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Alibaba IPO Investors Come Third in Jack Ma’s Vision

China’s richest man wants investors in Alibaba Group Holding Ltd. to know where they stand in its initial public offering -- and that may not be where they imagine.

“Customers first, employees second, and shareholders third,” Chairman Jack Ma wrote in a letter in Alibaba’s IPO filing last week valuing the company as high as $162.7 billion. “I can see that investors who hear this for the first time may find it a bit hard to understand.”