China's sovereign fund selling some Alibaba shares

A logo of Alibaba (China) Technology Co. Ltd at its headquarters on the outskirts of Hangzhou. (Reuters)

Alibaba Group Holding Ltd's  initial public offering could raise more than $21 billion, valuing the Chinese e-commerce giantat up to $163 billion.

Yahoo Inc, the company's second-largest shareholder, had already disclosed it will sell part of its stake in the IPO, but several other companies and individuals were unveiled as sellers in Alibaba's latest filing released on

Alibaba directors and executive officers as a group would make up the second-biggest sellers of stock after Yahoo, potentially raising $1.23 billion from their stakes.

The company did not break down the names of each executive selling shares.

Other sellers include Chinese sovereign wealth fund China Investment Corporation (CIC), Singapore state investor Temasek Holdings, Saudi Arabia's Olayan Group and several private equity firms.

Last Update: Wednesday, 20 May 2020 KSA 09:42 - GMT 06:42