(Yicai Global) July 20 -- Innovare Tech, a subsidiary of Jack Ma's Yunfeng Capital, has sold some HKD3.5 billion (USD452.4 million) worth of shares in Alibaba Health Information Technology to take advantage of the medical content provider's recent stock price rally.

Innovare had sold 154 million shares at an average price of HKD22.65 (USD2.90) apiece on July 14, the Hong Kong Stock Exchanges and Clearing disclosed recently. The price is 4 percent more than the closing price on July 13.

Shares of AliHealth, which offers e-commerce, insurance, and booking services, have more than doubled in value this year. But they [HKG:0241] slid 1.3 percent to HKD19.44 this morning.

Jack Ma, founder of Alibaba Group Holding, initiated private equity firm Yunfeng Capital in 2010. Ma is one of the firm's two fund managers with a 40 percent stake, according to business information platform Tianyancha.

Ma has reduced his holdings of the e-commerce giant as well since stepping down as its executive chairman last September. In the past seven months, the entrepreneur has sold 234 million shares in the Hangzhou-based firm whose stock price has been rising more than 20 percent both in Hong Kong and New York this year.

Editor: Emmi Laine