Share

George Soros sells off most of his Alibaba stocks

San Francisco - American billionaire George Soros's fund has sold most of its stake in the Chinese e-commerce giant Alibaba, according to regulatory filings Friday.

In its quarterly statement to the US Securities and Exchange Commission, Soros Funds Management said that as of June 30, it had sold all but nearly 60 000 Alibaba shares, valued at $4.88m.

At the end of March, the fund still had 4.4 million shares valued at nearly $370m.

Similarly, the Tiger Global Management investment fund reduced its stake in the Chinese group from 6.7 million shares at the end of March to just 93,494 shares three months later, filings show.

Alibaba reached historic highs in November, two months after its initial public offering on Wall Street but it has since lost 37% of its value.

The group's latest quarterly results, published this week, showed a more pronounced slowdown than expected in sales growth, disappointing Wall Street.

The two largest shareholders of Alibaba are still Japan's SoftBank (31.75% at the end of 2014) and Yahoo (15.27%).

Founded by Jack Ma in 1999, Alibaba is China's biggest e-commerce company but is seeking to expand beyond its traditional business.

The Chinese company and Amazon are considered competitors in some areas, but unlike the US firm which makes its own e-book reader, Alibaba has no products of its own and simply provides a trading platform.


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.0%
Rand - Pound
23.90
+0.0%
Rand - Euro
20.41
+0.1%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
+0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders