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Alibaba stock hong kong11/21/2023 ![]() Ant Group, Alibaba’s fintech affiliate, was forced to scrap its Hong Kong and Shanghai IPO as it was deemed not to meet requirements. When former CEO Jack Ma criticized China’s regulatory regime and banks in 2020, it sparked an aggressive counter-strategy from the Chinese government to assert its power over companies it deemed to have concentrated too much power.Ī swift and brutal response followed for two years afterwards. ![]() Some of Alibaba’s woes have arguably been of its own making. Alibaba shares are trading well under their peak of $303 in October 2020 and the company is down 4.4% this year to date. President Xi’s clampdown on the tech industry has cost Alibaba dearly: it lost $500 billion of its value thanks to the changes, with a total of $1 trillion lost overall from Alibaba and other Chinese tech companies. Alibaba’s Hong Kong-listed stock also closed down 1.5%, in a more cautiously optimistic view from the market there. Alibaba shares are currently 4.53% down at the news. The overhaul in management, especially given it was a surprise announcement, wasn’t taken well by Wall Street. ![]() “This is the right time for me to make a transition, given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off,” he said in a statement.Īn Alibaba statement thanked Zhang for his "extraordinary leadership in navigating unprecedented uncertainties affecting the company's business over the past few years”. Zhang will remain in charge of the company’s cloud computing unit, which he took over at the end of last year. Another Alibaba co-founder, vice-chair Joseph Tsai, will take the board's chairman position. Wu has a long tenure in the Chinese tech company: he was former CEO Jack Ma’s special assistant for five years and now leads the Alibaba websites Taobao and Tmall. He’s soon to be replaced by Eddie Yongming Wu, one of the Alibaba co-founders, as soon as September. E-commerce giant Alibaba’s CEO and chairman, Daniel Zhang, is stepping down from the top job at the company.
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