Jack Ma, chairman of Chinese e-commerce giant Alibaba Group Holdings, said on Monday that he was not frustrated with Chinese regulators, but wanted his company, which is similar to Amazon in China, to be considered world class.
"We don't want to be misunderstood by the world that Taobao (Alibaba's selling arm) is a platform for selling fake products. And we want this company, I have always said, not to represent China's Internet, it represents the spirit of the Internet of the whole world," he told reporters after a function for thousands of young entrepreneurs.
In recent days, the issue of fake goods and other illegal business on Alibaba platforms has come under the spotlight after the State Administration for Industry and Commerce (SAIC), a government regulator, published reports saying the problem was widespread and the company wasn't doing enough to fight it.
One of the SAIC reports, published last Wednesday, sparked concern that Alibaba had failed to disclose risk factors to its investors prior to its bumper listing in September, and several law firms have said they will take action.
Alibaba has denied any wrongdoing.
"This is what we are frustrated about. We're not frustrated about regulators. We are frustrated about how we can prove today in China that we can have a good company with the same transparency, similar values and missions like other great Internet companies in the world," he said.
He hoped the company's financial affiliate would list in Asia at some point, but that a decision on the timing or location hasn't been made.
The comments follow a Bloomberg report last week quoting unidentified sources as saying Zhejiang Ant Small & Micro Financial Services Group, known as Ant Financial, was planning an initial public offering (IPO) next year and the company had an estimated value of about $50 billion.
"For ANT listing. I have said it's a baby. And it's going to be listed. But when and where today I think it's still a bit early. But we will let you know as soon as we decide. This year? I don't think so this year," he said.