Top Alibaba shareholder to sell $7.9bn in stock

Tokyo – Japanese telecommunications and internet firm Softbank Group said on Tuesday it will sell at least $7.9 billion of shares in Chinese e-commerce company Alibaba Group in order to raise funds to reduce its debt.

The transaction marks the first sale of Alibaba shares by its largest shareholder since Softbank began investing in the company in 2000. Softbank’s Alibaba stake will fall to about 28 percent of the Chinese firm from 32.2 percent in March.