Alibaba IPO bulls are missing some red flags

``Alibaba investors aren't actually getting control of the company, because that is permanently locked off with a group of insiders who have all of the power despite holding a small minority of the company's equity capital. The Alibaba Partnership -- made up entirely of managers from Alibaba Group -- has the exclusive right to nominate candidates for a majority of the board seats and is even allowed to give nominees who fail to gain shareholder approval a board seat anyway under a clause giving the Partnership the ability to appoint directors "in its sole discretion and without the need for any additional shareholder approval."''