Alibaba slumps in HK and NY pre-market as rumors of relocation
the action of alibaba (BABA34) suffered a fall of more than 7% on the Hong Kong Stock Exchange (HK) this Monday, 30, after reports that the Chinese e-commerce giant could transfer its headquarters.
Alibaba is building a new campus in Singapore, according to reports, which could become the company’s new global headquarters.
the chinese newspaper The South China Morning Post said the company denied the rumour, claiming the facility would house regional operations.
Alibaba’s current headquarters is in the Chinese city of Hangzhou.
The denial, however, was not enough to prevent the stock from falling.
Alibaba shares closed down 7.08% in Hong Kong today.
Alibaba’s American Depositary Receipt (ADR) also came under pressure in premarket trading in New Yorkshowing a decline of 5.4% around 8:20 am (from Brasilia).
With information from Dow Jones Newswires.
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
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