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Son Set for Major Alibaba Role With Board Seat, Largest Stake

Billionaire Masayoshi Son is set to play a major role in Alibaba Group Holding Ltd. after its initial public offering, with his SoftBank Corp. guaranteed a board seat and backing the e-commerce company’s partnership.

SoftBank also will remain the largest investor, keeping its stake above 30 percent, the Hangzhou, China-based company said in a filing yesterday. Alibaba didn’t specify the number or price of shares it will offer or what valuation it will seek. The filing has a $1 billion placeholder amount, which is used to calculate registration fees and will change.