(Yicai Global) May 10 -- A general meeting of Suning.Com Co. passed a resolution authorizing the company's management to offload some available-for-sale financial assets, permitting the sale of the company's 0.3 percent stake in Alibaba, it announced yesterday.
Suning.Com's board applied to the general meeting on March 31 for sale of up to 7.66 million shares, or a 0.3 percent stake, in Alibaba Group Holding Ltd. [NYSE:BABA]. Suning.Com will continue to hold 13.16 million shares post-sale, or 0.52 percent stake, in Alibaba.
This is not the first time that Suning.Com has offloaded its Alibaba shares. It sold 5.5 million shares -- a 0.22 percent stake late last year -- or 20.89 percent of the total stake it held then.
Suning.Com formed a partnership with Alibaba in August 2015, under which Shiny Lion Ltd., a wholly-owned overseas Suning.Com unit, subscribed a 1.04 percent stake in Alibaba at USD81.51 per share. The share price of Alibaba [NYSE:BABA] closed at USD196.31 per share on May 8.
Alibaba is its most important strategic partner and holds a 19.99 percent stake in Suning.com, which will integrate its resources and boost strategic cooperation with Alibaba in such areas as joint purchasing, operation of the latter's international e-commerce emporium Tmall.com, logistics services and online-to-offline integration, Suning.Com said.
Editor: Ben Armour