SoftBank to Sell Most of Its Alibaba Stake, FT Reports.

SoftBank is reportedly selling the majority of its stake in Alibaba, with more than $7 billion in shares sold this year through prepaid forward contracts. The move is seen as a sign of long-time China investors lowering their exposure there. The sales will reduce SoftBank's ownership of Alibaba to less than 4%, down from around 14.6% as of end-September. Alibaba shares fell as much as 5.2% in Hong Kong on Thursday, erasing about $13 billion of market value. SoftBank shares were little changed in Tokyo after dropping about 8% this year through Wednesday’s close.