Artificial intelligence company SenseTime (0020) lost more than 4 percent after a report that Alibaba (9988) had reduced its stake in the firm by selling 40 million shares last week for HK$138 million.
Alibaba sold the shares on April 11 at an average price of HK$3.45 per share. Alibaba's long position in SenseTime's Hong Kong shares has decreased from 8.04 percent to 7.88 percent.
In addition, SoftBank had offloaded another 50 million shares of the company, collecting over HK$138 million in the process.
SoftBank had sold the shares on April 6 at an average price of HK$2.771 per share, a Hong Kong stock exchange filing showed.
Since December, SoftBank has disclosed five share sales in SenseTime, resulting in a reduction of its stake in the company by 4.42 percent.
The sales involved a total of 313 million shares, with an average sale price ranging from HK$1.976 to HK$2.771 per share and a total value of HK$844 million.
SenseTime's shares closed at HK$2.81 yesterday, representing a 24-percent drop from its high of HK$3.7 on April 11.
