Business

SoftBank shares rise 5% on news of trimming Alibaba stake

Shares in SoftBank Group Corp (9984.T) rose 5% in morning trading in Tokyo on Friday after the Japanese conglomerate said it would book a $34.1 billion gain by trimming its stake in Alibaba Group Holding (9988.HK), .

SoftBank Chief Executive Masayoshi Son is moving to shore up his group’s cash reserves and accelerating asset sales after the Vision Fund investment arm booked a $50 billion loss in the six months to June-end as the value of his tech portfolio collapsed.

Alibaba’s U.S.-listed shares rose 2.6% on Thursday, when the Tokyo market was closed for a national holiday.