Clouds gather over Alibaba's key unit after IPO plans scrapped

Clouds gather over Alibaba's key unit after IPO plans scrapped

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration

When Alibaba Group suddenly announced it no longer planned to spin off its cloud unit, the Chinese tech titan cited “uncertainties” over its ability to procure advanced chips due to U.S. export controls.