GEORGE SOROS has become one of Alibaba.com’s largest shareholders after buying into the company late last year, according to the Chinese e-commerce provider.
The involvement of the US billionaire investor was revealed yesterday by David Wei, chief executive of Alibaba.com.
The news came as Alibaba Group, the website’s parent, said it was ready to buy out Yahoo, which holds a 39 per cent stake in the parent.
Alibaba.com’s shares rose 5 per cent to HK$15.82 in Hong Kong after rallying 11 per cent at one point. The stock has lagged behind other Hong Kong-listed stocks with a 13 per cent slide this year.
The company said yesterday Mr Wei had disclosed the investment in the context of queries about the share price.
Alibaba declined to comment on the size of the stake taken by Mr Soros, chairman of Soros Fund Management.
According to documents filed to the Hong Kong Stock Exchange, Alibaba Group has a 73.22 per cent stake in Alibaba.com.
Yahoo sold its 1 per cent direct holding in Alibaba.com last year.
Companies listed on the Hong Kong exchange must disclose any shareholding over 5 per cent.
Mr Soros’s fund could not be reached for comment.
Joseph Tsai, Alibaba Group’s chief financial officer, said the group was interested in buying out Yahoo. The US internet company paid $1 billion for the stake, in a deal under which Alibaba took control of Yahoo China in 2005. – Copyright 2010 The Financial Times Limited
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