Altaba Announces Board Approval of Plan of Complete Liquidation and Dissolution – Business Newswire

What happened: Alibaba’s second-largest shareholder Altaba, formerly Yahoo! Inc., announced its board had approved the liquidation and dissolution plan. The investment company, which owns 11% of the Chinese e-commerce giant, intends to sell no more than approximately 50% of the shares it holds in Alibaba before they gain shareholder approval of the plan and to sell its remaining Alibaba shares after getting shareholder approval, the company announced in a public statement.

“Stocks are for trading. Any shareholder has the right to deal stock anytime on the market, for any purpose. We’re happy to have had Yahoo! invest in Alibaba in the past and to see it now collecting a strong return on its investment,” an Alibaba Group representative told TechNode.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.