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Jack Ma, the poster boy of China's tech scene, is moving into the food business Alibaba cofounder Jack Ma set up a new company called "Hangzhou Ma's Kitchen Food" The company's registered capital is 10 million Chinese yuan, or $1.4 billion. It's involved in sales of pre-packaged food and the processing and retail of agricultural products.
Alibaba's Taobao, Tmall cancel Dec 12 shopping... Alibaba's Taobao, Tmall cancel Dec 12 shopping festival, to host substitute event. The dates of the new festival were not included in the notice. Alibaba did not immediately respond to a request for comment on the change.
Alibaba's stock dropped so much that Jack Ma reversed a plan to sell shares for his other investments Alibaba cofounder Jack Ma reversed plans to sell the company's stock. Ma's family trust was set to sell 10 million American Depository Shares of the company worth $870 million on Tuesday. The share sell-off last week was Alibaba's sharpest in over a year. The stock's decline has taken Ma's fortune down to around $30 billion.
Alibaba exec moves to quell staff concern over Jack Ma share sale with internal post A top Alibaba executive told staff on Wednesday that it was a "coincidence" that a plan by former chief Jack Ma's family trust to sell some shares in firm was disclosed on the same day the firm scrapped its cloud unit's listing. Jiang Fang, an Alibaba partner and its chief talent officer, said in an post on the firm's intranet seen by Reuters that Ma's office had earlier this year made a plan.
Alibaba exec moves to quell staff concern over Jack Ma... Alibaba exec moves to quell staff concern over Jack Ma share sale with internal post. Investors wiped some $20 billion off Alibaba's market value last Friday. Ma's family trust intended to sell 10 million American Depository Shares.
Down 65% Since 2021, What’s Next For Alibaba Stock? Chinese e-commerce and cloud behemoth Alibaba stock declined by about 6% over the last week. The company posted a relatively mixed set of Q2 FY’24 results.
Asian markets mixed as traders eye Fed minutes Asian markets fluctuated in early business. Tokyo went into the break slightly lower, having briefly hit a 33-year high in the morning. Hong Kong rose after Friday's hefty loss fuelled by a 10 percent collapse in Alibaba. All three main indexes on Wall Street ended slightly higher Friday.
Chinese economic meltdown sparks panic as almost $1trn wiped off stock market Chinese stocks listed on foreign markets have lost a total of $955 billion in value since the start of the year. Stocks in some of China's biggest firms, such as Alibaba, have fallen anywhere between 10 to 52 per cent. It is expected that any major downturn in China's economy would trigger a worldwide recession.
Alibaba extends losses to $26 billion in market value after the company announces big reversal of spin-off plans Alibaba has lost $26 billion in market cap since Thursday, after it shelved plans to spin off its cloud business.Executives said they needed to "reset" strategy, and pointed to US restrictions on chip sales to China. Stock dropped more than 9% on Thursday, continuing its slide on Friday.
Alibaba shares dive more than 7% after cloud service... Shares in Chinese e-commerce titan Alibaba tanked more than seven percent at the Hong Kong open Friday. The firm's stock dived 7.13 percent soon after the starting bell in Hong Kong, tracking a collapse in its New York-listed shares. Washington has moved to bar the shipment to China of powerful chips, including those from California-based Nvidia.
Alibaba shares dive more than 7% after cloud service called off Shares in Chinese e-commerce titan Alibaba tanked more than seven percent at the Hong Kong open Friday. The firm's stock dived 7.13 percent soon after the starting bell in Hong Kong, tracking a collapse in its New York-listed shares. Washington has moved to bar the shipment to China of powerful chips, including those from California-based Nvidia.
Stock market today: Asian stocks pulled lower by profit warnings and signs the US economy is slowing Hong Kong's Hang Seng sank 2.1%, to 17,450.44, dragged lower by a 9.8% slump in shares of Chinese e-commerce giant Alibaba. The Shanghai Composite index edged 0.1% higher to 3,054.37. Tokyo's Nikkei 225 index gained 0.5% to 33,585.20 after Bank of Japan Gov. Kazuo Ueda indicated no immediate plans to change its ultra-lax monetary policy.
Stock market today: European shares up after a mixed... Hong Kong's Hang Seng sank 2.1%, to 17,454.19, dragged lower by a 9.8% slump in shares of Chinese e-commerce giant Alibaba. Bank of Japan Gov. Kazuo Ueda indicated, in comments to parliament, that the central bank has no immediate plans to change its ultra-lax monetary policy.
Alibaba sheds $20 billion in market value after scrapping plans to list its cloud business Chinese e-commerce giant Alibaba saw $20 billion wiped off its market capitalization after announcing it would no longer spin off and list its cloud computing business. The company said on Thursday that it would not proceed with the spinoff of its Cloud Intelligence Group, citing U.S. export restrictions on advanced chips.
Retailers suffer unexpected decline in sales - latest updates Sales volumes were down 0.3pc last month and September was worse than previously thought. Hong Kong’s Hang Seng sank 2.2pc, to 17,445.56, dragged lower by a 10pc slump in shares of Chinese e-commerce giant Alibaba following its cancellation of a plan to spin off its cloud computing unit.
EMERGING MARKETS-Currencies rise as US bond yields... MSCI's index of EM currencies rose 0.3%, on course for its biggest weekly gain in four months. U.S. 10-year treasury yields hit two-month lows and the dollar was headed for a weekly loss. Emerging market stocks fell, hurt by a 10% slump in shares of Chinese heavy-weight Alibaba.
Stocks struggle to end week on high note The Dow Jones Industrial Average was flat while the S&P 500 and tech-heavy Nasdaq were in the red in early trades. European markets were up in afternoon deals, with London leading gains as it rose more than one percent. Hong Kong closed down 2.1 percent, with shares in Chinese e-commerce titan Alibaba hammered.
Alibaba Is Only Worth About Half of Tencent as Recovery Lags Alibaba Group Holding Ltd.’s market value has slumped to only about half that of Tencent Holdings Ltd. Tencent, focused on social media and gaming, is valued at $391 billion. Alibaba on Thursday abruptly ended its plan to spin off its cloud unit.
Tanking Alibaba drags Hong Kong as markets rally fades Asian stocks fall Friday as rally fuelled by likely end of US interest rate hikes ran out of puff. Alibaba dragged Hong Kong down after saying it would cancel the planned spinoff of its cloud computing arm. Wall Street drifted even as forecast-beating jump in US jobless claims added to optimism the central bank would not tighten again.
US chip curbs trip up China's AI-hungry tech giants US restrictions on advanced computer chips are forcing China's tech giants to rethink their ambitious AI-powered projects. E-commerce titan Alibaba abandoned a plan to spin off its multi-billion-dollar cloud computing arm. It followed gaming giant Tencent's acknowledgement that its ability to sell advanced cloud services has been hit by the restrictions. Washington has said the export controls are a national security measure.