来源：华尔街见闻
作者：周智宇
套现63亿。
股价还未从近一年的低迷中走出，$阿里巴巴-SW(09988.HK)$/$阿里巴巴(BABA.US)$再次遭遇创始股东的减持。
美国证券交易委员会（SEC）在当地时间11月14日披露的文件显示，马云家族信托下的两个BVI公司（在英属维尔京群岛注册的离岸公司）计划在11月21日分别售出约500万股阿里巴巴创始人股份。以11月15日收盘价计算，涉及股票市值约为8.7亿美元（折合人民币约为63亿元）。
尽管阿里巴巴才刚交出一份略超预期的二季报，但云业务不再推进完全分拆，盒马IPO暂缓，以及作为创始人的马云关联家族信托再次减持，让阿里巴巴的股价承压。11月16日开盘，阿里巴巴罕见大跌，截至收盘，阿里巴巴跌超9%
对于上述减持的消息，阿里巴巴方面表示不予回应。
这不是马云第一次出售阿里巴巴的股票。在阿里巴巴于美国上市后不到两年，马云就以要履行公益捐款的承诺及更好地管理财富目的为由，宣布将在12个月时间里售出阿里巴巴集团约990万股股票，占彼时其持有阿里巴巴集团股权的约5%。
同年（2016年），入股阿里巴巴16年的$软银(ADR)(SFTBY.US)$，也首次减持阿里巴巴股份约合79亿美元，完成减持后软银持有的阿里巴巴股权从32%下降至28%。
此后7年里，马云家族信托、软银，以及阿里巴巴联合创始人蔡崇信均多次减持阿里巴巴股份。
截至目前，软银持有阿里巴巴股份比例约为13.9%，较一年前的23.9%减半，由于目前阿里巴巴股价仍处低位，以均价计算，软银光是在过去一年累计套现金额就接近1800亿人民币。
马云对阿里巴巴的持股，主要是通过几家境外实体实现。财报显示，截至2020年3月，马云个人持有阿里巴巴股份不过0.02%，其他则通过马云慈善基金会全资持股的Yun Capital Limited和Ying Capital Limited、马云家族信托全资持有的JC Properties Limited和JSP Investment Limited以及马云持股70%的APN Ltd.持有。马云直接、间接持有阿里巴巴股份近4.8%。
此后马云在阿里巴巴的持股，则随着马云在2020年9月正式退出阿里巴巴高管名单和董事会，变得不透明起来。根据相关规定，作为持股不足5%的非主要股东，港股和美股不会对其做硬性披露要求。
本次马云家族信托再次减持后，其作为创始人持有阿里巴巴的股份比例将更为缩小。
创始人及大股东减持，一直是资本市场对阿里巴巴股价长期走势的主要担忧之一。随着近期$拼多多(PDD.US)$等电商崛起，后马云时代的阿里巴巴面临一场前所未有的苦战。
编辑/tolk
Source: Wall Street News
Author: Zhou Zhiyu
Cash out 6.3 billion dollars.
The stock price has not yet come out of the slump of nearly a year.$BABA-SW(09988.HK)$/$Alibaba(BABA.US)$Once again, the founding shareholders' holdings were reduced.
According to documents disclosed by the US Securities and Exchange Commission (SEC) on November 14, local time, two BVI companies under Jack Ma's Family Trust (offshore companies registered in the British Virgin Islands) plan to sell about 5 million shares of Alibaba's founder on November 21, respectively. Based on the closing price on November 15, the market value of the stocks involved was approximately US$870 million (equivalent to about RMB 6.3 billion).
Although Alibaba has just handed over a second-quarter report that slightly exceeded expectations, the cloud business is no longer promoting a complete spin-off, Hema's IPO has been suspended, and the founder Jack Ma's related family trust has once again reduced its holdings, putting pressure on Alibaba's stock price. When the market opened on November 16, Alibaba had a rare sharp drop. By the close, Alibaba had fallen by more than 9%
Alibaba said it would not respond to the news of the holdings reduction mentioned above.
This isn't Jack Ma's first time selling shares in Alibaba. Less than two years after Alibaba went public in the US, Jack Ma announced that he would sell about 9.9 million shares of Alibaba Group over a period of 12 months, accounting for about 5% of Alibaba Group's shares held at the time, on the grounds that he wanted to fulfill his commitment to charity donations and better manage wealth.
In the same year (2016), it invested in Alibaba for 16 years$SOFTBANK GROUP CO(SFTBY.US)$It was also the first time that Alibaba shares were reduced by about 7.9 billion US dollars. After completing the reduction, Alibaba shares held by SoftBank fell from 32% to 28%.
Over the next 7 years, Jack Ma Family Trust, SoftBank, and Alibaba co-founder Cai Chongxin have all reduced their shares in Alibaba several times.
Up to now, SoftBank's share of Alibaba shares is about 13.9%, down half from 23.9% a year ago. Since Alibaba's stock price is still low, in terms of average price, SoftBank's accumulated hedging amount over the past year alone is close to 180 billion yuan.
Jack Ma's holdings in Alibaba are mainly realized through several foreign entities. According to financial reports, as of March 2020, Jack Ma personally held only 0.02% of Alibaba's shares. Others were held through Yun Capital Limited and Ying Capital Limited, which are wholly owned by Jack Ma Charitable Foundation, JC Properties Limited and JSP Investment Limited, wholly owned by Jack Ma's Family Trust, and APN Ltd., where Jack Ma holds 70% of the shares. Jack Ma directly and indirectly holds nearly 4.8% of Alibaba's shares.
Since then, Jack Ma's holdings in Alibaba have become opaque as Jack Ma officially withdrew from Alibaba's executive list and board of directors in September 2020. According to relevant regulations, as non-major shareholders holding less than 5% of shares, Hong Kong stocks and US stocks will not require mandatory disclosure of them.
After Jack Ma's family trust reduces its holdings again this time, the proportion of shares it holds in Alibaba as the founder will shrink even more.
The reduction in holdings by the founders and major shareholders has always been one of the capital market's main concerns about the long-term trend of Alibaba's stock price. With the recent past$PDD Holdings(PDD.US)$With the rise of e-commerce, Alibaba in the post-Jack Ma era faced an unprecedented bitter battle.
editor/tolk
