Home / China-US economic relations

    Alibaba's $105b lockup ends, putting focus on Yahoo stake

    (Agencies)

    Updated: 2015-09-22 07:46:06

    Alibaba's $105b lockup ends, putting focus on Yahoo stake

    The booth of Alibaba Group Holding Ltd at an expo in Shanghai. [Photo/China Daily]

    Alibaba Group Holding Ltd set a record with the size of its initial public offering. Now five times that amount of stock just became available, and all eyes are on Yahoo Inc.

    The lockup on 63 percent of Alibaba shares ended on Saturday. In premarket trading, the company shares fell by 1.2 percent on Monday in New York. With Yahoo still working out what to do with its 15 percent stake, investors battered by the e-commerce company's $128.5 billion market slump are bracing for the worst, such as the possibility of more shares hitting the market and driving prices down further.

    Billionaire founder Jack Ma and Vice-Chairman Joseph Tsai have pledged to keep their stock, while analysts expect SoftBank Group Corp to hold onto its shares as the Japanese company parlays its Alibaba windfall into global expansion. SoftBank declined to comment.

    Yahoo is the biggest investor that has not pledged to keep its holding, with Chief Executive Officer Marissa Mayer weighing a spinoff of the $25 billion stake. While Mayer was planning to move Yahoo's 384 million shares in Alibaba into a separate company without paying taxes, there is uncertainty on whether Yahoo can exit without incurring a multibillion-dollar tax bill after the United States' Internal Revenue Service did not give it a preliminary green light.

    "You can't ignore the fact that there is a potential seller in the market-and that has to create some sort of uncertainty around Alibaba shares," said Victor Anthony, an analyst at Axiom Capital Management. "I do think that Yahoo ultimately proceeds with the spinoff."

    A delay in Yahoo's plan could potentially help bolster Alibaba's price because investors would have to wait for access to the spinoff's shares, effectively making it an extended lockup, Anthony said. The main issue is the performance of Alibaba's main business, he said.

    "It's a non-event for both stocks, ultimately-as long as Alibaba continues to perform," Anthony said. "If it does, then I think the lockup's expirations almost become a moot point."

    Rebecca Neufeld, a spokeswoman for Sunnyvale, California-based Yahoo, declined to comment.

    Lockup agreements are put in place to keep a company's share price stable after a market debut, preventing employees and pre-IPO investors from dumping the stock.

    The end of a lockup period can be positive for a stock by ending the overhang from an IPO months or even years earlier. Facebook Inc has climbed more than fourfold since its biggest parcel of shares was released in November 2012.

    "It's typically a catalyst for stocks, but I do think there's going to be another two to three tough quarters for Alibaba," said James Cordwell, a London-based analyst at Atlantic Equities LLP. "There could be a bit of recovery as we get over the lockup."

     
    ...
    中文字幕丰满乱子无码视频| 台湾无码AV一区二区三区| 亚洲日韩AV一区二区三区中文| 免费看又黄又无码的网站| 亚洲国产综合精品中文第一区| 超清无码无卡中文字幕| 天堂а√在线地址中文在线| 亚洲一级特黄无码片| 久久精品亚洲中文字幕无码麻豆| 91中文字幕yellow字幕网| 蜜臀精品无码AV在线播放| 日韩精品无码一区二区三区免费| 中文字幕欧美日本亚洲| 亚洲AV无码一区东京热久久 | 中文精品99久久国产 | 国产成人精品无码一区二区| 无码国产精品一区二区免费虚拟VR | 最近中文字幕高清字幕在线视频| 日产无码1区2区在线观看| 久久亚洲AV成人出白浆无码国产| 免费无码午夜福利片69| 五月丁香啪啪中文字幕| 中文字幕一二三区| 亚洲av中文无码乱人伦在线咪咕 | 色欲香天天综合网无码| 国产做无码视频在线观看浪潮| 亚洲成av人片在线观看无码不卡| 国产色综合久久无码有码 | 亚洲VA中文字幕无码毛片| 精品深夜AV无码一区二区老年| 中文字幕av一区| 亚洲久本草在线中文字幕| 国产中文字幕在线免费观看 | 免费无码又爽又刺激一高潮| 最好看的最新高清中文视频| 精品欧洲av无码一区二区14| 中文字幕人妻在线视频不卡乱码| 最新国产精品无码| 亚洲中文字幕无码不卡电影| 无码国产午夜福利片在线观看| 男人的天堂无码动漫AV|