Alibaba’s U-turn on cloud unit spinoff wipes some US$20-billion off its market value

Alibaba’s U-turn on cloud unit spinoff wipes some US$20-billion off its market value

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Investors wiped out some $20-billion off Alibaba Group’s BABA-N market value on Friday after it scrapped plans to spin off its cloud business, citing uncertainties over U.S. curbs on exports to China of chips used in artificial intelligence applications. Alibaba Group’s Hong Kong shares closed…

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