Alibaba sold 557 mln shares of AI firm SenseTime to cut stake to 3.15%

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Alibaba Group has further cut its holdings in Chinese artificial intelligence firm SenseTime’s shares by 557 million shares for over HK$1 billion on Thursday, at an average price of HK$1.82 apiece, according to a filing to the Hong Kong Stock Exchange.

That reduced its stake in SenseTime to 3.15% from 5.29%, showed the filing. As Alibaba’s holding is now below 5%, it won’t be required to disclose any future changes in its stake.

Alibaba cashed in HK$267 million last month through two share sales in SenseTime.