-
LONDON: Run For Modi” Event In London To Drum Up Support For PM Modi - 15 hours ago
-
LONDON: Indian-Origin Candidate On How He Plans To Win London Mayoral Polls - 2 days ago
-
HARVARD: No Country Is Perfect”: Physics Wallah Urges Indian Students At Harvard, Stanford To Return - April 27, 2024
-
CALIFORNIA: PM Modi Put India On World Map As Credible Innovator- IT Industry Leaders - April 26, 2024
-
WASHINGTON: Indian Students Bag NASA Awards For Human Exploration Rover Challenge - April 25, 2024
-
LONDON: Indian-Origin Teen In UK Gets “Life-Changing” Cancer Treatment - April 25, 2024
-
SILICON VALLEY: All About Pavan Davuluri, New Head Of Microsoft Windows - April 25, 2024
-
LONDON: UK’s India Gate To Commemorate Role Of Indian Soldiers From World Wars - April 24, 2024
-
HARARE: Shri Bramha Kumar appointed as the next Ambassador of India to the Republic of Zimbabwe - April 23, 2024
-
LONDON: Indian-Origin Principal Wins UK Legal Challenge Over School Prayer Ban - April 23, 2024
BEIJING: Alibaba has lost $344 billion in world’s biggest wipeout
BEIJING: Few people could have predicted
the downward spiral for Alibaba Group Holding, when founder Jack Ma delivered a
blunt criticism of China’s financial system last October.
Yet one year on, the technology
titan has lost a whopping $344 billion in market capitalization — the biggest
wipe-out of shareholder value globally, according to data compiled by
Bloomberg. Shortly after the now infamous speech, Beijing suspended the listing
of its fintech arm Ant Group and has since followed up with a widespread
crackdown on the country’s most vibrant sectors — causing Chinese stocks to
tank.
Value losses
Alibaba shares sank from an all-time high that month to a record low three
weeks ago in Hong Kong, as Beijing stepped up its scrutiny of the company’s
practices and urged a restructure of its fintech business. Despite a 30%
recovery from Oct. 5, the stock is still 43% lower than its October 2020 peak.
Bloomberg
Intelligence expects fiscal second-quarter active users at the e-commerce giant
to have beaten consensus projections as a result of China’s zero-Covid policy.
Alibaba is set to report earnings on November 5.