Alibaba (China) Network Technology Co. ended its planned stake sale in Shanghai-listed chip designer ASR Microelectronics early after selling 7.7658 million shares from August 17 to September 10, according to an ASR filing released on September 10.

The sale raised about 703 million yuan (US$105 million) and cut Alibaba Network’s stake in ASR to 10.5768% from 12.4333%.

The company said it will no longer sell the remaining 4.7833 million shares under a plan disclosed in late May that allowed it to reduce up to 3% of ASR’s total share capital.

After the sale, Alibaba Network remained ASR’s largest single shareholder.

ASR, a Shanghai-based chipmaker listed on Shanghai’s STAR Market in January 2022, designs cellular baseband, system-on-chip, and cloud- and edge-computing chips.

It was backed by Alibaba and Xiaomi before its listing.

🔗 Source: Security Times