Tanking Alibaba drags Hong Kong as markets rally fades

Hong Kong led losses in Asian stock markets on Friday as Alibaba was hammered after saying it would cancel the planned spinoff of its cloud computing arm. The sell-off came as an exciting week on global trading floors saw a tepid finish, with Wall Street drifting even as a forecast-beating jump in US jobless claims added to optimism the central bank would not hike interest rates again. Market-heavyweight Alibaba collapsed more than 10 percent after its shock decision not to spin off its cloud computing arm because of the US-China chip war. In one of its most wide-ranging restructurings, Alibaba said in March it planned to split the vast group into six distinct entities that would be able to separately pursue funding through public listings. But on Thursday it called off the creation of its Cloud Intelligence arm in light of âthe recent expansion of US restrictions on export of advanced computing chipsâ. Washington has cited national security grounds in moving to bar the shipment to Chi...