Alibaba’s shocking reversal: Abandons $11 billion cloud spinoff amid escalating US-China tech battle
Alibaba’s stunning about-face on plans to spin off its $11 billion cloud business reveals the escalating US-China tech dominance battle.
Alibaba’s stunning about-face on plans to spin off its $11 billion cloud business reveals the escalating US-China tech dominance battle.
Following Alibaba Group splitting into six units and triggering a surge in its share value, Tencent may just follow a similar move.
China’s Tencent will dole out more than 958 million Class B stock in Meituan as a special dividend to existing shareholders.
Chinese investors have been scooping up Hong Kong tech stocks for weeks on end, lured by the market’s cheap valuation.
After a more than $1 trillion selloff, many investors think China’s three largest tech stocks have bottomed out.
“When we value the ROI (Return on Ideas) of ideas, the new tools are just enablers. Not the holy grail.”
Sasfin Securities David Shapiro leads the week’s investment insights as the veteran money manager delves deeper into the Evergrande saga.
“What the state wants, the state gets. That makes the business climate unstable and ethically risky,” reports The Wall Street Journal.
The Hang Seng China Enterprises Index, which tracks Hong Kong-listed Chinese shares, dropped as much as 1.9%, taking declines to a third day.
“Actions against online groups raises doubts about investing in China as a whole,” writes Merryn Somerset Webb for the Financial Times.