TOKYO, April 13 Reuters Japanese technology investor SoftBank Group Corp has moved to sell almost all of its remaining shares in Alibaba Group Holding Ltd, the Financial Times reported, sending the Chinese ecommerce giant39;s Hong Konglisted shares lower.

The sale would come as valuations of China39;s big tech firms have started recovering this year after an end to two years of heightened regulatory scrutiny, providing a window for longtime investors such as SoftBank to reduce exposure to an economy battered by strict pandemic policies and SinoU.S. tension.

SoftBank39;s share price closed down 1 on Thursday, versus a 0.3 rise in the broader market. Alibaba, one of the most valuable assets in SoftBank39;s portfolio, tumbled as much as 5.2 in Hong Kong and closed down about 2.

Tencent Holdings Ltd39;s shares plunged on Wednesday after the social media giant39;s top shareholder Prosus NV said it may sell more of its shares, underscoring selling pressure on Chinese tech names.

SoftBank has been seeking ways to monetise its stake in Alibaba, which the Japanese conglomerate bought into more than two decades ago by spending just 20 million.

They have been clear that … they need to monetise profitable holdings, Jon Withaar, head of Asia special situations at Pictet Asset Management, said of SoftBank.

Perhaps some expected that they may slow the pace of their selling in now that their Arm IPO is moving closer to completion, but ultimately everything they are doing is…