Emphasizing his commitment to holding its shares, according to a report from the South China Morning Post. This affirmation follows a regulatory filing disclosing plans by Ma’s family trust to sell 10 million American Depository Shares of Alibaba Group Holdings, valued at around $871 million.
Ma’s office clarified that the share sale is part of a predetermined plan adopted in August, characterized as a phased and conditional sell-down for the future. Notably, no shares have been sold yet, and Ma’s office believes the current stock price is undervalued.
Alibaba, in response to the share sale disclosure, did not provide comments. The scheduled sale on November 21 involves JSP Investment and JC Properties, funds within Ma’s family trust.
Despite stepping down as Alibaba chairman in 2019, Jack Ma retains a significant stake through his family trust. The recent developments, coupled with Alibaba’s decision to scrap plans for listing its cloud unit due to U.S. chip import restrictions, led to a nearly 10% decline in the company’s Hong Kong shares. It’s essential to mention that the South China Morning Post is owned by Alibaba.
