(Bloomberg) — Alibaba Group Holding Ltd. shares jumped in Hong Kong as SoftBank Group Corp. said it wasn’t involved in the Chinese tech giant’s filing of additional American depositary shares, allaying investor fears that the firm’s largest shareholder might be looking to cash out.
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Shares in Alibaba had fallen earlier this week after the firm filed to register an additional one billion ADSs with the Securities and Exchange Commission. That triggered analyst speculation that SoftBank might look to dispose of some of its shares, particularly as it is seen to need cash to fund buybacks.
SoftBank executives told analysts during a private post-results briefing Tuesday that they weren’t responsible for the share registration.
“The registration of the ADR conversion facility (F6 filing, which was filed by Alibaba), including its size, is not tied to any…
