Japanese tech Investment giant SoftBank decided to sell almost everything of her share in The Financial Times reported Thursday that Alibaba will limit its exposure to China.
SoftBank was an early investor in Chinese internet giant founded by Jack Ma but has started to unload it shares last year.
According to the report, SoftBank which used to own 34% of Alibaba, sold more of $7 billion of that it shares since start of the year by prepayment forward shrinkage.
last year sold a record $29 billion of shares in The Chinese company, the Financial Times reported.
Involved in Ali Baba fell over 5% in one a point in Hong Kong, before almost recovering half losses.
Like the other leading Chinese tech companies, alibaba was negatively affected by a regulatory oppression on industry that started in 2020.
that yearBeijing pulled the plug on What would have been a giant Hong Kong initial public an offer for Ali Baba digital payment company Ant Group, just 48 hours before its completion.
Then Ali Baba was investigated for Alleged anti-competitive behaviorand in the end fined a record $2.75 billion.
company last The month of the most significant organizational restructuring since its inception, as it divided its operations into six separate entities.
It seems that the Chinese authorities have adopted a file more Conciliatory attitude towards domestic industry in Recent months, but the uncertainty around the sector remains.
Tencent, another big Chinese tech firm, fell over 5% in Hong Kong Stock Exchange on Wed after Prosus NV – her main Contributor – suggested withdrawal.