Beijing (Reuters) – China’s alibaba (NYSE:) Group said on Sunday that it has decided not to participate in the proposed buyback of shares of affiliate Ant Group, but will retain its stake in the company.

Ant Group earlier this month announced a surprise share buyback of up to 7.6% of its equity interest, a day after it was fined $984 million by Beijing for violating laws and regulations.

Online retail giant Alibaba, which spun off Ant 12 years ago, retains a 33% stake.

The fine has raised hopes that years of regulatory crackdown on the company may be over, allowing it to acquire a financial holding company license, focus on growth and revive its plans for an eventual stock market listing.