Alibaba Cancels Plan for Cloud Unit Spinoff

Estimated read time 1 min read

Alibaba Group Holding has declared that it would not move forward with a full spin-off of its cloud computing unit. Citing US export limitations on sophisticated computing processors are causing uncertainty. The corporation is reorganising itself into six main business divisions and numerous smaller companies.

Additionally, the business postponed its proposal to list the supermarket chain Freshippo while it assessed various issues, including the condition of the market. The business still plans to list its smart logistics unit Cainiao in Hong Kong. Cainiao’s revenue increased by 25% YoY, mostly due to cross-border fulfilling services.  For the September quarter, Alibaba reported net income attributable to shareholders of 27.7 billion yuan ($3.8 billion), and revenue at 224.79 billion yuan, up 9% year over year. 

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E.F Team

Our team at Eastern Finance is made up of young and knowledgeable professionals who are here to provide you with business news from an eastern perspective.

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