$20B wiped off Alibaba's market value as cloud unit IPO canned

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$20B wiped off Alibaba's market value as cloud unit IPO canned

Alibaba led losses in Hong Kong after its shares plunged more than 10 percent on Friday. That's as the Chinese e-commerce giant announced it had scrapped plans to spin off its 11-billion dollar cloud computing unit, citing uncertainties over US export controls on chips related to artificial intelligence. The drop-- potentially its biggest one-day fall in more than a year, wiped about 20 billion dollars off its market value. The Chinese tech giant first revealed plans to split into six units in March, spurring hopes for a wave of listings that would increase shareholder value and boost growth. It also follows the company's disappointing third-quarter earnings announced on Thursday. Alibaba's US-listed securities closed down 9-percent following the news.