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Alibaba stock lost more than 4% in Hong Kong on Monday after ex-group CEO Daniel Zhang quit its cloud computing unit in a surprise decision.
Alibaba's stock fell over 4% in Hong Kong after ex-CEO Daniel Zhang resigned from the company's cloud computing unit. Concerns have arisen over the spin-off plan for the unit and potential discord at the top. New CEO Eddie Wu will take on the role of acting CEO and chairman of the unit, which is struggling with weak sales growth ahead of its planned IPO next year.
Former Alibaba CEO Daniel Zhang's resignation from the cloud computing unit came as a surprise, leading to a neatly 4 per cent fall in the company's share price.
Daniel Zhang had previously been concurrently serving in three roles, heading the group as well as the cloud intelligence unit. The unit is China's largest cloud provider and is set to be spun off from Alibaba as part of the group's restructuring.