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SoftBank to sell 4 pct stake in Alibaba

Xinhua, June 1, 2016 Adjust font size:

SoftBank announced Wednesday that it will sell a 4-percent stake in Alibaba Group, its first time selling shares in the Chinese e-commerce giant since it invested in 2000.

After the transaction, the Japanese telecom operator will remain Alibaba's biggest shareholder with 28 percent.

Alibaba announced that it has agreed to pay 2 billion U.S. dollars in cash to buy back shares from SoftBank.

In addition, Alibaba founders and executives agreed to acquire 400 million U.S. dollars' worth of Alibaba shares at the same price.

According to SoftBank, it will sell Alibaba shares worth 500 million U.S. dollars to a sovereign wealth fund.

It will also issue 5 billion U.S. dollars in mandatory exchangeable trust securities exchangeable for Alibaba shares in three years. Endi