HomeInvestmentsSoftbank to Sell All of its Alibaba Shares

Softbank to Sell All of its Alibaba Shares

Japanese technology investor SoftBank Group Corp has decided to sell all of its remaining shares in Alibaba Group Holding Ltd, The Financial Times reported. This move saw Alibaba’s stock sink by over 5.2% in Hong Kong on Thursday morning.

SoftBank has long been looking to monetize its stake in Alibaba, having bought its stake in the company two decades ago for $20 million. “They (SoftBank) have been clear that … they need to monetise profitable holdings,” Jon Withaar, head of Asia special situations at Pictet Asset Management noted.

Valuations of Chinese big tech firms have been recovering this year after a two-year slump which included heightened regulatory scrutiny. This has provided a window for investors such as SoftBank to sell their shares, thereby pulling out of an economy rocked by strict pandemic policies and Sino-U.S. tension.

The Japanese firm’s decision follows a recent trend that saw Tencent Holdings Ltd’s stock fall by 5.2% when its top shareholder, Netherlands’ Prosus NV, decided to sell more of its shares in the social media giant.

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