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Investors had just seen the first range for how the company would be valued by its underwriters late Friday. Many investors gathered there were still working through their financial models for the Chinese e-commerce company.

The updated prospectus and new numbers raised new questions. Some of them were answered by founder and executive chairman Jack Ma and several senior executives who fielded questions before a crowd of what many estimated at more than 1,000 people. Some questions remain.

Here’s what investors there learned:

Founder and executive chairman Jack Ma’s focus:

Two attendees who requested anonymity said Mr. Ma said that one of his main areas of focus would be on the company’s relationship with the Chinese government.

Alibaba has clearly handled the government’s role in corporate policy deftly, one person said, but Mr. Ma’s description of his role shows the potential problems that could loom if Alibaba ever falls on the wrong side of government policy.

In July, a commission advising Congress on U.S.-China economic issues raised questions about the ownership structure of Chinese companies that allow Chinese companies to get around the country’s restrictions on foreign ownership.

Alibaba’s key pitch to investors:

Growth. Several attendees said that Alibaba’s executive team and its bankers stressed the e-commerce company’s potential for massive growth in its user base. “Everyone is salivating over the potential for Chinese users,” said Ilya Grozovsky, senior research analyst at SPQR Capital. “The numbers for Alibaba are so big that they dwarf every other company we know. But the company highlighted how little e-commerce goes on in relation to the overall population.”

Alibaba’s narrative — a love story with small business:

In its prospectus and during Monday’s presentation, Alibaba has highlighted the company’s usefulness to small businesses and entrepreneurs in China. One investor said that Mr. Ma has clearly positioned himself as the hero to small business, touting how Alibaba has helped companies grow and expand in China.

W. Fifield Whitman, chief investment officer at John Locke Capital Management L.P., said that’s “exactly what the [Chinese] government wants to hear.” Mr. Whitman said he doesn’t doubt the veracity of such statements but also said it’s a smart way for Alibaba to position the company to get the Chinese government’s full support. “It’s a very good way to get everyone to gloss over potential problems if they arise,” he said, noting the potential for fraud among its user base or possible issues with the Internet in China, including potential government blocks on content.

Alibaba’s Time Frame:

102 years. Mr. Ma often speaks about Alibaba’s long-term plans. Some investors wondered whether that long-term focus could hurt returns in the near-term for investors with a shorter investing horizon.

What should investors know about Alibaba’s decision to separate Alipay, the division which processes its payments, from the broader company in 2011?

Alibaba’s decision to spin-off Alipay, which is an online payment processor often seen as similar to PayPal, has been one of the most controversial in the company’s history. The unit was one of the most profitable parts of the business.

Still investors have looming questions on this front and the ones we spoke with were largely unsatisfied with Mr. Ma’s responses to questions on this topic. Mr. Ma called the decision one of the toughest in his career and basically said that investors will eventually understand why he did it without elaborating further.

Why does Alibaba have such an unusual partnership structure?

Alibaba’s management structure is another source of confusion and potential contention. A group of 27 partners—comprised of company managers and executives of affiliates—can nominate a majority of Alibaba’s board, which gives the group effective control of the company.

Several investors said that Mr. Ma danced around this question without really answering it.

Alibaba did attempt to showcase its management team beyond Mr. Ma by having four other executives on stage responding to questions.

Will Alibaba expand internationally?

Yes, but it’s not a key area of focus, company executives said according to one attendee. Executives said Alibaba is still largely focused on China, where just half of people use the Internet and only of half of those users shop online.

How robust will demand be?

Several investors in attendance said the Alibaba IPO had one of the largest audiences they’d ever seen at a roadshow. Not everyone there had plans to buy, as some people were simply there to understand the story.

Still, the company’s IPO is expected to see significant demand from investors. One investor in attendance said he was relieved to see that Alibaba expects to price at at least $60. The investor said that price point will discourage retail investors and short-term traders from participating as it’s easier to take a position with a stock below $20. That price point will keep some of the “noise” away that was there for Facebook’s IPO.