The active part of a fund is the product of this process and can not be compared to the active part of a fund managed by an individual or an investor committee. An antitrust or administrative dispute directed at us may cause us to be exposed to profit, heavy fines and various restrictions on our business, or lead to negative publicity. Alipay. We generate sales on the Taobao Marketplace from sellers who purchase P4P and provide marketing services to direct their business frontiers to either Taobao Marketplace, Tmall or Juhuasuan. We compete to attract, engage and retain buyers based on the variety and value of listed products and services in our marketplaces, overall user experience, and convenience and availability of payment transactions and. In addition, the national networks in China are connected to the Internet through state-owned international gateways, which are the only channels that a domestic user can connect to the Internet from outside the Internet. Lack of trust on our platform can affect the value of our brand and cause consumers and sellers to stop trading on our marketplaces and reduce participants. In addition, if we do not take appropriate action against sellers or service providers for actions that they do as we know or should have known, they would be hurt. Our operations may be disturbed if any of our employees or employees in our business associates were suspected of swine flu, avian influenza or SARS. In the future, if our operating subsidiaries incur additional debts in their own name, instruments that control the debt can limit the ability of our employees. They are elected by employees who have worked in Alibaba for more than five years and have the right to appoint a majority of the company nine members.
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