1. Alibaba Cuts Stakes to Raise Cash amid Regulatory Landscape
- Alibaba plans to sell 25 million Xpeng Inc. shares, raising $391 million, reducing its stake from 10.2% to 7.5%.
- It also trims GOGOX stake by 4.7 million shares, decreasing Alibaba's stake to 10.42%.
- China's State Council announces stricter rules for non-bank payment institutions effective May 1, 2024.
- Regulatory uncertainties may delay Ant Group's spin-off.
$BABA-W (09988.HK)$ $Alibaba (BABA.US)$ $XPeng (XPEV.US)$ $XPENG-W (09868.HK)$ $GOGOX (02246.HK)$