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Furthermore, the Ethiopian delegation led by the Ministry of Information Technology Getachew Mekuria arrived at the headquarters of Alibaba in Hangzhou today for a tailored training designed for Ethiopian officials as agreed with prime minister Abiy during his visit in April.
What were the changes and what was the thinking behind it? Lin: Last year, we started making enhancements to our VIE structure.It also further enhances our control over the VIEs through contractual arrangements at each layer of ownership.This is very much aligned with our spirit and goal of building a company and culture that will outlast any individual person.The relevant variable interest entities, which are 100%-owned by Chinese citizens or by Chinese entities owned by Chinese citizens, hold the ICP licenses and other regulated licenses and operate our Internet businesses and other businesses in which foreign investment is restricted or prohibited.Because Alibaba Group Holding Limited is able to exercise effective control over the variable interest entities through contractual arrangements, the results of these entities are consolidated into our financial statements under U. Generally Accepted Accounting Principles and are treated as if they were our wholly owned subsidiaries.