With Alibaba stake cut, SoftBank's Son cools toward China tech [Reuters]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Reuters
may be aimed at shoring up cash reserves, but it also underlines how CEO Masayoshi Son has cooled on China tech. Son was formerly one of the sector's biggest cheerleaders and Alibaba is his most famous bet, immensely profitable and for his fans, symbolic of his foresight and investing acumen. Amid a sharp market downturn, however, Son will reduce his conglomerate's stake in Alibaba to 14.6% from 23.7% by settling prepaid forward contracts, although the Chinese firm remains SoftBank's largest asset. read more "It seems like they're saying 'we think the outlook for China tech is pretty poor so we're going to get in front of that'," said Redex Research analyst Kirk Boodry. A rough ride for Chinese tech companies after a regulatory crackdown that started in late 2020 has been exacerbated by tensions between Washington and Beijing. Alibaba has been added to the U.S. Securities and Exchange Commission's delisting watchlist as a result of a dispute over auditing compliance issues f
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