Alibaba Sells More Momo Inc Shares, Reducing Its Holding in Mobile Social Networking Firm to 14%
Yicai Global
/SOURCE : Yicai
Alibaba Sells More Momo Inc Shares, Reducing Its Holding in Mobile Social Networking Firm to 14%

(Yicai Global) March 28 -- Alibaba Group Holding Ltd. [NYSE:BABA] cut its holding of mobile social networking company Momo Inc.'s [NASDAQ:MOMO] American depositary shares (ADS) by another 9 million at a price of US32.05 per American depository share (ADS) on March 23, according to a regulatory filing submitted by Momo to the US Securities and Exchange Commission yesterday.

Alibaba currently holds 40,869,140 class A ordinary shares and its stake in Momo has declined from 20.2 percent on March 9 to 14 percent, which gives Alibaba a 3.2 percent voting right.

The company disposed of 3.71 million Momo ADSs at a price of USD29.10 per ADS on March 9.

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Keywords: China , USA , Business , TECHNOLOGY , Equity , Reduce , MOMO , Alibaba