China's Alibaba says it will not join Ant Group share buyback
Reuters
Published Jul 23, 2023 07:42AM ET
Updated Jul 23, 2023 08:20AM ET
BEIJING (Reuters) - China's Alibaba (NYSE:BABA) Group said on Sunday it had decided not to participate in affiliate Ant Group's proposed repurchase of shares, but would maintain its shareholding in the company.
Ant Group announced a surprise share buyback of up to 7.6% of its equity interest earlier this month, a day after it was fined $984 million by Beijing for violating laws and regulations.
Online retail giant Alibaba, which spun off Ant 12 years ago retains a 33% stake.
The fine has fuelled hopes that a years-long regulatory crackdown on the company has ended, which could allow it to secure a financial holding company licence, focus on growth, and eventually, revive its plans for a stock market listing.
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Written By: Reuters
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