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Alibaba Sale of $128 Million in Shares of Medical Firm Raises Questions Over Ant Group

By Cao Wenjiao and Timmy Shen / Nov 06, 2020 06:03 PM / Finance

Photo: VCG

Photo: VCG

A unit of e-commerce giant Alibaba Group Holding Ltd. has sold some of its shares — worth nearly 850 million yuan ($128 million) — in medical checkup services provider Meinian Onehealth Healthcare Holdings Co. Ltd. The sale caught the market’s attention after the abrupt suspension of its affiliate Ant Group Co. Ltd.’s mega dual listing.

The sold shares in Meinian accounted for almost 1.4% of the company’s total, according to the company’s filing (link in Chinese) to the Shenzhen Stock Exchange.

The Alibaba unit’s move to cash out some of its shares roused market attention as China’s financial regulators are stepping up scrutiny over fintech firms such as Ant Group, including the introduction of new rules for financial holding companies earlier this month. On Monday, China published draft rules that would impose strict limits on Ant Group’s online lending operations that would likely hamper its expansion.

Read the full story here.

Contact reporter Timmy Shen (hongmingshen@caixin.com)


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