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Alibaba Stock Falls. The Chinese E-Commerce Giant Says Talk of HQ Move ‘Untrue.’
Stock in
Alibaba
the Chinese e-commerce site, fell 7% in Hong Kong trading on Monday after speculation that the company is moving its headquarters out of the country to Singapore.
Alibaba (ticker: HK:9988) has denied the speculation, telling Chinese media including Sina Financial it is “untrue and a misunderstanding.” Alibaba’s headquarters are in Hangzhou, China, and it said the new campus in Singapore will house regional operations with partners in Southeast Asia such as Lazada Group.
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