SoftBank shares rise 5% on news of trimming Alibaba stake

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FILE PHOTO: SoftBank's logo is pictured at a news conference in Tokyo

TOKYO -Shares in SoftBank Group Corp rose 5% in morning trading in Tokyo on Friday after the Japanese conglomerate said it would book a $34.1 billion gain by trimming its stake in Alibaba Group Holding.

SoftBank Chief Executive Masayoshi Son is moving to shore up his group’s cash reserves and accelerating asset sales after the Vision Fund investment arm booked a $50 billion loss in the six months to June-end as the value of his tech portfolio collapsed.

Alibaba’s U.S.-listed shares rose 2.6% on Thursday, when the Tokyo market was closed for a national holiday.

(Reporting by Sam NusseyEditing by Shri Navaratnam)

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