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Softbank Group of Japan announced on April 4 that its consolidation in the first quarter of fiscal year 2019 (April-June 2019) will account for a profit of about 120 billion yen (76.8 billion yuan) due to the sale of its 2.8% stake in Alibaba Group. After the deal, Softbank remains Alibaba's largest shareholder.
Softbank announced the deal in June 2016, signed an agreement with investors to sell Alibaba shares, and completed all the transactions in June this year. Upon completion of the transaction, Softbank's stake in Alibaba is expected to fall to 26% from about 29% before. Softbank Group will remain in the controlling position.
In 2016, Softbank sold part of Alibaba shares through derivatives trading to raise funds for the acquisition of ARM, a British chip design company. In October of the same year, Softbank announced the establishment of a $100 billion Science and Technology Fund "Vision Fund" with Saudi Sovereign Wealth Fund.

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