SoftBank has moved to sell almost all of its remaining shares in Alibaba, the Financial Times reported. The sale would come as valuations of China's big tech firms have started recovering after an end to two years of heightened regulatory scrutiny
SoftBank has been seeking ways to monetise its stake in Alibaba, which the Japanese conglomerate bought into more than two decades ago by spending just $20 million.
"Perhaps some expected that they may slow the pace of their selling in now that their Arm IPO is moving closer to completion, but ultimately everything they are doing is within the scope of what they have told the market."SoftBank aims to list British chip designer Arm this year in an initial public offering thatforward sales based on filings at the U.S. Securities and Exchange Commission showed SoftBank's Alibaba stake would eventually fall to 3.8% from almost 15%.
SoftBank said the transactions reflected a shift to "defensive mode" to address an uncertain business environment and that it would provide details in its quarterly earnings results announcement in May, the British newspaper reported. Vision Fund, which upended the tech world with big bets on startups, posted a staggering 8 trillion yen loss in calendar 2022 as market turmoil slashed portfolio firms' valuations, prompting SoftBank to raise cash.- a type of derivative contract that allows investors to hedge risk.
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