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Shares in Chinese e-commerce titan Alibaba tanked more than seven percent at the Hong Kong open Friday after the firm's surprise decision to call off part of its high-profile restructuring because of the US-China chip war.
Shares in Chinese ecommerce titan Alibaba tanked 10 percent in Hong Kong on Friday after the firm's surprise decision to call off part of its high-profile restructuring because of the
Alibaba Group Holding Limited's (NYSE: BABA) market value has plunged to about half that of rival Tencent Holdings Ltd (OTC: TCEHY) as it battled the double whammy of sluggish demand and brewing competiti
Alibaba's change of course follows a series of decisions by Washington to bar the export to China of powerful chips, including those from California-based Nvidia that are crucial to the development of artificial intelligence.
In a move that shocked investors, the Hangzhou-based tech giant said Thursday that US curbs on exports of advanced chips had forced it to call off the spinoff of its cloud computing arm.