Chinese tech stocks put in a modestly upbeat performance on Thursday, with Alibaba ( NYSE: BABA ) among the gainers a day after Japanese investing giant SoftBank ( OTCPK:SFTBY ) said it will sell of almost half its ownership stake in the Internet and e-commerce giant.
Alibaba ( BABA ) shares rose 2.6% in the wake of SoftBank ( OTCPK:SFTBY ) disclosing it will cut its stake in Alibaba ( BABA ) from 23.7% to 14.6% of that company's outstanding shares as part of an effort to boost its own cash reserves. The move is expected to generate up to $34B for SoftBank ( OTCPK:SFTBY ).
SoftBank ( OTCPK:SFTBY ) reported disappointing quarterly results earlier this week, which included a $23B loss that was blamed on rising inflation and interest rates that hampered the performance of the company's Vision Fund .
Along with Alibaba ( BABA ), other Chinese tech stocks that rose Thursday included Baidu ( BIDU ), which ended the day up by 1.2%; Weibo ( WB ), up by 2.4%; Pinduoduo ( PDD ), which rose almost 5% on the day; NetEase ( NTES ), up almost 2% and Bilibili ( BILI ), which closed with a gain of nearly 4%.
Last week, Alibaba ( BABA ) shares got a lift after the company reported first-quarter results that surpassed Wall Street's expectations .
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Alibaba leads day of steady Chinese Internet stock gains