Alibaba shares plunge after news that it may move headquarters to Singapore (NYSE: BABA)
alibaba (NYSE:TORTOISE) shares fell more than 5% on Monday as reports emerged that the internet and e-commerce giant may be considering moving its headquarters out of its home country of China.
alibaba (TORTOISE) To be building a large, new campus in Singapore, and according to a report from Barron’s, the scale of the new location could be big enough for Alibaba (TORTOISE) to review packaging and set up a new corporate headquarters away from the scrutiny of the Beijing government.
For more than two years, starting in 2020, Alibaba (TORTOISE) are the offspring of companies that are under Beijing’s control as the Chinese government carries out a large-scale crackdown on many of China’s top enterprises due to competitive practices and data usage. of consumers. For its part, Alibaba (TORTOISE) was pressured in late 2020 to postpone the IPO for Ant Group, its financial technology services arm.
However, Barron’s reported that Alibaba (TORTOISE) denied the news that the headquarters could be moved to Singapore.
Despite Monday’s losses, Alibaba (TORTOISE) has had a strong start to 2023, with the company’s stock up nearly 27% in the past 30 days.
In early January, Alibaba (TORTOISE) founder Jack Ma has given up his ownership of shares in Ant Group in a move seen as boosting opportunity Ant may go public in the coming months.