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<p class="has-drop-cap">Shares of Alibaba (NYSE: BABA) fell 7.9% in Thursday premarket trading after regulatory filings revealed that the family trust of Jack Ma, the company’s founder, is <a aria-label="planning to sell 10 million of its US-listed shares (opens in a new tab)" href="https://finance.yahoo.com/news/jack-mas-family-trust-sell-113949044.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">planning to sell 10 million of its US-listed shares</a>. Alibaba also <a aria-label="announced it will not fully spin off (opens in a new tab)" href="https://www.cnbc.com/2023/11/16/alibaba-q2-2023-earnings-for-september-quarter-.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">announced it will not fully spin off</a> its cloud business due to recent <a href="https://tokenist.com/will-the-new-chip-export-restrictions-hurt-nvidia-shares-open-6-down/" rel="noopener noreferrer nofollow" class="deco-link">chip restrictions</a> imposed by the US government. The e-commerce firm’s shares tumbled more than 7% in the premarket.&nbsp;</p>
<h3 id="jack-ma-s-family-trust-to-sell-871m-of-us-listed-alibaba-shares">Jack Ma’s Family Trust to Sell $871M of US-listed Alibaba Shares</h3>
<p>Jack Ma’s family trust is poised to dump 10 million American Depository Shares (ADS) of Alibaba group for $871 million, the e-commerce giant revealed in new regulatory filings.&nbsp;</p>
<p>The sale is set to be executed on November 21 by JC Properties and JSP Investments – two funds that belong to the family trust. Alibaba’s US-listed shares fell 8.2% ahead of the market open on Thursday.</p>
<p>The move was announced alongside Alibaba’s latest quarterly report, revealing certain headwinds that weighed on the company’s stock price.</p>
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<h3 id="alibaba-reports-q2-earnings-will-not-spin-off-cloud-unit">Alibaba Reports Q2 Earnings, Will Not Spin-Off Cloud Unit</h3>
<p>In its financial results for the fiscal Q2 2023, Alibaba reported a net income attributable to shareholders of 27.7 billion yuan ($3.8 billion) for the September quarter, missing the consensus projection of 29.7 billion.&nbsp;</p>
<p>Revenue came in at 224.79 billion yuan ($31 billion), meeting analysts’ expectations and up 9% from a year earlier. Moreover, Alibaba announced its first-ever annual cash dividend in 2023. The e-commerce behemoth said its board approved a $0.125 per ordinary share or $1 per American depositary share (ADS) cash dividend for the fiscal year.</p>
<p>Among the highlights of the Q2 report was Alibaba’s announcement that it would not continue with the full spin-off of its cloud unit, citing US chip export restrictions. The Chinese company initially planned to list its Cloud Intelligence Group publicly. Still, it made a U-turn after recent US chip restrictions made it harder for China-based companies to obtain key chip supplies from the US.&nbsp;</p>
<p>Alibaba said the constraints “created uncertainties for the prospects of Cloud Intelligence Group.” Last month, the US government banned selling Nvidia’s high-end AI chips H800 and A800 to China. The move may force the company to <a href="https://tokenist.com/new-chip-restrictions-can-force-nvidia-to-cancel-5b-in-orders-report/" rel="noopener noreferrer nofollow" class="deco-link">cancel $5 billion worth of AI chip orders</a>.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Do you think the recent chip restrictions will continue to weigh on Chinese tech stocks? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/baba-falls-premarket-after-mas-trust-announces-selling-10m-shares/">BABA Falls Premarket After Ma’s Trust Announces Selling 10M Shares</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

BABA Falls Premarket After Ma’s Trust Announces Selling 10M Shares

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