Alibaba co-founder Jack Ma is “very positive” about the company and will continue to hold its shares, the South China Morning Post reported on Friday, citing a communiqué from his office.
The comments came after a regulatory filing showed that his family trust was set to sell 10 million American Depository Shares of Alibaba Group Holdings for about $871 million. The sale will be on Nov. 21 by JSP Investment and JC Properties, funds that are part of Ma’s family trust.
The phased sale is part of a long-standing “preset conditional plan to do a partial sell-down for the future” that was adopted in August, but “not a single share has been sold,” Ma’s office said. “We believe the current stock price is below its fair value.”
The share sale announcement, together with Alibaba’s statement about scrapping plans to list its cloud unit in the light of US chip import curbs, dragged the company’s Hong Kong shares down nearly 10% on Friday.