$20B wiped off Alibaba's market value as cloud unit IPO canned

04:45

More Videos

Magic Mud | Storyteller | Trailer

From desert to smart cities: How drones are reshaping Saudi Arabia | NexTech

What will the World Cup look like in Donald Trump’s America? | Inside America

China becomes Serbia’s key partner

Albanian students fight for their native language

Emigration: A demographic problem or a threat to economy?

Washington and Beijing: Rivals or partners over Iran? | Inside America

Overbooked | Series | Trailer

Inside Konya, Türkiye’s Historic Heart | Where to Next?

Mining in Serbia’s Bor contributes economy but poses risks to health and nature

Asia Pacific

$20B wiped off Alibaba's market value as cloud unit IPO canned

Alibaba led losses in Hong Kong after its shares plunged more than 10 percent on Friday. That's as the Chinese e-commerce giant announced it had scrapped plans to spin off its 11-billion dollar cloud computing unit, citing uncertainties over US export controls on chips related to artificial intelligence. The drop-- potentially its biggest one-day fall in more than a year, wiped about 20 billion dollars off its market value. The Chinese tech giant first revealed plans to split into six units in March, spurring hopes for a wave of listings that would increase shareholder value and boost growth. It also follows the company's disappointing third-quarter earnings announced on Thursday. Alibaba's US-listed securities closed down 9-percent following the news.