SoftBank shares rise 5% on news of trimming Alibaba stake

Credit: REUTERS/Tingshu Wang

Adds Alibaba share move

TOKYO, Aug 12 (Reuters) - Shares in SoftBank Group Corp 9984.T rose 5% in morning trading in Tokyo on Friday after the Japanese conglomerate said it would book a $34.1 billion gain by trimming its stake in Alibaba Group Holding 9988.HK, BABA.K.

SoftBank Chief Executive Masayoshi Son is moving to shore up his group's cash reserves and accelerating asset sales after the Vision Fund investment arm booked a $50 billion loss in the six months to June-end as the value of his tech portfolio collapsed.

Alibaba's U.S.-listed shares rose 2.6% on Thursday, when the Tokyo market was closed for a national holiday.

(Reporting by Sam Nussey Editing by Shri Navaratnam)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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