Alibaba Shares Dip as Cloud Unit Lowers Prices

IndustryTrends

Alibaba Group in Hong Kong shares dipped on Thursday after the company's cloud subsidiary cut pricing for the majority of its products.

Alibaba Group is citing aspirations to expand access to artificial intelligence development in China.

The company shares (HK:9988) plummeted 2.3% to HK$72.55, behind the Hang Seng index's 0.1% fall.

The firm's cloud subsidiary reduced prices by an average of 20% across more than 100 goods, with certain products seeing discounts of up to 55%. 

Alibaba claimed the pricing reductions were intended to increase access to AI development in China and Asia.

Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp

                                                                                                       _____________                                             

Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be risky, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.

Read More Stories