Foxconn Ventures sells $398.4 million in Alibaba stock: sources

The logo of Alibaba Group is seen in DingTalk office, an offshoot of the Alibaba Group Holding Ltd, in Hangzhou, Zhejiang province, China, 20 July 2018. Photo taken on 20 July 2018. REUTERS/Aly Song

(Reuters) – Foxconn Ventures Holdco has sold $398.4 million worth of Alibaba Group Holding Ltd shares, in a block trade in the open market managed by Goldman Sachs Group Inc., people familiar with the matter said on Wednesday.

Foxconn sold 2.2 million Alibaba shares on Wednesday at $181.10 per share, the sources said, the question is not to be identified before an official announcement.

Foxconn and Goldman Sachs not immediately respond to requests for comment.

Reporting by Joshua Franklin in New York; Editing by Chizu Nomiyama

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