SoftBank Group Moves to Pare Bulk of Stake in Alibaba, FT Reports
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Dow Jones
--SoftBank Group Corp. has moved to sell down nearly its entire holding in Alibaba Group Holding Ltd. as it raises cash amid a downturn in tech stocks, the Financial Times reports, citing its analysis of U.S. regulatory filings.
--According to the FT, SoftBank is reducing its stake in the Chinese e-commerce company to 3.8% via prepaid forward contracts, and though these give it the option to buy the shares back, the Japanese company has settled previous deals by handing over the stock.
--SoftBank held a 13.5% stake in Alibaba as of the end of December.
Full story: on.ft.com/3UvNVTY
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
April 12, 2023 21:12 ET (01:12 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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