HONG KONG/SHANGHAI: Alibaba Group's Hong Kong shares slumped 10 per cent on Friday (Nov 17) after it scrapped plans to spin off its cloud business, citing uncertainties fuelled by US curbs on exports to China of semiconductors used in artificial intelligence applications. The drop, potentially its biggest
Alibaba Group: It was the first market reaction in Asia since the stunning strategy reversal was announced late on Thursday, after which the company s U.S. listed securities closed down 9%.
Alibaba Group s Hong Kong shares slumped 10 percent on Friday after it scrapped plans to spin off its cloud business, citing uncertainties fuelled by U.S. curbs on exports to China of semiconductors used in artificial intelligence applications.