Chinese e-commerce giant Alibaba says it will not sell shares in Ant’s buyback program

By ZEN SOO
AP Technology Writer

HONG KONG (AP) — Chinese e-commerce giant Alibaba has said it will not sell any shares in its one-third shareholding in financial technology company Ant Group Co. because it wants to retain its stake in an “important strategic partner.” Ant’s share buyback program, announced earlier in July, allows shareholders to sell back up to 7.6% of their holdings. Ant’s market valuation has fallen nearly 70% from about $280 billion ($38.9 billion) at the time it was planning an initial public offering in 2020. That was derailed by regulators who investigated the firm. Investors who sell their shares to Ant will likely receive returns far below what they could have expected to get in 2020.