Alibaba Group Holding Ltd found another supporter in Yahoo Inc. On Friday, Alibaba's second-largest shareholder said that it would support its planned partnership structure. Yahoo said that it was important for companies in the technology industry to  take steps in preserving its strategy and culture. Yahoo has joined SoftBank Corp of Japan in expressing support to Alibaba as the latter prepares for its initial public offering.

Chief development officer of Yahoo Jacqueline Reses said, "As one of Alibaba's largest shareholders, Yahoo believes that management's efforts reflect the desire to govern the company for long-term success while also balancing the rights of shareholders." Reses is also a member of the US Internet company's board of directors.

In the midst of the USD15 billion IPO preparations, Alibaba was keen to ensure that management decisions would rest within the partner group. The partnership structure would have Alibaba the right to nominate of its own choosing as a member to its company board. The move was disapproved by Hong Kong regulators that Alibaba has changed its plans to list in the US instead. There has been no final decision made regarding the IPO listing.