The 248-page prospectus issued by Alibaba has lifted the lid on the usually secretive company that over 15 years has become synonymous with ecommerce in China.

Alibaba’s initial public offering in the US later this year is one of the most eagerly awaited listings in recent years, and likely to be one of the biggest, raising around $20bn. More than 200 Chinese companies have listed in the US since 1999, and Alibaba will further intertwine the fates of US capital markets with the Chinese economy.

An “electronic flea market” in the words of one analyst, Alibaba does not actually sell anything except clicks, advertising, and other services to retailers who themselves bear the brunt of the risk in China’s highly competitive retail market landscape.