Jack Ma, the storied founder of Chinese e-commerce giant Alibaba, has reduced his holdings in Alibaba to less than 5% to reap USD$9.6 billion in revenue.
According to Alibaba’s annual filing released on 10 July Friday, the sale of stocks by Ma over the past years brings his stake in the company to 4.8%, as compared to 6.2% at the time of the last filling made a year ago.
Alibaba, which is listed on both the Hong Kong and New York bourses, has seen its share price rise by around 40% over the past year.
Alibaba executive vice-chairman Joseph Tsai (蔡崇信) has also reduced his stake in the company to 1.6% of equity from 2.3% last year, following the sale of shares worth USD$4.1 billion.
Over the same period SoftBank reduced its holdings in Alibaba from 25.9% to 24.9%. Jack Ma remains Alibaba’s largest individual shareholder, while SoftBank is still the e-commerce giant’s biggest institutional investor.
Alibaba’s latest annual report also indicates that Jiang Fan, the man previously tipped to head the company until he was brought undone by reports of an extra-martial affair, has been removed from the position of Alibaba partner.