UBS AG, the sole underwriter, placed 57.5 million shares, at an indicated price range of HK$19.80 to HK$20.30 each, according to terms of the sale obtained by Dow Jones Newswire which valued the transaction at around $150m (£91m).

That sale gave Yahoo! a 47 percent profit on the stock’s IPO price of two years ago. The original lockup period on the IPO would have required Yahoo to hold onto the shares until November but that was waived in June.

Alibaba.com said in June that Yahoo, Cisco Systems Inc.,American International Group Inc. and other cornerstone investors would be allowed to sell their stakes immediately, five months before the expiry of a previously agreed lock-up agreement. The move was designed to boost liquidity of its shares, the Chinese company said at the time.

The California-based company still holds a 40% stake in the company?s unlisted parent, Alibaba Group, which owns about 70pc of Alibaba.com, giving Yahoo! a 28pc indirect interest in Alibaba.com.

John Spelich, Hong Kong-based vice president for international corporate affairs at Alibaba Group, said they welcomed the share sale. The sale will help the company achieve broader ownership of its stock, he said.

Source : Konaxis