Softbank sells majority of its stake in Alibaba

Japanese investment firm SoftBank Group is to sell almost all of its stake in China’s Alibaba Group Holding. Softbank is preparing to sell all of its remaining stake in Alibaba, one of the most valuable assets in its portfolio, the Financial Times reported, citing filings with the SEC. Shares of Chinese tech giant Alibaba, which trades on the Hong Kong Stock Exchange, fell 3.9 percent in early trading on Thursday, tracking losses in its U.S.-listed shares. A Financial Times analysis of company filings found that SoftBank sold about $7.2 billion worth of shares in the Chinese e-commerce giant through prepaid forward contracts. The sales will leave SoftBank with just a 3.8 percent stake in Alibaba, which has a market value of about $250 billion, the report said.