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Cloud U-turn costs Alibaba $20 billion
Mint Mumbai
|November 18, 2023
Investors wiped out some $20 billion off Alibaba Group's market value on Friday after it scrapped plans to spin off its cloud business, citing uncertainties over US curbs on exports to China of chips used in artificial intelligence (AI) applications.
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Alibaba Group's Hong Kong shares closed down 10%, their biggest single-day drop in more than a year.
It was the first market reaction in Asia since the stunning strategy. reversal was announced late on Thursday, after which the company's US listed securities closed down 9%.
"The shelving is a surprise and makes us wonder if there are issues behind the scenes that we aren't aware of," said Jon Withaar, the Singaporebased head of Asia special situations at Pictet Asset Management.
This story is from the November 18, 2023 edition of Mint Mumbai.
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