Alibaba Backtracks Its Spinoff Plans
Yesterday, some better economic news and strong results from JD.com put Chinese stocks back on the map. Today, they stayed on the map but went in the opposite direction. 🙃
Driving the news was Alibaba’s earnings report, where the company revealed some unnerving news for investors. Although the company had a pretty good quarter that beat earnings and revenue expectations, it said it’s canceling its cloud unit spinoff because of geopolitical tensions.