Fast Dog Taxi (02246) fell by more than 4%. As of press release, it was down 3.06%, reporting a turnover of HK$0.475, with a turnover of HK$1,044,000. Currently, the total market value is less than HK$300 million, which has evaporated over 10 billion dollars from when it first went public in 2022.
The Zhitong Finance App learned that Kuaidou Taxi (02246) fell by more than 4%. As of press release, it was down 3.06%, reporting a turnover of HK$0.475, with a turnover of HK$1,044,000. Currently, the total market value is less than HK$300 million, which has evaporated over 10 billion dollars since the beginning of its launch in 2022.
According to the news, according to data from the Hong Kong Stock Exchange, Alibaba sold 3.1 million shares of Fast Dog Taxi shares at an average price of HK$0.6410 per share on January 9, 2024, and its shareholding ratio dropped from 7.28% to 6.79%. According to reports, since November 6, 2023, Alibaba Group has reduced its shareholding of Kuaigou Taxi shares 6 times in total.
Industry insiders have pointed out earlier that Ali is frequently reducing its holdings, probably because of its lack of confidence in fast dog taxis. Specifically, Alibaba's reduction in Kuaidou taxi holdings should be based on concerns about the latter's own development prospects. Coupled with Alibaba's current strategic adjustments, it will focus more on promising investment businesses, and the pace of reducing holdings should be accelerated in the future.