Skip to content

Alibaba Slumps as Traders Assess Earnings Risk, Ant Report

  • Stock is among worst performer on Hang Seng Tech Index
  • Traders digesting report that Jack Ma to cede control of Ant
Video player cover image
WATCH: Jack Ma is planning to relinquish control of Ant Group, according to the Dow Jones. Bloomberg Opinion columnist Shuli Ren shares her views.Source: Bloomberg
Updated on

Alibaba Group Holding Ltd. fell for a third straight day as investors assessed the impact of Jack Ma reportedly ceding control of his fintech arm, and as worries over its earnings dragged. 

Shares closed down 6.1% in Hong Kong on Friday, among the biggest decliners on the Hang Seng Tech Index. The tech giant is expected to report its first-ever negative quarterly revenue growth next week.