Alibaba’s founder Jack Ma has not sold any shares in the e-commerce giant, Chief People Officer Jane Jiang told employees in an internal letter on Wednesday, following regulatory filings last week showing Ma’s intention to sell 10 million shares for around $870 million, the day Alibaba released its second-quarter earnings. Jiang gave the reason as a current lower-than-expected share price since valuation in August. Proceeds of the now-canceled sale were expected to fund investments in agricultural science and public welfare projects, the letter said. [LatePost, in Chinese]
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