Jack Ma's family trust to sell 10 million shares in China's Alibaba

CHINESE billionaire Jack Ma’s family trust is set to sell 10 million American Depository Shares of Alibaba Group Holdings for about US$871 million, the e-commerce company said in regulatory filings.

The sale will be done on Nov 21 by JSP Investment and JC Properties, funds that are part of the family trust.

Alibaba and the Jack Ma Foundation, the philanthropic organisation that handles media queries for the billionaire, did not immediately respond to requests for comment.

Ma stepped down as chairman of Alibaba in 2019. The company is currently led by Eddie Wu, one of the co-founders and a long-time lieutenant of Ma. REUTERS