Jack Ma, co-founder of Chinese tech heavyweight Alibaba Group Holding Ltd didn't sell a single share of the company, and will continue to hold Alibaba's shares, said Jiang Fang, a partner and chief talent officer of Alibaba in the company's internal network on Wednesday.
The comments from Jiang came after a regulatory filing showed that Ma's family trust plans to sell 10millionAmerican Depository Shares of Alibaba for about $871 million(6.2 billion yuan).
Jiang said in order to raise funds for agricultural technology and public welfare projects, Ma's office signed a share reduction contract earlier this year with stockbrokers in accordance with the provisions from the US Securities and Exchange Commission.
The reduction plan would be announced to the public in mid-November according to relevant regulations, Jiang said, adding the selling price which was set in August was much higher than the current stock price, so "Ma did not sell a single share".
Jiang also emphasized that Ma will continue to hold the company's shares, and the current stock price of Alibaba is far below its real value.
