(Yicai Global) Sept. 14 -- Alibaba Group Holding Ltd. [NYSE:BABA] founder Jack Ma and Joseph Tsai, the group's executive vice chairman, may sell up to 21.5 million shares of the company, which were worth nearly USD4 billion at closing yesterday, a US Securities and Exchange Commission (SEC) filing shows.

While significant, the shares' value represents a small portion of the firm's USD443 billion market capitalization, and neither man would be liquidating more than 10 percent of his holdings in the business.

The sales would be part of prearranged sales programs that aim to meet philanthropic commitments and wealth planning requirements, an SEC filing Alibaba dated and provided yesterday shows.

JC Properties Ltd. and JSP Investment Ltd., entities affiliated with Ma, adopted a prearranged share sales plan for the sale of up to 16 million shares of Alibaba over a 12-month period starting in October 2017. The 16 million shares represent approximately 9 percent of holdings under Ma's beneficial ownership.

PMH Holding Ltd., Parufam Ltd. and the Joe and Clara Tsai Foundation, entities affiliated with Tsai, adopted a prearranged share sales plan for the sale of up to 5.5 million shares of Alibaba over a 12-month period starting in October 2017. The 5.5 million shares represent approximately 8 percent of the holdings under Tsai's beneficial ownership.

Alibaba shares closed at USD178.97 on the yesterday, up 2.09 percent.