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

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Reuters UK

By Donny Kwok and Casey Hall 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 drop, potentially its biggest one-day fall in more than a year, wiped about $20 billion off the Chinese tech giant’s market value. It was the first market reaction in Asia since the stunning strategy reversal was announced late on Thursday. The company’s U.S. listed securities closed down 9%. “The …

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