Alibaba delisted from HK bourse
Source: Xinhua |
June 21, 2012, Thursday
|
Print Edition
Print Edition
ALIBABA.COM, a leading business-to-business website of the Chinese Internet giant Alibaba Group, was delisted from the Hong Kong stock exchange yesterday.
The withdrawal of the listing, signaling privatization of the group's only publicly traded subsidiary, took effect yesterday, according to a statement jointly issued by the group and the website yesterday.
The privatization of Alibaba.com was agreed by the Grand Court of Cayman Islands, where the group is registered, last Friday, as most of the company's minority shareholders voted in favor of the scheme late last month, according to an earlier statement.
Alibaba Group offered to buy back a 26 percent stake of its subsidiary for HK$13.50 (US$1.74) a share, at an estimated cost of HK$19 billion.
Shareholders gave their nod days after Alibaba Group said it would spend about US$7 billion in repurchasing up to one half of its major shareholder Yahoo! Inc's stake in the company, or around 20 percent of Alibaba's fully diluted shares.
Under the deal between the two sides, if Alibaba makes an initial public offering by the end of 2015, it will buy back one half of Yahoo's remaining stake - a 10 percent holding - at the time of the IPO.
Alibaba.com was founded in 1999 by Jack Ma in Hangzhou, east China's Zhejiang Province, and went public in 2007.
Taking the website private would allow the company to make long-term decisions that are in the best interest of customers, said Ma, the group's chairman.
The withdrawal of the listing, signaling privatization of the group's only publicly traded subsidiary, took effect yesterday, according to a statement jointly issued by the group and the website yesterday.
The privatization of Alibaba.com was agreed by the Grand Court of Cayman Islands, where the group is registered, last Friday, as most of the company's minority shareholders voted in favor of the scheme late last month, according to an earlier statement.
Alibaba Group offered to buy back a 26 percent stake of its subsidiary for HK$13.50 (US$1.74) a share, at an estimated cost of HK$19 billion.
Shareholders gave their nod days after Alibaba Group said it would spend about US$7 billion in repurchasing up to one half of its major shareholder Yahoo! Inc's stake in the company, or around 20 percent of Alibaba's fully diluted shares.
Under the deal between the two sides, if Alibaba makes an initial public offering by the end of 2015, it will buy back one half of Yahoo's remaining stake - a 10 percent holding - at the time of the IPO.
Alibaba.com was founded in 1999 by Jack Ma in Hangzhou, east China's Zhejiang Province, and went public in 2007.
Taking the website private would allow the company to make long-term decisions that are in the best interest of customers, said Ma, the group's chairman.
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