Tencent Technology News, Yahoo Company of the United States was once one of the major shareholders of China's e-commerce giant Alibaba Group. The shareholding ratio has been gradually reduced from the earliest 40%. After the transfer of Yahoo's physical business, the shares held by Alibaba Group were retained. In the hands of a residual listed company Altaba. According to the latest news from foreign media, the residual company announced that it will sell the shares of Alibaba Group held by the company (strictly speaking, the US securities depositary receipts listed in the US) from May 20th.
Altaba is also known as the “Alibaba” company because the main business is holding a stake in Alibaba Group. Previously, the company announced plans to liquidate and dissolve the company, so it will also handle the processing of Alibaba shares.
According to foreign media reports, the company announced that the transfer of Alibaba stocks will begin on May 20, 2019, the company intends to pass the US open market transactions and / or private disposal methods not recorded on the public exchange or quotation services Sale of Alibaba shares.
The company had previously disclosed that it intends to sell Alibaba's minimum number of shares to ensure that the company has sufficient liquid assets to pay for the company's board of directors to estimate that the Delaware court may need the maximum potential reserves to meet the company's Some funding needs faced during liquidation.
The company may sell up to 100% of Alibaba stock. However, before the shareholders approve the plan, the company will not sell more than half of its Alibaba shares in any case.
As mentioned earlier, the plan was approved by the board of directors on April 2, 2019. The current plan to sell Alibaba shares will be handed over to the company's shareholders at a special shareholders meeting on June 27, 2019.
According to reports, the company’s shareholders, including Softbank Group, Altaba Hong Kong Ltd., and some members of the Alibaba Group’s management, have imposed certain restrictions on the company’s stock sales activities.
The company announced that in the process of transferring Alibaba shares to the company, the company will announce the number of Alibaba shares that have been sold on the official website every week. The disclosure position is in the official website's “holdings” column.
The company said that the actual start of the sale of the stock, the timing and method of sale, and other related transaction considerations will be left to the discretion of the company, and the plan will change based on current market conditions and other factors.
According to foreign media reports, Altaba is an independent, publicly traded, non-diversified, closed-managed investment company registered under the 1940 “Investment Company Law”. The company's assets mainly include a large stake in Alibaba, which has now become one of the world's largest online retailers.
Prior to June 16, 2017, Altaba was formerly the American veteran portal Yahoo. Later, Yahoo! transferred a large amount of portal content assets to US telecom giant Verizon for more than $4 billion. The remaining equity assets were re-registered as an independent investment company and listed on the US Nasdaq Stock Exchange under the symbol AABA.
According to reports, Altaba currently holds a total shareholding in Alibaba with a market value of approximately $40 billion.
At the time of the establishment of the company, it also held shares of Yahoo! Japan's Yahoo! Japan company, but in September last year, the company transferred all shares of Yahoo Japan.
Previously, for the news that Altaba will sell stocks, Alibaba Group said that shareholders have the right to dispose of the stocks in hand, and it is also gratifying that Alibaba Group's return on investment has helped Yahoo Residue Company today.
Previously, foreign media generally believed that Altaba's sole business was to hold shares of Alibaba Group. The listing of this company would be detrimental to Alibaba Group's own share price changes. Alibaba Group could consider acquiring it to stabilize the stock price trend.
A few years ago, Yahoo co-founders Yang Zhiyuan and Ma Yun reached an agreement to invest in Alibaba Group. Yahoo provided $1 billion in cash and assets of Yahoo China, and acquired a 40% stake in Alibaba Group. Previously, Yahoo’s stake in Alibaba has been gradually reduced.
After Yahoo’s business was transferred, Yahoo Finance and other channels are still functioning. However, Verizon’s total assets of Yahoo’s website and US online website were reduced by about US$4 billion, and the value of the acquisition was devalued. Half, in other words, Verizon's acquisition of Yahoo and the US online site became an unsuccessful deal. The company had hoped to enter the Internet media content market and get online advertising revenue. (Tencent Technology Review / Cheng Hao)