(Yicai Global) March 21 -- Hon Hai Precision Industry unit Foxconn Ventures Holdings sold 2.2 million shares of Alibaba Group Holding for USD398 million this month, the parent confirmed in a statement today. 

The sale aims to "realize the investment," it said. Its shares [TPE:2354] edged up 0.79 percent today to close at TWD63.60 (USD20).

Foxconn Ventures Holding sold these shares in a block trade in the open market managed by Goldman Sachs Group, Reuters reported yesterday.

Formed in 1974 and headquartered in New Taipei City, Taiwan, Hon Hai Precision Industry, which trades as Foxconn Technology Group, is the world's largest original equipment manufacturer in the computer, communication and consumer electronics field and an international conglomerate. 

The subsidiary held 2.6 million shares of Alibaba Group, or 0.1 percent of the total, before the sale.

Foxconn is a close partner with Alibaba, which was an investor in its Foxconn Industrial Internet unit when it offered A-shares -- Chinese domestic stocks -- for the first time on the Shanghai Stock Exchange last year.

Editor: Ben Armour