SoftBank Moves to Slash Alibaba Stake, Fueling $13 Billion Slump
- SoftBank sold about $7 billion in shares this year, paper says
- Alibaba’s stock slumps Thursday after FT report of stake sale
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SoftBank Group Corp. is moving to sell the majority of its stake in Chinese internet giant Alibaba Group Holding Ltd., the Financial Times reported, the latest sign of long-time China investors lowering their exposure there.
The Japanese technology investor has sold more than $7 billion in Alibaba shares this year through prepaid forward contracts, after selling $29 billion last year, according to the newspaper. The contracts give SoftBank the option to buy the shares back, but the group has settled previous deals by handing over the stock, the Financial Times reported.