The e-commerce giant had previously scrapped plans to spin off its cloud business over US chip export restrictions Chinese tech stocks in Hong Kong plummeted on Friday shortly after a massive decline in Alibaba Group shares that followed the online retailer’s announcement to scrap plans to spin off its cloud business. Alibaba Group’s Hong Kong shares dropped 10% a day after the e-commerce giant said it would shelve cloud spinoff due to major uncertainties over US restrictions on exports of chips used in artificial intelligence (AI) applications. The Hang Seng Index, which represents the 30 largest technology comp
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