Alibaba cancels cloud business spinoff over US chip curbs: company
- Economy
- AFP
- Published Date: 03:35 | 16 November 2023
- Modified Date: 03:35 | 16 November 2023
Chinese e-commerce giant Alibaba said on Thursday it would cancel the spinoff of its Cloud Intelligence arm in light of "the recent expansion of US restrictions on export of advanced computing chips".
"We believe that a full spin-off of Cloud Intelligence Group may not achieve the intended effect of shareholder value enhancement," the company said in its earnings release.