In response to market rumors that Jack Ma Yun had sold Taobao's shares, Alibaba Group issued a statement saying that he has never transferred or sold Taobao's shares, nor does he plan to.

(File Photo: VCG)

It was reported earlier that after Ma announced his retirement for more than 100 days, he sold his stake in Taobao. According to tianyancha.com, a website for company information searches, Ma and Xie Shihuang withdrew from the equity record of Zhejiang Taobao Network Co., Ltd. last Friday, and added Hangzhou Zhenxi Investment Management Co., Ltd. as the sole shareholder.

Analysts said that this is actually a follow-up to Alibaba's VIE structure adjustment. In response to the key person risk, Alibaba said it would change its VIE structure in July 2018, that Ma and Xie were no longer the main controllers.

The National Enterprise Credit Information Publicity System shows that the sole shareholder of Zhejiang Taobao Network Co., Ltd. is Hangzhou Zhenxi Investment Management Co., Ltd.

“This is a very normal and common technical and legal level of operation in any company management process. Such adjustments will further advance the transparency and openness of Alibaba's management. There is no harm to the future of the company,” Alibaba said in the statement.