Jack Ma family trust plans to sell 10 million Alibaba shares

The family trust of Jack Ma, co-founder of Chinese tech heavyweight Alibaba Group Holding Ltd, plans to sell 10 million American Depository Shares of Alibaba for about $871 million, according to a filing from the US Securities and Exchange Commission.

The sale will be done on Nov 21 by JC Properties Ltd and JSP Investment Ltd, which are part of the family trust, the regulatory filing said.

Public information disclosed by Alibaba showed that Ma has cut his stake in Alibaba to only 4.8 percent as of July 2, 2020.

fanfeifei@chinadaily.com.cn