The sound of 16,000 people chanting “Ali, Alibaba” fills the Yellow Dragon Stadium in Hangzhou, a city on China’s eastern coast. As the theme to The Lion King begins to blare over the sound system, a diminutive figure rises through the stage floor.
Dressed in leather and sporting a giant spiked Mohawk, black lipstick and a nose ring, Jack Ma begins to belt out an off-key rendition of Elton John’s “Can you Feel the Love Tonight” to his adoring employees.
It had been 10 years since Mr Ma founded Alibaba, the internet company that made him a billionaire, and it was time to celebrate. Soon, it will be time to celebrate again: Alibaba, the world’s most successful ecommerce company, is preparing to sell shares in a global initial public offering that is expected to be valued at well over $100bn.