Foxconn Ventures offloads stake in Alibaba in open market sale

Sell, sell, sell.

Photo credit: IC photo

Foxconn Ventures has sold US$398.4 million worth of Alibaba Group Holding Limited’s shares, Reuters reported Wednesday, citing people familiar with the block trade managed by Goldman Sachs Group.

The sale involved 2.2 million Alibaba shares at US$181.10 apiece, the sources said, asking not be identified ahead of any official announcement.

None of Alibaba’s top five institutional shareholders have adjusted their holdings in the last three months, according to the company’s ownership summary maintained on Nasdaq’s website. Foxconn Ventures is not among those investors.