The family trust of Chinese billionaire Jack Ma is set to sell 10 million Shares of Alibaba Group Holdings, for about $871 million, company said in regulatory filings.
Funds belonging to the family trust, JSP Investment and JC Properties, will carry out the sale on November 21.
Requests for a response from Alibaba and the billionaire’s charitable organisation, the Jack Ma Foundation, were not immediately answered.
2019 saw Ma relinquish his position as Alibaba’s chairman. Eddie Wu, one of the co-founders and Ma’s longtime subordinate, is currently in charge of the business.