Shang Tang: Alibaba subsidiary has completed share sale

On July 21st, Global Network Technology Comprehensive Report reported that in the afternoon of today, Shang Tang announced on the Hong Kong Stock Exchange that the company had been notified by Taobao Holdings Limited, a wholly-owned subsidiary of Alibaba Group, that it had orderly sold all of its Class B shares in the company, and as of the announcement date, such sales arrangements had been completed. Taobao Holding Limited's existing business dealings with the group will not be affected

On July 21st, Global Network Technology Comprehensive Report reported that in the afternoon of today, Shang Tang announced on the Hong Kong Stock Exchange that the company had been notified by Taobao Holdings Limited, a wholly-owned subsidiary of Alibaba Group, that it had orderly sold all of its Class B shares in the company, and as of the announcement date, such sales arrangements had been completed. Taobao Holding Limited's existing business dealings with the group will not be affected.

Shang Tang stated in the announcement that the aforementioned share sale arrangement has no impact on the business and operations of the group, as well as the business cooperation arrangements between the group and its partners.

According to the documents disclosed by the Hong Kong Stock Exchange, Alibaba Group sold about 557.4 million SenseTime shares off the market on July 6, with an average price of HK $1.82 per share and a total transaction value of about HK $1.01 billion. As a result, Alibaba's shareholding in SenseTime fell from 5.29% to 3.15%.

According to public data, SenseTime, founded in 2014 and listed on the main board of Hong Kong in 2021, is a world leading artificial intelligence software company focusing on computer vision and deep learning original technology research.

Recently, Shangtang released an upgrade to the "Shangtang Nissin SenseNova" large model system on WAIC, promoting the implementation of technology scenario applications. From the financial report, it can be seen that Shangtang has experienced significant revenue fluctuations in recent years and has suffered consecutive losses. Since 2022, shareholders such as Alibaba and Softbank have all made moves to reduce their holdings.

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