SoftBank Group is moving to sell the majority of its stake in Chinese internet giant Alibaba Group Holding, the Financial Times has reported, the latest sign of long-time China investors lowering their exposure there.
The Japanese technology investor has sold more than $7 billion (¥931.6 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.
Pummeled by losses on its startup bets, SoftBank has said it would prioritize financial discipline before seeking the right time to go on the offensive with investments. Investors are also speculating if the company will launch another buyback program.