SHANGHAI: It took only four weeks for optimism around Alibaba Group Holding Ltd’s breakup plan to fizzle. Restoring it will likely be an uphill battle.
But as US-China geopolitical tensions flare, some are starting to backtrack on their earlier enthusiasm. Concerns about broader weakness in sentiment for Chinese equities, coupled with questions about the potential initial public offering pipeline and a lack of growth catalysts, are also weighing on the stock’s outlook.
The macro headwinds have made plans for IPO fundraising, particularly difficult. Last week, the firm cut prices for its cloud services — a unit it aims to make public. The move suggests the firm is willing to cede more profits this year to keep business away from rivals like Tencent Holdings Ltd. Continued share sales by SoftBank Group Corp., an early and key investor, are also hurting prospects.
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