Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Opinion: No, China Isn’t Waiting Out Trump for a Better Trade Deal
Shanghai Paves the Road for Autonomous Vehicles
China’s Internet Safety Week Begins With Alarming Report on Data Privacy
LATEST
Electric Car Battery-Maker Farasis Seeks IPO Cash to Offset Sputtering Sales
Foxconn Founder Terry Gou Abandons Taiwan Leadership Bid
Shenzhen to Make All New Ride-Hailing Vehicles Fully Electric
Suning.com to Open More Than 200 In-Carrefour Stores by September
Experts: Huawei’s Offer to License 5G Technologies a ‘Smart PR Move’
Shanghai Paves the Road for Autonomous Vehicles
Provincial Party Chief Calls On Xiongan to Become Tech Powerhouse
What Tepid Reception? JD.com Notches Turbocharged iPhone 11 Preorders
China’s Internet Safety Week Begins With Alarming Report on Data Privacy
Opinion: No, China Isn’t Waiting Out Trump for a Better Trade Deal
In Depth: Is China’s Animation Industry Ready to Take Off?
Uber-Like Truck-Rental Startup Mulls IPO After Breaking Even
China Evergrande Plans to Build Electric Cars, Batteries in Qingdao
Terry Gou-Backed LCD Panel Plant Seeks Cash Injection
Self-Driving Taxi Industry to Hit Key Inflection Point Next Year, Insider Says
Video App Kuaishou Mulls U.S. IPO, Raises Funds at $25 Billion Valuation
London Stock Exchange Bid in the Works For Long Time: HKEx Chairwoman
Chinese Investors React Coolly to Signs of Easing Trade Tensions
Kweichow Moutai Toasts Long-Term Partnership With Chinese Genomics Giant
After Opening Gates to Outside Food, Disney Clarifies What Is and Isn’t Allowed
SoftBank Nets $11 Billion From Alibaba Stake Sale

By Bloomberg / Jun 05, 2019 03:59 AM / Business & Tech

Photo: VCG

Photo: VCG

Japanese conglomerate SoftBank Group Corp. will book a pretax profit of 1.2 trillion yen ($11.1 billion) from selling part of its stake in Chinese e-commerce leader Alibaba Group Holding Ltd., completing a deal announced three years ago.

The Japanese investment giant said Tuesday it had fulfilled a deal unveiled in 2016, delivering 73 million American Depositary Shares in the online mall operator as agreed to under a forward sale contract. SoftBank, Alibaba’s biggest shareholder, was selling shares in the Chinese company for the first time in 16 years as it looked to strengthen its balance sheet and step up investments in promising startups.

The Alibaba deal was one of several divestments spearheaded by former SoftBank President Nikesh Arora, a portfolio reshuffle that also included the sale of its stake in Clash of Clans developer Supercell Oy. That maneuver made it possible for founder Masayoshi Son to buy chip designer ARM Holdings Plc for $32 billion in 2016, and helped with the creation of the $100 billion Vision Fund.

SoftBank still holds about 26% of Alibaba after the deal. The Japanese company’s own shares have gained 27% this year.

Related: HKEx Chief Charles Li Tells Alibaba ‘Welcome Home’
Share this article
Open WeChat and scan the QR code