$BABA Owners of BABA stock don’t have any ownership in the actual company. Instead, as Jonathan Berr detailed last year, they that has a contractual right to the profits of Alibaba Group. The risks are obvious and myriad. Owners of U.S.-listed Alibaba stock have limited claim to the company’s actual assets. Yahoo! learned that the hard way when former CEO Jack Ma transferred Alipay (parent of subsidiary Ant Financial) back in 2011, before his company’s IPO. The Chinese government, in theory, could invalidate the structure at any time and has done so in the past. From a broad standpoint, the basic protections to which U.S. shareholders are accustomed don’t necessarily exist when owning the U.S.-listed version of Alibaba stock.