Alibaba stock gains on report it may sell shares to Ant
Alibaba (BABA) stock gains on report it may sell shares to Ant
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+8.00%
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9988
+3.20%
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Alibaba’s Hong Kong-listed shares (HK:9988) gained 3.2% on Monday after Bloomberg News reported that the tech giant is considering selling shares to Ant Group.
Ant has proposed to buy back 7.6% of its shares, providing early investors with a chance to cut stakes in the fintech startup following the conclusion of a years-long regulatory probe.
Each investor would be allowed to sell up to 7.6% of their equity. The plan values Ant as $78.5 billion, nearly 70% down from the planned 2020 IPO valuation.
Alibaba (NYSE:BABA) took a 33% stake in Ant in 2018.
