Alibaba Group's market value dropped after it cancelled plans to spin off its cloud business due to uncertainties over US curbs on exports to China. The company's Hong Kong shares closed down 10%, while its US listed securities closed down 9%.
Analysts are surprised by the decision and speculate about potential hidden issues. This comes after Tencent Holdings also expressed concerns about the US export curbs.
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China’s Alibaba says Daniel Zhang quits cloud business in surprise moveZhang had previously been concurrently serving in three roles, heading the group as well as its cloud unit
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China's Alibaba says Daniel Zhang quits cloud business in surprise moveBy Brenda Goh SHANGHAI (Reuters) -China's Alibaba Group said on Sunday that Daniel Zhang will step down from its cloud business, in a surprise move just ...
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