Yahoo will retain more than half its stake in Alibaba when the Chinese ecommerce site goes public, after agreeing a new deal that will see it sell just 40 per cent of its shares in the much-awaited initial public offering.
The California-based internet company, which many investors have bought into on the promise of its 24 per cent Alibaba stake, said it believed in the “long-term potential and value of Alibaba”.
Alibaba’s net income soared 145 per cent to $717m in the third quarter, compared with the same period the year before, while revenue rose 61 per cent to $1.74bn. But the growth rate slowed slightly from the second quarter.
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