Ma, Tsai secure loans from banks via share pledging - report - Breaking The News

Ma, Tsai secure loans from banks via share pledging - report

2 July

1 min read

EPA/SHERWIN

Chinese billionaires Jack Ma and Joe Tsai, who jointly own a 5.8% share of Alibaba Group, have secured loans from "UBS, Credit Suisse, Goldman Sachs and others" by pledging "chunks of their combined" stake in the e-commerce group, the Financial Times reported on Friday, citing a document it obtained.

The amount of the stocks pledged was not clearly stated in the document, the outlet explained, and added that the two investors "repeatedly turned to borrowing against their stock since Alibaba listed in the US in 2014."

Stock pledging is a practice in which lenders accept businesses shares as collateral for loans, but is seen as risky, and is thus limited by a majority of the companies in the United States.

alibaba jack ma tsai

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