Alibaba Stock (NYSE:BABA)
Alibaba stock dropped by more than 5% on Monday after the publication of rumors suggesting that the Internet and e-commerce behemoth may be considering relocating its headquarters from China to Singapore.
According to a report published in Barron’s, the size of the new site might be huge enough for Alibaba (NYSE:BABA) to contemplate packing up and establishing a new corporate head office away from Beijing’s regulatory scrutiny. Alibaba (NYSE:BABA) is now constructing a new, sizable HQ in Singapore.
For over two years, starting in 2020, Alibaba (BABA) was the poster child for companies under Beijing’s boot. This was because the Chinese government undertook a large-scale crackdown against many of China’s major enterprises owing to the competitive tactics and exploitation of customers’ data. Alibaba was the poster child for companies under Beijing’s heel. For its part, Alibaba (NYSE:BABA) faced pressure in late 2020 to delay an initial public offering for Ant Group. This unit provides financial technology services.
On the other hand, Barron’s stated that Alibaba (NYSE:BABA) refuted rumors that the company could relocate its headquarters to Singapore.
Alibaba stock has had a solid start to 2023, even though the company’s shares fell on Monday. Over the last 30 days, the company’s shares have increased by about 27%.
Jack Ma, the founder of Alibaba (NYSE:BABA), sold his ownership stake in Ant Group at the beginning of January. This move increased Ant Group’s likelihood of going public within the next few months.
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