Alibaba's Jack Ma sells US$9.6 billion worth shares, stake dips to 4.8per cent - filing

Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8per cent from 6.4per cent, cashing out around US$9.6 billion at its current share price, the firm's annual filing released on Friday showed.

The divestment comes as Ma retired as the Chinese e-commerce company's executive chairman in September and pulled back from formal business roles to focus on philanthropy.Alibaba did not disclose the average selling price of his divestment. Its share price has risen around 40per cent since Ma reported his 6.4per cent holding in the company a year ago.

Alibaba Executive Vice Chairman Joseph Tsai also reduced his stake in the company over the same period, from 2.3per cent to 1.6per cent. The offloaded shares were worth US$4.1 billion as of Friday.

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