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SoftBank Group Corp said that it would book a gain of $34.1 billion by cutting its stake in Alibaba Group Holding, as the investment behemoth looks to shore up its cash reserve to weather the market downturn. The Japanese company will reduce its stake in Alibaba to 14.6 percent, from 23.7 percent, by settling prepaid forward contracts. Alibaba's US-listed shares were down 1.3 percent in early trade. SoftBank booked a $50 billion loss at its Vision Fund investment arm in the first half of the year as its tech bets soured,…

Alibaba Group Holding Ltd became the latest company to be added to the US Securities and Exchange Commission's list of Chinese companies that might be delisted. Alibaba's shares were down 11 percent at $89.37 at the closing bell, ending the month 21.4 percent lower. The e-commerce giant's shares were already feeling the pressure after reports suggested Ma was planning to cede control of financial technology firm Ant, an affiliate of Alibaba. Alibaba is among more than 270 Chinese companies listed in New York identified…