Shares of Alibaba.com have risen 42% after its parent group said it would take the company private, gaining full control over China's biggest business-to-business e-commerce site.

阿里巴巴母公司将完成私有化，以全面控制中国最大的B2B电子商务网站，其股票随之上涨42%。

Mr Ma says the move will free Alibaba.com from the pressures" of a publicly listed company
Alibaba Group said it would pay about $2.4bn(£1.5bn) to complete the move, meaning a 46% premium¹ for shareholders².

Shares of the Hong Kong listed site had been suspended since 9 February.

The parent firm has also been in intense negotiations³ to buy back a 43% stake owned by US internet giant Yahoo.

"Taking Alibaba.com private will allow our company to make long-term decisions that are in the best interest of our customers and that are also free from the pressures that come from having a publicly listed company," said Alibaba group chairman Jack⁴ Ma.

Shifting focus

Alibaba.com brings together small manufacturers with buyers around the world.

It reported a 6% fall in fourth quarter net profit on Tuesday. The company said it was cautious on short term growth prospects⁵ because of uncertainty⁶ in the global economy and its impact on Chinese exports.

It said it had recently shifted strategy towards improving the quality of suppliers and the customer experience, instead of increasing the number of manufacturers which contributed to strong growth in recent years.

"The new strategy may adversely⁷ affect the company's revenue growth and limit earnings⁸ visibility for the foreseeable future," Alibaba Group said in a statement filed to the Hong Kong Stock Exchange.