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Tanking Alibaba drags Hong Kong as markets rally fades
Tanking Alibaba drags Hong Kong as markets rally fades
by  AFP

Asian stocks fell Friday as a rally fuelled by the likely end of US interest rate hikes ran out of puff, while Alibaba dragged Hong Kong down after saying it would cancel the planned spinoff of its cloud computing arm.

Alibaba shares dive more than 7% after cloud service called off
Alibaba shares dive more than 7% after cloud service called off
by  AFP

Shares in Chinese e-commerce titan Alibaba tanked more than seven percent at the Hong Kong open Friday after the firm's surprise decision to call off part of its high-profile restructuring because of the US-China chip war. 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.

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