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

(Reuters) – Chinese billionaire Jack Ma’s family trust is set to sell 10 million American Depository Shares of Alibaba Group Holdings for about $871 million, the ecommerce 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 organization 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.

U.S.-listed shares of Alibaba were down more than 3% in premarket trading ahead of its quarterly results.

(Reporting by Akash Sriram in Bengaluru; Editing by Arun Koyyur)