for shareholder approval up to a simple majority of the members of our board of directors. If an Alibaba Partnership director n
24、ominee is not elected by our shareholders or departs our board of directors for any reason, the Alibaba Partnership has the right to appoint a different person to serve as an interim director until our next scheduled annual general meeting of shareholders. We expect that our initial board of directo
25、rs upon completion of this offering will consist of nine members, and the Alibaba Partnership will designate four of those directors as Alibaba Partnership nominees. If at any time our board of directors consists of less than a simple majority of directors nominated or appointed by the Alibaba Partn
26、ership for any reason including because the Alibaba Partnership had previously not exercised its right to nominate or appoint a simple majority of our board of directors the Alibaba Partnership will be entitled (in its sole discretion and without the need for any additional shareholder approval) to
27、nominate or appoint such number of additional directors as necessary to ensure that the directors nominated or appointed by the Alibaba Partnership comprise a simple majority of our board of directors. For example, as the Alibaba Partnership will designate only four out of nine of our initial direct
28、ors as Alibaba Partnership nominees, the Alibaba Partnership will have the right, following the completion of this offering, to nominate or appoint two additional directors to our board of directors, which would increase the total number of directors to eleven. We expect to enter into a voting agree
29、ment that will take effect upon completion o f this offering, pursuant to which both SoftBank and Yahoo will agree to vote their shares in favor of the Alibaba Partnership director nominees at each annual general shareholders meeting until SoftBanks shareholding declines below 15% of our outstanding
30、 ordinary shares. Accordingly, for so long as SoftBank and Yahoo remain substantial shareholders, we expect the Alibaba Partnership nominees will receive a majority of votes cast at any meeting for the election of directors and will be elected as directors.阿里巴巴的管理层对董事有独立提名权，而董事的提名一般由股东会同意并采取简单多数的比例选
31、任。如果一个阿里巴巴管理层的董事提名没有被我们的股东选上或者因为任何原因离开了董事会，管理层将有权任命有权指定一个不同的人来担任临时董事，直到我们下次股东大会的召开。我们预计，我们的原始董事会在完成本次招股发行后，将由九名成员组成，并且阿里巴巴管理层将会指派四名董事作为管理层的被提名者。当任何时候因为任何原因出现我们董事会组成少于过半数的管理层提名或指派的董事 包括因为阿里巴巴管理层之前没有行使提名或任命过半数董事的权利 阿里巴巴管理层有权提名或者任命一部人额外的董事（单独处理权，不需要征得股东同意），如果这在确保阿里巴巴管理层对董事的提名或者任命形成一个简单多数的董事会是必要的。例如，如果阿里巴巴的管理层将任命九分之四最初的董事作为管理层的被提名者，阿里巴巴将根据此次股份发行的结束，有权提名或者任命两个额外的董事进入董事会，这将会使董事成员数量达到 11 个。我们希望达成一个能够对股份的发行完毕产生影响的选举协议，并依照软银和雅虎都将同意在每次股东大会的投票中支持阿里巴巴管理层的被提名董事，指导软银的持股比例下降到低于我们已发行普通股的 15%。因此，只要软银和雅虎仍然是大股东，我们就能估计到阿里巴巴管理层的被提名者将会获得大多数投票在任何选举或者被选举董事的大会上。
