Chinese e-commerce giant Alibaba says it does not plan to sell any shares in its one-third shareholding in financial technology company Ant Group because it wants to retain its stake in an “important strategic partner.”
Alibaba Group Holdings said in a filing Sunday that it will not participate in Ant’s share buyback program. It allows shareholders to sell back up to 7.6% of their holdings at an unspecified price that values the company at 567.1 billion yuan ($78.8 billion).
