Alibaba co-founder and executive vice chairman Joseph Tsai has indicated he plans to sell part of his stake in the company through Morgan Stanley , Bloomberg News reported Friday.

A holding company for Tsai filed this month to sell 3 million of the Chinese firm's American depositary receipts — which make up roughly 8% of his holding, Bloomberg reported, citing data from The Washington Service — a provider of insider trading data, adding that the document indicated a trading plan.

The stake is worth about $260 million, based on Thursday's closing price, according to the Bloomberg report.

Alibaba and Morgan Stanley did not immediately respond to requests for comment. The holding company, Blue Pool Capital, could not immediately be reached for comment.