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 per cent 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 per cent 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.
Published 23 July 2023, 13:38 IST