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Alibaba's U-turn on cloud unit spin-off lops US$20 billion off its market value

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 share price: Alibaba's Hong Kong shares tumble 10% after cloud unit spin-off shelved

The stock opened down 7.8% and then deepened its loss to 10.3% by mid-morning, heading for its biggest one-day drop in more than a year.

Alibaba market cap: Alibaba's U-turn on cloud unit spin-off lops $20 billion off its market value

The drop, potentially its biggest one-day fall in more than a year, wiped about $20 billion off the Chinese tech giant s market value.

Alibaba's U-turn on cloud unit spin-off lops $20 bln off its market value

The drop, potentially its biggest one-day fall in more than a year, wiped about $20 billion off the Chinese tech giant's market value.