Alibaba ditches plans to spin off cloud business and list supermarket
Alibaba has ditched plans to spin off its cloud business and paused the listing of its supermarket unit after investors reacted with weak enthusiasm to the Chinese ecommerce giant’s radical restructuring plan.
The group said on Thursday that US export controls had created “uncertainties” for its cloud business and that it had cancelled plans to pursue a separate initial public offering. Freshippo, its grocery chain, has also put its listing plans on hold as Alibaba “evaluate[s] market conditions”.
Alibaba announced its first annual dividend, which would cost $2.5bn, and said it had $15bn remaining for its $25bn share buyback programme.