Shares of China Evergrande New Energy Vehicle Group plunged 27% on Wednesday after it said it faces the risk of losing key assets such as land and equipment. The subsidiary of.
Hong Kong-listed shares of
Alibaba Group slumped 8% on Friday after it scrapped
plans to spin off its cloud business, citing uncertainties over
U.S. restrictions on chips used in artificial.
HONG KONG/SHANGHAI (Reuters) -Alibaba Group's Hong Kong shares slumped 10% 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. The company's U.S. listed securities closed down 9%. Alibaba's concerns over the U.S. export curbs announced by Washington in October come on the heels of similar worries raised this week by Chinese social media and gaming company Tencent Holdings which said the restrictions would force it to seek domestically produced alternatives.