Chief executive Eddie Wu explained in his first public remarks since taking the helm that the United States' ever-increasing restrictions on chip sales to China have forced the company to rethink its plan to break up into six parts the empire Mr Jack Ma spent decades amassing.
Alibaba also said it is suspending a listing for the popular grocery business Freshippo.
The stock market's response to Alibaba's reversal was brutal: Its shares slid 8 per cent in Hong Kong on Nov 17. Overnight in New York, the stock plunged 9.1 per cent, wiping out more than US$20 billion of market value in their biggest drop in more than a year.
The decision comes at a difficult time for Alibaba. The company is trying to stage a comeback from the Covid-19 pandemic. It is also only just emerging from a tech industry-wide crackdown in China.
And it is working to win back merchants and shoppers who have flocked to PDD Holdings' shopping app Temu and newer entrants such as Byte Dance's Douyin, as well as corporate customers that have turned to state-backed cloud services.
This story is from the November 18, 2023 edition of The Straits Times.
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This story is from the November 18, 2023 edition of The Straits Times.
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