Alibaba trims stake in Xpeng for second time in December

Alibaba reduced its stake in Xpeng for the second time this month, according to a regulatory filing on Tue.

Alibaba reported a 9.2% stake in the stock as of Dec 15, compared with its stake of 12.5% more than a week ago.

The Chinese e-commerce giant had cut its holdings in Xpeng's Class A ordinary shares by about 6.5%, as of Dec 6.

Xpeng, which faces extensive competition in the vast Chinese EV market, posted a wider-than-expected third-quarter operating loss in Nov due to costs stemming from a production ramp-up.