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Alibaba loses $20b in market value after U-turn on cloud unit spin-off

Alibaba loses $20b in market value after U-turn on cloud unit spin-off
dealstreetasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dealstreetasia.com Daily Mail and Mail on Sunday newspapers.

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Chinese Big Tech shares plunge following Alibaba's big drop

Chinese Big Tech shares plunge following Alibaba's big drop
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Alibaba's Hong Kong shares tumble 10% after cloud unit spin-off shelved

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.

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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.

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Alibaba drags Hong Kong stocks lower; China slips

Hong Kong shares fell on
Friday, dragged by a slump in index heavyweight Alibaba Group
after it scrapped plans to spin off its cloud business, while
China stocks slipped.

...

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Asia stocks sit on weekly gains as yields, oil fall

Asian shares took a breather
on Friday as a batch of softer U.S. economic data took some of
the steam out of Wall Street, but also boosted bonds in a big
way while slugging oil prices in a boon for...

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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

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

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.

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

Alibaba's U-turn on cloud unit spin-off lops $20bln off its market value
zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.

Beijing , China , Shanghai , Hangzhou , Zhejiang , Shi-jialong , Hubei , Cainiao , China-general- , Hong-kong , Washington , United-states

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.

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