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Alibaba cancels cloud business spinoff over US chip curbs: company

Published November 16,2023

Chinese e-commerce giant Alibaba said on Thursday it would cancel the spinoff of its Cloud Intelligence arm in light of "the recent expansion of US restrictions on export of advanced computing chips".

"We believe that a full spin-off of Cloud Intelligence Group may not achieve the intended effect of shareholder value enhancement," the company said in its earnings release.