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Alibaba Group is further retreating from a corporate overhaul announced a year ago by calling off an initial public offering for logistics unit Cainiao.

The 44-year-old mogul still has a sizeable net worth of $9.3 billion, but he is having trouble convincing investors skeptical of the firm’s future outlook.

Liu has seen his wealth cut by more than half as his e-commerce site struggles to adapt to China's tepid economic recovery.

(Bloomberg Markets) -- In the ballroom of the five-star Shangri-La Singapore hotel, Anthony Tan celebrated a triumph for the country’s up-and-coming tech scene. “Today we shine a spotlight on Southeast Asia!” he told the adoring crowd. His company, Grab, the region’s answer to Uber, was about to make its stock market debut.Most Read from BloombergIsrael Latest: Israel Vows to Wipe Out Hamas as Ground War LoomsApollo CEO Marc Rowan Demands UPenn Leaders Quit Over ‘Antisemitism’IMF Caught Off Guar

The rough journey of an Uber-like ride- ailing company helps explain why the island nation has struggled to become Asia's Silicon Valley