A US$64 million stake in a Tencent-backed bank WeBank is up for auction on Alibaba’s Taobao page for judicial sales

  • A court ruling against the fourth largest shareholder of WeBank has put 12.6 million shares in the private online lender up for auction on Taobao

A customer shops on Taobao at a rural service centre of Alibaba Group Holding in Jinjia Village, located in the eastern coastal province of Zhejiang. Photo: Reuters

Taobao Marketplace has always been a gold mine of unusual things for sale, but an auction of a stake in private Chinese online lender WeBank for 441 million yuan (US$64 million) should qualify as one of the more curious lots to come under the hammer.

The business-to-consumer operation of Alibaba Group Holding is auctioning 12.6 million shares of WeBank at 35 yuan per share, following a ruling by the Shanghai No 1 Intermediate People’s Court against Shenzhen Brightoil Petroleum Group over an unpaid loan to Ping An Bank, according to a disclosure released by the court last Friday.

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