Alibaba reduced his holdings of 80 million shares of Shangtang Science and Technology shares to 8.74%.

According to CTOnews.com on November 15, Alibaba sold 80 million Shang Tang shares at an average price of HK $1.8190 per share on November 8, falling from 9.05 per cent to 8.74 per cent, according to Hong Kong Stock Exchange filings.

Shangtang Technology landed on the Hong Kong Stock Exchange in December 2021. According to the official website, Shangtang Technology is an artificial intelligence software company whose business covers four sectors: smart business, smart city, smart life and smart car.

CTOnews.com learned that the revenue contributions of the four sectors of Shangtang Technology Smart Business, Smart City, Smart Life and Smart car accounted for 40%, 31%, 21% and 9% in the first half of 2022.

According to the financial report, the total revenue of Shangtang Technology in the first half of 2022 was 1.415 billion yuan, down 14.3% from the same period last year, with a gross profit of 930 million yuan and a gross profit margin of 66.0%. The net loss in the first half of the year was 3.21 billion yuan, and the adjusted net loss was 2.56 billion yuan.