Signage at the Alibaba Group Holding Ltd. booth at the Smart China Expo in Chongqing, China, on Monday, Sept. 4, 2023.
Qilai Shen | Bloomberg | Getty Images
U.S.-listed shares of Chinese e-commerce giant Alibaba slid Thursday after it announced it would not proceed with the full spinoff of its cloud group due to U.S. chip export restrictions.
The company’s stock sank 9% on the news. Shares of Alibaba have fallen 1% since the start of this year as of Wednesday’s close.
Alibaba share price performance on 16/11/2023
In its earnings release Thursday, Alibaba said that it would no longer proceed with a spinoff of its Cloud Intelligence Group — the cloud…