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Alibaba no longer advances Alibaba Cloud spin-off, Hema Xiansheng IPO plan has been suspended
Alibaba no longer advances Alibaba Cloud spin-off, Hema Xiansheng IPO plan has been suspended
According to news from this site on November 16, Alibaba Group’s financial report disclosed that due to various uncertainties, it will no longer promote the complete spin-off of Cloud Intelligence Group. At the same time, Alibaba will resolutely increase its continuous strategic investment in Alibaba Cloud to ensure that Alibaba Cloud focuses on the "AI cloud computing" development strategy and creates cloud computing services with leading technology in the AI era.
This site noticed that Alibaba’s financial report showed that “the United States has recently expanded restrictions on the export of advanced computing chips, bringing uncertainty to the prospects of Cloud Intelligence Group. We believe that the complete spin-off of Cloud Intelligence Group may Unable to increase shareholder value as originally envisioned, we have decided not to proceed with the complete spin-off of Cloud Intelligence Group. Instead, we will face the uncertain environment and focus on establishing a sustainable growth model for Cloud Intelligence Group."
Alibaba said that in the era of AI, Alibaba Cloud needs long-term strategic investment more than ever. Alibaba will resolutely increase its investment in Alibaba Cloud, let Alibaba Cloud focus on the "AI cloud computing" development strategy, and minimize the adverse impact of uncertain factors on future development
Alibaba also stated that Hema Xiansheng The IPO plan has been suspended and the market situation is being evaluated
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Alibaba’s revenue in the second fiscal quarter of fiscal year 2024 was 224.79 billion yuan, compared with the same period last year 207.18 billion yuan
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