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 moveSHANGHAI (Reuters) -China's Alibaba Group said on Sunday that Daniel Zhang will step down from its cloud business, in a surprise move just two months after the company announced he would leave his roles as group CEO and chairman to focus on the cloud unit. Zhang had previously been concurrently serving in three roles, heading the group as well as its cloud unit. As scheduled, he handed over the role of group CEO to Eddie Wu on Sunday, who will also take charge of the cloud business after Zhang's departure, the company said in a statement.
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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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Former CEO of China's Alibaba quits cloud business in surprise move during its leadership reshuffleHONG KONG (AP) — The former CEO of Alibaba, Daniel Zhang, resigned as head of its cloud computing unit Monday in a surprise move as the Chinese e-commerce empire wraps up a leadership reshuffle. Alibaba said it will invest $1 billion in a technology fund Zhang will establish to support the firm’s strategies for future growth. Zhang stepped down on the same day he gave up his roles as Alibaba’s CEO and chairman. In a filing to the Hong Kong stock exchange, Alibaba said that Eddie Wu, its new CEO,
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