Alibaba shares down more than 8% after cloud computing setback

New York - Shares in Chinese e-commerce giant Alibaba plummeted on Thursday after the company said it would cancel the spinoff of its cloud computing arm because of US curbs on exports of advanced chips.

Alibaba shares were down eight percent in late morning trade on Wall Street. The company had planned to split the group into six distinct entities, with the intention of taking them public.(AFP)