Shulou(Shulou.com)11/24 Report--

According to news from CTOnews.com on February 24, Alibaba recently announced on the Hong Kong Stock Exchange that Softbank Corp. Group's stake in Ali has fallen below the 15 per cent threshold required to nominate directors of the company.

Kabir Kabir Misra, who previously represented Softbank Corp. on Ali's board, has been transferred to an independent director, but no longer represents Softbank Corp.. Misra has also been appointed as a member of the Remuneration Committee, effective February 22, 2023. After this transfer, Ali's board of directors now has 10 directors, including 6 independent directors.

Misra was elected as a director of the company as Softbank Corp. 's nominee in September 2020, the announcement said. On November 29, 2022, Softbank Corp. informed Ali in writing that as of that day, Softbank Corp. 's beneficial ownership of Ali's common shares had been reduced to less than the voting agreement signed on September 18, 2014 and amended from time to time, and the threshold of Softbank Corp. 's right to nominate a director in relation to the articles of association of the company. Softbank Corp. also confirmed in writing to Misra and Ali around the above-mentioned date that he would no longer maintain a representative of the board of directors, and Misra also confirmed that he would cease to represent Softbank Corp. on the board of directors.

According to the announcement, Misra currently serves as a member of the board of directors only in his personal capacity and does not represent Softbank Corp. or aims to protect the interests of Softbank Corp.. Misra has confirmed that even though he was previously nominated by Softbank Corp. as a director of the Company, he did not accept Softbank Corp. 's voting instructions and did not discuss the Company's affairs with Softbank Corp. after joining the board of directors in September 2020. The Board believes that Misra will be able to use its professional judgment and its extensive knowledge and experience in information technology, investment, employee remuneration and corporate governance to benefit the Company and its shareholders as a whole.

According to CTOnews.com, Softbank Corp. sold Alibaba shares several times and cashed out trillions of yen after experiencing huge losses in fiscal year 2021 and the first quarter of 2022. As of August 2022, Softbank Corp. 's stake in Alibaba had fallen below 15 per cent to 14.6 per cent.

Related readings:

"CFO explains why Softbank Corp. suddenly sold Alibaba's shares."

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