China Dongxiang has published a report, stating that it will invest USD100 million in the Chinese B2B e-commerce group Alibaba via its wholly-owned subsidiary.
The investment will be completed via the acquisition of Yunfeng Fund LP’s interests. According to the report, China Dongxiang’s wholly-owned subsidiary has agreed to purchase the interest in limited partnership of Yunfeng Fund for USD100 million. Under the conditions of the agreement, the subsidiary will pay the capital in cash on the initial cash day, and the capital will not include the controlling rights of Yunfeng Fund.
The agreement also reportedly stated that Yunfeng Fund’s limited partners, including the subsidiary, will not participate in and have no right to interfere in the operation and management of the fund.
The Chinese Internet company Giant Interactive Group also invested in Yunfeng Fund in the same way. It promised to invest USD50 million in Yunfeng Fund for the purpose of share repurchase from the employees of Alibaba Group.
Alibaba Group has recently launched its share repurchase scheme, in which Silver Lake, Russia’s DST and Yunfeng Fund will jointly acquire USD1.6 billion Alibaba shares hold by its employees and shareholders. The senior executive team of Alibaba Group will then be entrusted with the related voting rights.
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