27 February 2020

Alibaba unit to give 40% stake to staff, statement says

Alibaba Small and Micro Financial Services Group, the micro lending unit of e-commerce giant Alibaba Group Holding Ltd., will distribute a 40 percent stake to 23,810 employees of both companies through an incentive program, according to a statement on the company microblog Friday. The remaining 60 percent will be offered to strategic investors who share Alibaba’s vision and culture, it said. Alibaba chairman Jack Ma {馬雲} will hold 7.3 percent of the micro lender which operates the online payment platform Alipay. Alibaba Small and Micro Financial Services has no timetable for selling shares to strategic investors, the statement said.

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