Alibaba Falls as Stock Filing Seen as Sign of SoftBank Sale
- Stock slid 6% in U.S. trading after Citi, JPM notes on filing
- Pre-IPO investor Softbank owns 24.8% stake, Citi says
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Alibaba Group Holding Ltd. shares dropped 6.1% in U.S. trading on Monday after Citigroup Inc. analysts saw its additional American depositary share registration in the U.S. as a sign that SoftBank Group Corp. may sell part of its stake.
Analysts at JPMorgan Chase & Co also said in a note to clients that the further one billion ADS registration indicates some of the insiders, either management or early investor SoftBank, might dispose of Alibaba shares in the near future.