Alibaba to buy more than a fifth of Ant's IPO shares
October 23, 2020
Alibaba plans to acquire 730 million shares in the Shanghai portion of Ant Group's upcoming IPO, representing about 22% of the offering. The Chinese ecommerce giant will also receive about 1.16 billion shares from Ant Group's concurrent listing in Hong Kong as part of a distribution to existing shareholders. Ant Group, which originally spun out of Alibaba as Alipay, is controlled by Alibaba co-founder Jack Ma.