Alibaba Group (BABA) founder and chief executive Jack Ma will unload as many as 16 million shares during the course of a 12-month period kicking off in October.

In a Securities and Exchange Commission filing, Ma affiliates JC Properties Limited and JSP Investment Limited disclosed they have adopted a pre-arranged stock sale plan that allows for the sale of up to 16 million shares, which accounts for about 9% of the executive's holdings. Entities affiliated with Joseph Tsai, Alibaba’s executive vice chairman, PMH Holding Limited and Parufam Limited, will sell 5.5 million shares under a pre-arranged share sale plan that also starts in October. The shares account for 8% of Tsai’s holdings in the e-commerce giant. (See also: Four Hedge Funds Buy Alibaba Ahead of Earnings.)

“These plans have been put in place for ordinary wealth-planning purposes and to meet philanthropic commitments. In accordance with these plans, the sales will occur from time to time pursuant to fixed instructions for trades based on prices and volume restrictions, to be executed by third-party brokers,” the filing stated. (See also: Alibaba’s Ma Channels Michael Jackson for Birthday.)

Challenging Chanos

The move comes at a time when shares of China’s leading e-commerce company are skyrocketing. So far this year the stock is up 97%, and it has more than doubled since November 2015.

With the company able to post blowout quarter after quarter, even short sellers have called it quits when it comes to bearish bets on the online retailing giant. Just this week, famed short Jim Chanos of Kynikos Associates, told CNBC he covered his short bet in January, reported Bloomberg. The investor has been an outspoken critic of the company and told CNBC he still has a problem with its accounting but that he has moved on. The investor expressed concerns about the company’s business model and financial disclosures. He also pointed out that Alibaba’s balance sheet is growing at a faster rate than the businesses, namely its logistics unit. Those criticisms were dismissed by Tsai, executive vice chairman of Alibaba, in a subsequent interview with CNBC, reported Barron’s. Tsai said Chanos doesn’t appear to understand the business or the digital economy in China.


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