{"id":172087,"date":"2023-11-22T08:00:00","date_gmt":"2023-11-22T00:00:00","guid":{"rendered":"https:\/\/www.mediaintel.asia\/?p=927686"},"modified":"2023-11-22T08:00:00","modified_gmt":"2023-11-22T00:00:00","slug":"jack-ma-reverses-plan-to-trim-stake-after-alibaba-share-tumble","status":"publish","type":"post","link":"https:\/\/www.chinalegalblog.com\/en\/2023\/11\/22\/jack-ma-reverses-plan-to-trim-stake-after-alibaba-share-tumble\/","title":{"rendered":"Jack Ma reverses plan to trim stake after Alibaba share tumble"},"content":{"rendered":"<div align=\"center\"><a href=\"https:\/\/www.mediaintel.asia\/\" title=\"MediaIntel.Asia provides Media Intelligence and Media Monitoring in Asia\" ><img src=\"https:\/\/www.mediaintel.asia\/wp-content\/uploads\/mediaintelasia-logo-blackyellow-400x300-1.png\" border=\"0\" width=\"200\" height=\"150\" alt=\"MediaIntel.Asia\"><\/a><\/div>\n<p>(Bloomberg) \u2014 Alibaba Group Holding Ltd. founder Jack Ma is walking back plans to trim his stake after the Chinese e-commerce heavyweight suffered its biggest selloff in more than a year last week.<br \/>\nMost Read from Bloomberg<br \/>\nMa has not sold a single share in Alibaba, as the stock price has not reached the level the billionaire was seeking, according to an internal memo from the company\u2019s Chief People Officer Jane Jiang Fang viewed by Bloomberg News. Ma is confident in the ecommerce leader\u2019s future, the memo read. Several Chinese media outlets including The Paper reported the news earlier.<br \/>\nThe 59-year-old Ma\u2019s plans to sell 10 million shares worth about $870 million on Nov. 21 became public in regulatory filings last week. The disclosure coincided with the company announcing it\u2019s scrapped plans to spin off its $11 billion cloud business, and the combined effect was a $22 billion drop in market value in a single day.<br \/>\nEscalating US-China technological rivalry is forcing a reset in Alibaba\u2019s strategy, casting doubt on its attempts to rebound from an industrywide crackdown in China and fight off scrappy new entrants such as ByteDance Ltd.\u2019s Douyin.<br \/>\nAlibaba founder Jack Ma.<br \/>\n\u201cMa\u2019s office has issued a statement saying that Ma will continue to hold onto his Alibaba stake. This is a fact and not mere lip service,\u201d Jiang said in the note. \u201cAlibaba\u2019s current price is significantly lower than its real value so he will not sell.\u201d The billionaire believes that the value of Alibaba\u2019s businesses will increase, she said.<br \/>\nMa\u2019s family office needed funds to invest in agricultural enterprises and charities in China and elsewhere, and made arrangements with a broker earlier this year for a share sale at a price set in August, Jiang said. The broker was not aware that the disclosure of the sale agreement would come on the same day as the company\u2019s financial results, she said.<br \/>\nStory continues<br \/>\nMost Read from Bloomberg Businessweek<br \/>\n\u00a92023 Bloomberg L.P.<\/p>\n<p>This data comes from <a href=\"https:\/\/www.mediaintel.asia\/\" title=\"MediaIntel.Asia provides Media Intelligence and Media Monitoring in Asia\" >MediaIntel.Asia's Media Intelligence and Media Monitoring Platform<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Bloomberg) \u2014 Alibaba Group Holding Ltd. founder Jack Ma is walking back plans to trim his stake after the Chinese e-commerce heavyweight suffered its biggest selloff in more than a year last week.<br \/>\nMost Read from Bloomberg<br \/>\nMa has not sold a single sha&#8230;<\/p>\n","protected":false},"author":253,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46,144,49,671,194,493,222],"tags":[10309,3472,1772,10315,8864],"class_list":["post-172087","post","type-post","status-publish","format-standard","hentry","category-alibaba","category-china","category-e-commerce","category-finance","category-news-chinese-law","category-online-shopping","category-online-video","tag-bytedance","tag-chinese","tag-jack-ma","tag-media-intelligence","tag-news-media"],"_links":{"self":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/172087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/users\/253"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/comments?post=172087"}],"version-history":[{"count":1,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/172087\/revisions"}],"predecessor-version":[{"id":172088,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/posts\/172087\/revisions\/172088"}],"wp:attachment":[{"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/media?parent=172087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/categories?post=172087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chinalegalblog.com\/en\/wp-json\/wp\/v2\/tags?post=172087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}