Alibaba shares lose 2.9% after cloud boss quits
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The news: Shares in Chinese e-commerce and tech giant Alibaba have lost 2.9% after former chief executive Daniel Zhang quit the group's cloud computing business.
The numbers: The unit is China's largest cloud computing provider with a 34% share of the market and an estimated value of between USD41 billion ($63.7 billion) and USD60 billion. Alibaba shares were trading 2.9% down at HK$88.15 on the Hong Kong Stock Exchange shortly before 3pm AEST. Alibaba is dual listed on SEHK and the New York Stock Exchange.
The context: Alibaba co-founder Eddie Wu has been appointed acting CEO and chairman of the cloud computing business after taking over as group CEO on Sunday. Alibaba's cloud unit also hosts the group's microchip and AI research arm and is set to be spun-off in 2024.
The source: Reuters
