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%.
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.