Driven by Yahoo’s selling, Alibaba stocks decreased by 11%

According to the Stock Exchange Market information, Alibaba had a total of 57.475 shares before openning transactions on 2:30 pm, involving a total of 1.138 billion Hong Kong dollars.

According to sources yesterday Yahoo was selling 57.481 million shares Alibaba stocks through the UBS with a share price of 19.8 to 20.3 Hong Kong dollars, cash up to 1.167 billion Hong Kong dollars.

Regarding this, research report published by JP Morgan Chase said the action was only for Yahoo’s internal financial needs, which would not cause any negative impact on Alibaba business. According to Alibaba’s management recently, the company had a positive growth prospects in India, in addition they launched an international version platform-AliExpress, so JP Morgan Chase believed Alibaba fundamentals were still strong, expected it to have a flow allotment of shares increased from 24% to 25%, which had a positive impact on the stock. The Bank granted Alibaba “neutral” rating, target price was 22 Hong Kong dollars.

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