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U-Turn Decision: Alibaba’s Cloud Unit Spin-Off Costs $20 Billion in Market Valuation

Hong Kong shares in China’s most prominent tech firm tumbled after it scrapped plans to spin off its cloud business. The move is a setback for investors as it would have created a separate public listing for the fast-growing division, which could be valued at about $41-$60 billion. The Chinese e-commerce giant had announced the plan in March as part of a significant restructuring that broke it into six units. It also put on hold an IPO of its Freshippo

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