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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.

His company said in a statement on Saturday it was adjusting its ownership structure so that "no shareholder, alone or jointly with other parties, will have control over Ant Group".

Following Bejing's crackdown, billionaire Jack Ma to give up control of Ant Group

His company said in a statement on Saturday it was adjusting its ownership structure so that "no shareholder, alone or jointly with other parties, will have control over Ant Group".

Jack Ma will cede control of Chinese fintech giant Ant Group, the company announced Saturday, following a Communist Party crackdown on the nation's tech sector that targeted the charismatic billionaire.
One of China's most recognisable entrepreneurs, Ma once exemplified a generation of Chinese technology moguls with his rags-to-riches personal tale and penchant for public showmanship.
But the former English teacher has retreated from public view since Beijing torched Ant's planned initial public offering in Hong Kong in 2020 following his barbed comments about government regulators.
His company said in a statement on Saturday it was adjusting its ownership structure so that "no shareholder, alone or jointly with other parties, will have control over Ant Group".
Also Watch| <a href="https://www.editorji.com/world-news/china-suspends-social-media-accounts-of-covid-policy-critics-1673089605315">China suspends social media accounts of Covid policy critics</a>
Laying out the firm's previous complex structure, the announcement showed Ma indirectly controlled 53.46 percent of Ant's shares and deemed him the company's "control person".
He will hold just 6.2 percent of the voting rights following the adjustment, based on information in the statement.
"The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development," the Ant statement said.
Ten individuals -- including the founder, management and staff -- will "exercise their voting rights independently", it said.
The adjustment will not change the economic interests of any shareholders.
Ant operates Alipay, the world's largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond.

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.

Chinese e-commerce giant Alibaba's unit reportedly fabricated documents in India as per reports citing people probing the firm. Alibaba Cloud (India) LLP currently is being investigated by the Ministry of Corporate Affairs (MCA) and the Mumbai Police based on complaints alleging criminal conspiracy, breach of trust as reports on ET. ET reports that the probe has allegedly unearthed that after Alibaba Cloud was incorporated in India, the indian-origin partner left and the control/mgmt was squarely with the Chinese nationals. Also unnamed sources added that even the registered office in Mumbai was not found to be existing.
Alibaba Cloud is one of the 700 companies with Chinese nationals on board that the MCA launched investigated based on intelligence inputs from the union home ministry on suspicion of money laundering. 
 

Chinese firm Alibaba fabricated documents in India: reports

Alibaba's unit in India reportedly forged documents and had a 'non-existing' incorporation address

Did Alibaba forge documents in India?

Alibaba Cloud (India) LLP is being investigated by the Ministry of Corporate Affairs (MCA) and the Mumbai Police

Chinese e-commerce giant Alibaba's unit reportedly fabricated documents in India as per reports citing people probing the firm. Alibaba Cloud (India) LLP currently is being investigated by the Ministry of Corporate Affairs (MCA) and the Mumbai Police based on complaints alleging criminal conspiracy, breach of trust as reports on ET.&nbsp;
Also read/watch| <a title="You could have an e-passport by the end of this year, Thanks to TCS" href="https://www.editorji.com/business-news/you-could-have-an-e-passport-by-the-end-of-this-year-thanks-to-tcs-1655780629413">You could have an e-passport by the end of this year, Thanks to TCS</a> ET reports that the probe has allegedly unearthed that after Alibaba Cloud was incorporated in India, the indian-origin partner left and the control/mgmt was squarely with the Chinese nationals. Also unnamed sources added that even the registered office in Mumbai was not found to be existing.
Alibaba Cloud is one of the 700 companies with Chinese nationals on board that the MCA launched investigated based on intelligence inputs from the union home ministry on suspicion of money laundering.&nbsp;

Paytm's Vijay&nbsp;Shekhar&nbsp;Sharma&nbsp;feels the actual heat as his e-commerce business,&nbsp;Paytm Mall&rsquo;s valuation drops from $3 Bn to $13 Mn&nbsp;with its lead investors Chinese internet giant, Alibaba and investment firm, Ant Financial taking an exit from the firm.&nbsp;
According to report,&nbsp;Paytm E-commerce bought back the entire stake of Alibaba (28.34%) and Antfin (Netherlands) Holding (14.98%), a total of 43.32%, for&nbsp;₹42 crore.&nbsp;
About Paytm&nbsp;Mall
Vijay Shekhar Sharma had launched Paytm Mall in 2016 to leverage the accelerating online shopping behaviour trend and was able to secure $500 million in a fund-raising round led by SoftBank and other investors giving the company a unicorn tag. In total, Paytm Mall raised $800 million from various investors such as Alibaba, Ant Financial, SoftBank, Elevation Capital (SAIF Partners), and eBay.

Paytm Mall: 99.5% valuation decline as key investors Alibaba, Ant Group exit 

Paytm's Vijay Shekhar Sharma feels the actual heat as his e-commerce business, Paytm Mall’s valuation drops from $3 Bn to $13 Mn. 

Here's the reason  

Paytm Mall's valuation drops from $3 Bn to $13 Mn

Jack Ma was one of the oldest investors in the Vijay Shekhar Sharma-led ecommerce firm, putting in $200 million at a $1 billion valuation in its first fundraise in 2017

Paytm's Vijay&nbsp;Shekhar&nbsp;Sharma&nbsp;feels the actual heat as his e-commerce business,&nbsp;Paytm Mall&rsquo;s valuation drops from $3 Bn to $13 Mn&nbsp;with its lead investors Chinese internet giant, Alibaba and investment firm, Ant Financial taking an exit from the firm.&nbsp;
According to report,&nbsp;Paytm E-commerce bought back the entire stake of Alibaba (28.34%) and Antfin (Netherlands) Holding (14.98%), a total of 43.32%, for&nbsp;₹42 crore.&nbsp;
About Paytm&nbsp;Mall
Vijay Shekhar Sharma had launched Paytm Mall in 2016 to leverage the accelerating online shopping behaviour trend and was able to secure $500 million in a fund-raising round led by SoftBank and other investors giving the company a unicorn tag. In total, Paytm Mall raised $800 million from various investors such as Alibaba, Ant Financial, SoftBank, Elevation Capital (SAIF Partners), and eBay.

alibaba group

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