Alibaba to Stay on Sidelines of Ant Group’s $6 Billion Share Buyback
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(Bloomberg) — Alibaba Group Holding Ltd. has decided not to sell any part of its one-third stake in Ant Group Co. Ltd. during the Chinese fintech leader’s imminent share buyback, saying it wants to maintain its slice of an important partner.
Alibaba said in an exchange filing it won’t take part in Ant Group’s plan to buy back as much as 7.6% of its stock, which the latter’s board has approved. That decision comes after the e-commerce company and Temasek Holdings Pte. Ltd. said they were considering unloading part of their stakes during the program.
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