Alibaba Responds To Headquarters Migration Report

Alibaba Responds To Headquarters Migration Report
  • Alibaba Group Holding Limited BABA denied reports regarding its migration of headquarters out of the country.
  • It assured Chinese media that Alibaba's headquarters are in Hangzhou, China, Barron's reports.
  • Alibaba also clarified that the new campus in Singapore would house regional operations with partners in Southeast Asia like Lazada Group.
  • Previous reports indicated that Alibaba was close to completing a new campus in Singapore, which could become its global headquarters.
  • Alibaba has been hit severely by China's sweeping crackdown on the tech sector, which started with the shelving of Alibaba fintech affiliate Ant Group's IPO in November 2020.
  • Founder Jack Ma, who maintained a low profile since China's regulatory crackdown and the media last spotted Ma in Tokyo, living a quiet life.
  • Price Action: BABA shares traded lower by 1.44% at $109.60 in the premarket on the last check Tuesday.

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