Alibaba cancels cloud service spinoff over US chip restrictions

Shanghai (AFP) Nov 16, 2023

Chinese e-commerce giant Alibaba said Thursday it was cancelling a planned cloud service spinoff announced this year over US chip restrictions, as it reported results for the third quarter of 2023 that were in line with market expectations. The announcement sent shares in Alibaba plummeting by as much as ten percent on Thursday, though it later traded at about eight percent lower. Alibab