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SoftBank

SoftBank raises $22bn in moves to sell down Alibaba stake: FT

Forward sales would mark end of an era for tech investor that grew from bet on Chinese giant

SoftBank has sold about one-third of its Alibaba stake in an effort to raise cash, amid a sharp downturn in the value of its investment portfolio.

BEIJING/TOKYO (Financial Times) -- SoftBank has raised as much as $22bn in cash from deals that would sharply reduce its stake in Alibaba over the coming years, as the Japanese investor responds to a market downturn that has ravaged its technology portfolio.

The group, led by billionaire founder Masayoshi Son, has this year carried out the sale of about one-third of its Alibaba stake through prepaid forward contracts -- a type of derivative to which SoftBank has increasingly turned to raise cash immediately while retaining the possibility of holding on to the shares.

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