Alibaba, Matrix Partners China Slashed Stakes in Momo Over Past Year
Yicai Global
/SOURCE : Yicai
Alibaba, Matrix Partners China Slashed Stakes in Momo Over Past Year

(Yicai Global) April 28 -- Alibaba Group Holding Ltd. [NYSE:BABA] and Matrix Partners China dumped their stakes in Momo Inc. [NASDAQ:MOMO],a social networking app operator,over the past year, according to Momo's annual filing with the US Securities and Exchange Commission.

Chinese e-commerce giant Alibaba held almost 77.75 million shares as of March 31, 2016 and was its second-largest shareholder with a 20.2 percent stake and a 6.2 percent voting right, according to the filing submitted on April 26. Alibaba has been selling Momo shares and is no longer its major shareholder.

Matrix Partners China has dumped over 24 million Momo shares in the past year. As of March 31, 2016, it held nearly 66 million shares, with a 17.2 percent stake and a 5.3 percent voting right. It now has just over 41.7 million shares, with a 10.6 percent stake and a 3.6 percent voting right.

Gallant Future Holdings, a family trust controlled by Momo chief executive Tang Yan and his wife, has sold 4 million Momo American depositary shares, raising USD152 million. Gallant Future Holdings sold Momo shares for seven consecutive days between April 17 and 25, selling 173,600 shares each time for USD38 each, according to the filing.

Neil Shen, partner at Sequoia Capital China, holds a little more than 12.07 million class A ordinary shares, with a 3.1 percent stake and a 1 percent voting right. Yu Feng, partner of Yunfeng Fund, holds just over 11.64 million , with a 3 percent stake and a 1 percent voting right.

Tang and his wife Zhang Sichuan hold 13.23 million class A ordinary shares and almost 85.89 million class B ordinary shares, with a 24.8 percent stake and a 74.4 percent voting right.

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Keywords: Alibaba , Matrix Partners , MOMO , Divestment , Social Networking Apps