By Reuters | Updated: 20 December 2023
Dec 19 (Reuters) – Alibaba Group (9988.HK) reduced its stake in China-based electric-vehicle maker Xpeng (9868.HK) for the second time this month, according to a regulatory filing on Tuesday.
Alibaba reported a 9.2% stake in the stock as of December 15, compared with its stake of 12.5% more than a week ago.
The Chinese e-commerce giant had cut its holdings in Xpeng’s Class A ordinary shares by about 6.5%, as of December 6.
Xpeng, which faces extensive competition in the vast Chinese EV market, posted a wider-than-expected third-quarter operating loss in November due to costs stemming from a production ramp-up.
Thomson Reuters 2023
