7/16, 7:47 AM (Source: TeleTrader)
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Alibaba splits shares as investors wait for IPO

Alibaba Group Holding Ltd.'s shareholders approved the eight-to-one increase in the number of authorized ordinary shares at the annual meeting. The China-based ecommerce heavyweight said in a filing with the United States Securities and Exchange Commission that the switch includes all outstanding options, share awards and restricted stock units. It reportedly filed confidentially in Hong Kong for a secondary listing a month ago.

The board was given a one-year deadline for the so-called share subdivision. As planned, the stock split comes with the change in the ratio of ordinary shares to American depositary shares (ADS), also to one to eight. Voters controlling 97.7% of the company participated in yesterday's gathering and 99.9% of them approved the proposal. New directors were also given strong support.

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