阿里巴巴在美挂牌，股权结构显示也是一家外资企业，但阿里巴巴实行的是合伙人制度（“同股不同权”的股权模式，这在美国较普遍，这也是为什么很多中国企业赴美上市的重要原因），从实际控制权的归属来看，马云及其合伙人虽然不持有最大股份，但仍掌握阿里巴巴主动权、决策权。不论蚂蚁还是阿里，实际控制权还是马云说了算。
在大量公开信息中，如果刨开那些“白手起家”、“伯乐千里马”这类宣传报导希望大家记住的成功故事，马云成为中国首富，阿里巴巴成为互联网巨头垄断中国电商市场，经历了哪些关键时刻？
1995年，马云受浙江省交通厅委托到美国催讨一笔债务。回国后的马云弃教从商，创办了国内第家一企业信息网“中国黄页”。此前一年，中国获准加入互联网。
1996年，杭州电信与马云进行合作。这一年，互联网逐渐在中国普及。
1997年，马云获得了一个空前的机会，中共外经贸部新成立公司──“中国国际电子商务中心”，马云负责组建、管理并占股30%。在这个阶段，马云还参与开发了中共外经贸部的官方网站，及其下属网站等一系列国家级网站。这一年，是中国互联网刚刚大热的一年。
1999年3月，马云创办阿里巴巴，4月网站上线主打“用电子商务为中小企业服务”。
1999年7月，马云的父亲马来法当选第五届浙江省曲艺家协会主席，马来法是国内曲艺界元老级人物，曲协是在中共浙江省委领导下。
报导显示，马云被指“中南海熟人”，历年接见过马云的领导人有10位。最早的一次是在1999年。
1999年，时任浙江省省委书记张德江到马云公司的“总部”──杭州玫瑰园社区的家。那时候，马云公司被指要砸锅卖铁的地步。
2001年1月29日，时任浙江省委书记张德江与时任杭州市委书记王国平又来到马云位于湖畔花园的小房子。据称，张德江颇为关注马云。
阿里巴巴融资历史显示，第1轮是在1999年10月，当时由高盛牵头，累计投资金额500万美元。第2轮是在2000年1月，其中软银提供了2,000万美元。在这首两轮融资之后到赴美IPO之前，阿里又获6轮融资。曾有文章写道，就像西方投行雇佣中共太子党一样，是在看重其权力关系能够为投资带来丰厚回报，国际投行也敏锐嗅到马云的政商潜力。
2003年5月，淘宝网成立，阿里巴巴核心电商业务的重要组成部分。同年10月，淘宝网推出了支付宝。有不少舆论质疑，这一年，SARS（非典）爆发，互联网公司没有一家不被疫情影响，只有阿里巴巴意外壮大，并快速孕育出了淘宝，淘宝的客户群则涵盖了几乎所有的网络使用者，这也实现了阿里巴巴真正的崛起。
中国是一个严格控制网路使用的地方，尤其是在1999年7月迫害法轮功后，中共对于互联网的控制趋严，2003年那时候已建成的“金盾工程”与防火墙，特别针对网络上流传有关更为敏感的法轮功受迫害信息。中共严格控制人们使用网络的自由，在中国经营电子商务，绝对需要中共赋予其市场垄断地位。
2004年，支付宝从淘宝网拆分独立。电子支付是一个特许领域。支付宝和淘宝互相促进，阿里巴巴迎来了指数级的增长，这实际得益于众多金融大佬纷纷发言，金融监管一路绿灯。
2014年9月，阿里巴巴纽约上市。在美上市前，2012年马云发动了一连串的购并与入股案，其中主要包括中国的主权基金，以及三家著名的中国投资公司：博裕资本、中信资本，以及国家开发银行的投资机构国开金融。
博裕资本实控人是江泽民的孙子江志成，在阿里巴巴这次新股上市后，江志成晋升亿万美元的富豪，江家也赚得钵满盆满。外界看江志成有眼光入股阿里巴巴，其实是马云“上贡”。
2014年10月，蚂蚁金服创建，其成立标志着阿里巴巴进军金融科技。从2015年开始，马云为蚂蚁筹画了好几轮的融资安排，如果蚂蚁金服能够成功上市，最先赚的盆满钵满，自然是背后股东。
根据霹雳，前十大股东中，除去国资股份，其余五家投资机构。其中上海投资机构占去4家，北京投资机构占据1家。
北京这家投资机构隶属江志成的博裕系，且其中一支私募背后出资人是明天系资金。上海多家投资机构则被云锋系（马云旗下）串联起来，从关系人与成立时间来看，这几家机构皆为参投蚂蚁而生的，这也说明资本运作一个普遍手段“代持”，层层穿透背后影子大佬都是谁？北京昭德投资（实控人贾庆林女婿李伯潭），以及明天系关联公司等等。明天系被清盘了，但它对中国金融系统的影响还在，因为真正的主人不是肖建华，是其背后的曾庆红家族。
在现任当局眼中，政治与经济被前朝崛起的资本绑架垄断，都是最危险的。在舆论看来，这次又掀起反垄断运动，目的也是为了宰杀已养肥和前期陪跑的企业巨头进而充填空虚的国库。
中国政治和经济大权都掌握在中共手上，没有中共扶持，没有官商密切联系，资本不能垄断也不能无序扩张。曾经的大连实德集团徐明，安邦集团吴小辉，明天系肖建华，华信集团叶简明等等，都是如此类型的民营企业，马云与阿里巴巴也是如此。
Some key points of Jack Ma's Alibaba fortune
The Communist Party's State Administration of Market Supervision investigated Alibaba Group Holdings Ltd. on Dec. 24 for alleged monopolistic practices, including "two-for-one". (ANTHONY WALLACE/AFP via Getty Images)
After Ant Group's IPO was halted, Alibaba, the parent company of Ant and founded by Jack Ma, was also subject to an antitrust investigation on Dec. 24.
Alibaba is listed in the U.S. and its shareholding structure shows that it is also a foreign company, but Alibaba has a partnership system ("same share, different rights" shareholding model, which is more common in the U.S., and is an important reason why many Chinese companies go public in the U.S.), and in terms of actual control, Jack Ma and his partners do not Although Ma and his partners do not hold the largest shares, they still have the initiative and decision-making power of Alibaba. Whether it's Ant or Ali, the actual control is still up to Jack Ma.
In the vast amount of public information, if we take away the success stories that people want to remember, such as "starting with nothing" and "a thousand horses", what were the key moments when Jack Ma became the richest man in China and Alibaba became the Internet giant monopolizing the Chinese e-commerce market? What were the key moments?
In 1995, Jack Ma was commissioned by the Zhejiang Provincial Department of Transportation to collect a debt in the United States. After returning to China, Ma gave up teaching and started a business, and founded China Yellow Pages, the first information network for enterprises in China. A year before that, China was allowed to join the Internet.
In 1996, Hangzhou Telecom cooperated with Jack Ma. In this year, the Internet gradually became popular in China.
In 1997, Jack Ma was given an unprecedented opportunity when the Ministry of Foreign Trade and Economic Cooperation of the Communist Party of China set up a new company, China International Electronic Commerce Center, which Jack Ma was responsible for setting up, managing and taking a 30% stake in. During this period, Ma also participated in the development of the official website of the Ministry of Foreign Trade and Economic Cooperation of the CPC and a series of national websites, including its subordinate websites. This was the year when the Internet in China was just hitting its stride.
In March 1999, Jack Ma founded Alibaba, and in April, the website was launched with a focus on "serving SMEs with e-commerce".
In July 1999, Ma's father, Ma Laifa, was elected chairman of the fifth Zhejiang Quartet Association, a veteran of the domestic quartet, which is under the leadership of the Communist Party's Zhejiang Provincial Committee.
The report shows that Ma is said to be "acquaintances of Zhongnanhai", the leaders who have received Ma in previous years are 10. The earliest one was in 1999.
In 1999, Zhang Dejiang, then secretary of the Zhejiang Provincial Party Committee, visited Ma's "headquarters" at his home in Hangzhou's Rose Garden neighborhood. At that time, Ma's company was said to be on the verge of selling its pots and pans.
On January 29, 2001, Zhang Dejiang, then secretary of the Zhejiang Provincial Party Committee, and Wang Guoping, then secretary of the Hangzhou Municipal Party Committee, visited Ma's small house in Lakeside Garden again. Zhang Dejiang was allegedly quite concerned about Ma.
Alibaba's financing history shows that the first round was in October 1999, led by Goldman Sachs, with a cumulative investment of US$5 million. The second round was in January 2000, in which Softbank provided $20 million. After these first two rounds of funding and before the IPO in the US, Ali received six more rounds of funding. An article has written that just as Western investment banks hired the Chinese Communist Party because of its power connections, which could bring lucrative returns on investment, international investment banks are keenly aware of Jack Ma's political and business potential.
In May 2003, Taobao was established, a key component of Alibaba's core e-commerce business. In October of the same year, Taobao launched Alipay. A lot of public opinion questioned the fact that in this year, SARS (SARS) broke out and none of the Internet companies were not affected by the epidemic, only Alibaba unexpectedly grew and quickly birthed Taobao, which had a customer base covering almost all Internet users, which achieved the real rise of Alibaba.
China is a place where Internet use is strictly controlled, especially after the persecution of Falun Gong in July 1999, and the Communist Party tightened its control over the Internet, with the "Golden Shield Project" and firewalls built in 2003 to target the more sensitive information about Falun Gong persecution circulating on the Internet. The Communist Party strictly controls people's freedom to use the Internet, and operating an e-commerce business in China absolutely requires the Communist Party to grant it a monopoly on the market.
In 2004, Alipay split off from Taobao and became independent. E-payment is a licensed field. Alipay and Taobao have boosted each other and Alibaba has seen exponential growth, thanks in actuality to the many financial bigwigs who have spoken out and the green light for financial regulation all the way.
In September 2014, Alibaba went public in New York. Prior to the U.S. IPO, Jack Ma launched a string of mergers and acquisitions in 2012, including mainly Chinese sovereign funds, as well as three prominent Chinese investment firms: Boyu Capital, CITIC Capital, and China Development Bank's investment arm, China Development Financial.
The controller of Boyu Capital is Jiang Zhicheng, the grandson of Jiang Zemin. After the IPO of Alibaba, Jiang Zhicheng became a billionaire and his family also made a lot of money. The outside world looks at Jiang Zhicheng's vision to take a stake in Alibaba, but in fact it was Ma Yun who "paid tribute".
In October 2014, Ant Financial Services was created, and its establishment marked Alibaba's entry into financial technology. Since 2015, Ma Yun has prepared several rounds of financing arrangements for Ant, and if Ant Financial Services can be successfully listed, the first to earn a lot of money, naturally, is the shareholder behind.
According to Perak, the top ten shareholders, excluding state-owned shares, the remaining five investment institutions. Among them, Shanghai investment institutions accounted for go 4, Beijing investment institutions occupy 1.
The Beijing investment institutions belong to Jiang Zhicheng's Boyu system, and one of the private equity behind the funders is the tomorrow system funds. Shanghai many investment institutions by the Yunfeng system (Ma Yun's) tandem, from the relationship between the people and the establishment of time, these institutions are born for the participation in the ant, which also shows that the capital operation of a common means of "proxy", layers of penetration behind the shadow of the big brother are who? Beijing Zhaodu Investment (the actual controller Jia Qinglin's son-in-law Li Botan), as well as tomorrow system affiliated companies and so on. The Tomorrow System was wound up, but its impact on China's financial system is still there, because the real owner is not Xiao Jianhua, but the Zeng Qinghong family behind it.
In the eyes of the current authorities, both politics and the economy are most dangerous when they are kidnapped and monopolized by the capital that rose from the previous dynasty. In the opinion of the public, this time the anti-monopoly campaign is also aimed at slaughtering the corporate giants that have been fattened and accompanied in the early stages and thus filling the empty treasury.
China's political and economic power is in the hands of the Communist Party of China (CPC). Without the support of the CPC and the close ties between the government and business, capital cannot monopolize or expand in a disorderly manner. Xu Ming of Dalian Shide Group, Wu Xiaohui of Anbang Group, Xiao Jianhua of the Tomorrow System, Ye Jianming of the Huaxin Group, and so on, are all private enterprises of this type, as are Jack Ma and Alibaba.