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STORY: SoftBank has found a way to shore up its finances.

The Japanese investment giant says it will book a gain of just over $34 billion by selling part of its stake in Alibaba.

SoftBank will cut its holding to under 15%, from almost 24% now.

The move comes after it booked a $50 billion loss at its flagship Vision Fund over the first half.

The fund took a hit as the value of tech investments soured.

Chief Executive Masayoshi Son has since pledged to further reduce investment activity and cut costs.

He bought into Alibaba for just $20 million back in 2000.

The Chinese firm subsequently grew to be one of the world’s biggest e-commerce players, burnishing Son’s reputation as a savvy investor.

But Alibaba shares are now down two-thirds from the highs hit in late 2020.

It’s been rocked by Beijing’s crackdown on the Chinese tech sector.

Over the same period, Son has taken steps to put distance between the two firms, stepping down from Alibaba’s board in 2020.

He has sought to emphasise SoftBank’s decreasing reliance on China tech firms in its portfolio.