SoftBank, the Japanese tech investment giant, has decided to sell almost all of its stake in Chinese internet giant Alibaba to reduce its exposure to China, according to the Financial Times. SoftBank, which had once owned 34% of Alibaba, has sold over USD7bn of its shares this year through prepaid forward contracts, following a USD29bn sale in the previous year. Shares in Alibaba dipped more than 5% in Hong Kong, but have since recovered. Like other leading Chinese tech companies, Alibaba has suffered from a regulatory clampdown on the industry since 2020. The company was fined a record USD2.75bn for alleged anti-competitive behaviour and recently underwent a significant restructuring. The sale comes amid ongoing uncertainty surrounding China's tech sector.
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