Alibaba Group decided to not sell one -third of its shares held to Ant Group during the proposed stock repurchase of Ant Group, a Chinese fintech leading company.Alibaba said he hopes to maintain the shareholding of this important partner.
According to the Bloomberg Society on Monday (July 24), Alibaba issued an announcement on the Hong Kong Stock Exchange that the shareholders of the Ant Group have approved the Group's repurchase of no more than 7.6%of its shareholders' repurchase shares of its shareholders.Alibaba will not participate.Earlier, Alibaba and Singapore Investment Corporation Temasek have stated that they consider selling the shares held in Ant Group's stock repurchase.
Ant Group once led online fields such as mobile payment to fund management, but since the Chinese regulatory agency suspended its first public offering (IPO) in November 2020, the group's value has shrunk significantly.
It is reported that the plan to repurchase shares to Ant Group is about RMB 567.1 billion (about S $ 104.8 billion).This value is nearly 70%lower than the market value of the IPO forced to stop in 2020.
China Supervisory Official In early July, the two technology giants of Ant Group and Tencent Holdings were fined a total of more than 1 billion US dollars (about S $ 1.33 billion).Painted an end.The Ant Group has completed the rectification required by Beijing, although this has weakened its profitability and suppressed the growth of a huge platform across loans, insurance and asset management.
