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the following is the ma at stanford university speech:ma : hello everyone . today i feel very honored to be here to meet you . about a few months ago , stanford invited me to lecture . i did not expect . many people say that because of all about yahoo , alibaba, and many other news, this time to speak here is very sensitive . but since i made a promise that i came. today, if you have any questions to ask me, i will be to answer everyqestions.15161994161999i came to the united states today is the first 15 days , and iwas too tired . in 1994 i created my career, discovered the internet, and crazy, and then gave up my teaching job . at that time i felt like a mongolian eyes like riding on the back of the tiger blind , all the way to throw beat fight, but still struggle, survive . work for thegovernment for 16 months after the 1999 establishment of ali baba . 121212vievie 34particular, this years challenge is too difficult , and this is what i did not expect to . chinese people say that every 12 years is an animal year . alibaba in china this year happens to be the first 12 years, have encountered many difficult issues , such as suppliers of fraud earlier this year because of events leading to the resignation ofwealthy father , nor very powerful uncles , do not want to have thechance of success. i remember in 1999 came to silicon valley looking for funding , with many venture capitalists approached ,growth will occur in china . then i founded alibaba, 12 years have passed , and today made a lot of achievements. but before that , no one believes b2b able development in china . at that time theipohello! everyone, im ma yun . the virgo who change the world. today is september 19th.this evening alibaba wlii land the new york stock exchange after the delisting.weve got the integration of listed for $68 per share total $218 billion.what a sign of that? we are the third global financing scale. dear,$1748 billion. how much time we need to spend that money ?when i was in trouble i went to usa and eager finance 2 million dollars. however,i was rejected by 300 vc. that day, i felt im really a short poor ugly guy.but today what i want is 2 hurndred billion . as a result, the participants of the investors lined upon the same floor where i live in the 90th floor like thousands of people waiting for ipone 6 in front of an apple store.behind my valiant record there is also a time when i make a mistake. that was yahoo! only spent 10 billion bought our 40% shares. bartz later refused to cooperate wihe me. i really want marry her and dumped her.so our equity situation is 34.4% share hold by softbank. 22.6% share hold by yahoo. as chairman of board. i only hold 8.9%. luzhaoxi holds 1%. others hold 29.6% share. bright spot is the other,as this roadshow process. i repeated the ecological energy of aligroup. now we have a very awesome alipay, taobao, tmall business group and those about to enter the ktv, the pharmacy and usury industry. the next step, we will bet on logistics and intelligent hardware field. last year we set up food logistics.translation91968$218 1748230020090iphone6.1040%34.4%22.6%8.9%1%29.6%ktvzte-oppobsmart phone . 3919hello, im jack ma, founder and chairman of alibaba group.at alibaba, we fight for the little guy,the small businessmen and women and their customers. our role is simple, through our ecosystem, we help merchants and customers find each other and conduct business on their terms and in ways that best serve their unique needs. we help merchants to grow, creat jobs and open new markets, in ways that were never before possible.you will hear details from our business later. but first let me take you on a journey around china, to see some of the real people, real stories that alibaba has impact on th

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