Alibaba shares set to slide 8% after it shelves cloud unit spin-off

Alibaba Group faces a potential 7.8% drop in its Hong Kong-listed shares as it cancels plans to spin off its cloud business due to uncertainties surrounding U.S. restrictions on AI-related chips. The stock is projected to open at HK$75.0, reflecting the first market response in Asia post-announcement. In the U.S., Alibaba’s listed securities closed down 9%, highlighting concerns over the impact of regulatory developments on the Chinese tech giant.