Alibaba Halts Cloud Spin-Off, Shares Drop 10%😐

Similarly, Alibaba tumbled 10% after the company sent a shock announcement that it would call off its intended spin-off of the cloud business given the tightened US curbs on chip shipments to China. This announcement drew great concerns over the prospect of the company's ambitious overall plans, with management announcing that it will focus on organic growth and to pay up its first-ever annual dividend of $2.5bln, a rarity for a technology company. This is likely to set a dour tone on China-HK stocks, offseting some of the optimism from the recent Biden-Xi meeting.

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