China's Alibaba says will not join Ant Group proposed share buyback

BEIJING, July 23 (Reuters) - China's Alibaba Group said on Sunday it had decided not to participate in affiliate Ant Group's proposed repurchase of shares, but would maintain its shareholding in the company.
 

Ant Group announced a surprise share buyback of up to 7.6% of its equity interest earlier this month, a day after it was fined $984 million by Beijing for violating laws and regulations.
 

Online retail giant Alibaba, which spun off Ant 12 years ago retains a 33% stake.
 

The fine has fuelled hopes that a years-long regulatory crackdown on the company has ended, which could allow it to secure a financial holding company licence, focus on growth, and eventually, revive its plans for a stock market listing.
 

 

(Reporting by Amy Lv and Dominique Patton; Editing by Jan Harvey and Barbara Lewis)