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Chinese company Alibaba is learnt to have sold 3.16% direct stake in One97 Communications, which operates under Paytm brand, says sources 

Alibaba sells entire stake in Paytm, stock slumps 8% 

Paytm shares: Alibaba sells its entire remaining stake, stock slumps 8%

Chinese company Alibaba is learnt to have sold 3.16% direct stake in One97 Communications, which operates under Paytm brand, say sources. With this, Alibaba no longer has any stake in Paytm.&nbsp;&nbsp;

Chinese company Alibaba is learnt to have sold 3.16 per cent direct stake in digital financial services firm One97 Communications, which operates under Paytm brand, for about Rs 13,600 crore in a block deal, according to sources.
With this deal, Alibaba has sold entire direct stake in the company. Alibaba had 6.26 per cent direct stake in Paytm as of December 2022. Of this, it had sold 3.1 per cent stake in January. The remaining 3.16 per cent was sold on Friday.
"Alibaba has sold its complete direct stake in Paytm in the block deal today," a source aware of the development said.
Besides Alibaba, its group firm Ant Financial holds around 25 per cent stake in Paytm.
Another source said that around 2.8 crore shares were sold in a block deal which includes direct stake of Alibaba while others may have sold for profit- booking.
The trade took place in the price range of Rs 645-655 per share.
Email query sent to Paytm and Alibaba did not elicit any reply in the regard.

Jack Ma founded Alibaba from his bedroom in the eastern city of Hangzhou that started an online shopping revolution and grew into a fintech titan

Jack Ma: tycoon who soared on China's tech dreams grounded by regulators

Jack Ma to give up control of fintech giant Ant Group

Jack Ma founded Alibaba from his bedroom in the eastern city of Hangzhou that started an online shopping revolution and grew into a fintech titan

Jack Ma, the unconventional billionaire founder of tech giant Alibaba and the totem of China's entrepreneurial brilliance, has stepped out of the limelight since a Communist Party crackdown that chopped back his empire.
The most recognisable face in Asian business, Ma has seen his fortune fall by around half to an estimated $25 billion after authorities pulled what would then have been the world's biggest-ever IPO in 2020.
The company changed the shopping habits of hundreds of millions of Chinese people and catapulted Ma to international stardom.&nbsp;
In 2014, Alibaba listed in New York in a world-record $25 billion offering.
Ant is still the world's largest digital payments platform, with hundreds of millions of monthly users on its Alipay app.
But any future listing appears a long way off, with fears persisting that its personal finance products reach too deeply into the pockets of ordinary Chinese.

Share price of Zomato has fallen more than 55% in 2022, even as the food giant witnessed sharp revenue growth in recent quarters

Alibaba to sell Zomato shares worth $200 million 

Share price of Zomato has fallen more than 55% in 2022, even as the food giant witnessed sharp revenue growth in recent quarters

From layoffs to exit of co-founder, food delivery platform Zomato has already been facing tough times. As this was not enough, Chinese e-commerce giant Alibaba Group plans to sell around 3 per cent stake in Zomato for $200 million in a block deal.
The block deal comes months after the one-year lock-in-period for pre-IPO shareholders of Zomato ended on 23 June , 2022.
According to reports, post the deal, Alibaba will continue to hold about 10% stake in the food delivery giant.
Zomato, which raised ₹9,375 crore through an IPO on 23 July last year, has fallen more than 55% in 2022, even as the food giant witnessed sharp revenue growth in recent quarters.

Two years after being derailed by the China's regulators, billionaire Jack Ma plans to give up control of financial technology company Ant Group Co in an effort to move away from affiliate Alibaba Group Holding Ltd, the Wall Street Journal reported. 
Ma, who doesn't hold any titles at Ant, currently controls 50.52% of voting rights in the company. He could transfer some of his voting power to other Ant officials including Chief Executive Eric Jing, Dow Jones cited the people as saying.
Ma has been restructuring his sprawling e-commerce and fintech empire in the aftermath of a sweeping regulatory clampdown on the industry that began in late 2020 when Chinese regulators derailed Ant's planned $37 billion initial public offering, which would have been the world's largest.
A change in control at Ant could slow plans to revive its long-sought IPO, the Journal reported, as China's domestic A-share market requires companies to wait three years after a change in control to list.

Chinese billionaire Jack Ma to give up control of Ant Group?

Chinese billionaire Jack Ma plans to give up control of Ant Group: report

End of the Jack Ma era? 

Ma, currently controls 50.52% of voting rights in the Ant Group

Two years after being derailed by the China's regulators, billionaire Jack Ma plans to give up control of financial technology company Ant Group Co in an effort to move away from affiliate Alibaba Group Holding Ltd, the Wall Street Journal reported.&nbsp;
Ma, who doesn't hold any titles at Ant, currently controls 50.52% of voting rights in the company. He could transfer some of his voting power to other Ant officials including Chief Executive Eric Jing, Dow Jones cited the people as saying.
Ma has been restructuring his sprawling e-commerce and fintech empire in the aftermath of a sweeping regulatory clampdown on the industry that began in late 2020 when Chinese regulators derailed Ant's planned $37 billion initial public offering, which would have been the world's largest.
A change in control at Ant could slow plans to revive its long-sought IPO, the Journal reported, as China's domestic A-share market requires companies to wait three years after a change in control to list.

The Ministry of Electronics and Information Technology has banned 43 more Chinese apps, including e-commerce giants like Alibaba and AliExpress.
The mobile apps have been banned under Sec 69A of the IT Act, 2000 for engaging in activities prejudicial to India's sovereignty, integrity, defence, security and public order.
Earlier in July, the IT Ministry had restricted 59 Chinese apps, including TikTok. And again in September, they banned 118 more citing similar concerns.

Alibaba, AliExpress among 43 more Chinese apps banned

The IT Ministry blocked 43 more Chinese apps, including e-commerce giants like Alibaba and AliExpress

Indian govt bans 43 more Chinese apps
Includes e-commerce giants like Alibaba, AliExpress
Apps&nbsp;banned under Sec 69A of the IT Act
Govt: apps&nbsp;'prejudicial to India's sovereignty'
Earlier, India banned 177 apps on similar grounds

The Ministry of Electronics and Information Technology has banned 43 more Chinese apps, including e-commerce giants like Alibaba and AliExpress, under&nbsp;Sec 69A of the IT Act, 2000 for engaging in activities prejudicial to India's sovereignty, integrity, defence, security and public order.
Earlier in July, the IT Ministry had restricted 59 Chinese apps, including TikTok. And again in September, they banned 118 more citing similar concerns.

China looks to put an end to monopolistic practices in the internet industry with a detailed regulation that aims to curtail the growing influence of corporations like Alibaba and Tencent, Bloomberg reported.
The country&rsquo;s antitrust watchdog is seeking feedback on a raft of regulations that establish a framework for curbing anti-competitive behaviour.
The rules also restrict targeting specific customers through their online behavior, besides forcing the violators to divest assets, open up their infrastructure and adjust their algorithms.
The latest proposal follows heightened scrutiny of tech companies worldwide.

China looks to clip the wings of internet giants

China&rsquo;s new antitrust rules aim to end the monopoly in the internet industry

China looks to end monopoly in the internet industry
Wants a framework to eliminate anti-competitive behaviour
Restrict targeting customers via their online behaviour
Violators may be forced to divest assets, adjust algorithms

China looks to put an end to monopolistic practices in the internet industry with a detailed regulation that aims to curtail the growing influence of corporations like Alibaba and Tencent, Bloomberg reported.
The country&rsquo;s antitrust watchdog is seeking feedback on a raft of regulations that establish a framework for curbing anti-competitive behaviour.
The rules also restrict targeting specific customers through their online behavior, besides forcing the violators to divest assets, open up their infrastructure and adjust their algorithms.
The latest proposal follows heightened scrutiny of tech companies worldwide.

alibaba

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