Regulatory filings also revealed on Thursday that Ma’s family trust plans to sell 10 million American Depository Shares of Alibaba Group Holdings for about $871 million.Īlibaba reported second-quarter revenue of 224.79 billion yuan ($31.01 billion), in line with the 224.32 billion expected by analysts, LSEG data showed.Ĭhina’s economic recovery has been uneven. The company then appointed Eddie Wu, one of Alibaba Group’s co-founders and long-time lieutenant of former chief Jack Ma, as both CEO of Alibaba and the cloud business.Īnalysts had in March estimated the cloud division could be worth between $41-60 billlion but had warned that its listing could attract scrutiny from both Chinese and overseas regulators due to the reams of data it manages.

“The recent expansion of US restrictions on export of advanced computing chips has created uncertainties for the prospects of Cloud Intelligence Group,” Alibaba said.Īlso on AF: China’s New Home Prices See Fourth Straight Monthly DropĪlibaba’s former group CEO Daniel Zhang abruptly quit just two months after concentrating his focus on cloud computing. Alibaba’s logistics division, Cainiao, applied to list in Hong Kong in September.

The company also put on hold plans for an initial public offering of its Freshippo groceries business but said it would prepare external fundraising for its international digital commerce group arm. Alibaba’s US-listed shares were down 8.4% in premarket trading. The announcement came alongside in-line second-quarter revenue from the Chinese e-commerce group, which in March had unveiled plans to carve out the cloud business as part of the biggest restructuring in its 24-year history.

Alibaba Group pulled the plug on plans to spin-off its cloud business on Thursday, blaming expanding US chip tech export curbs for creating “uncertainties”.

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