What's Going On With Alibaba Stock Thursday?
Portfolio Pulse from Anusuya Lahiri
Belgium's intelligence service is closely monitoring Alibaba Group Holding Ltd's European logistics hub due to concerns of potential espionage and data misuse. Alibaba's logistics subsidiary, Cainiao, is under scrutiny. The company established its presence in Liège, Belgium, in 2018. The Belgian State Security Service has intensified its monitoring of Alibaba's operations, focusing on software systems that gather sensitive economic data. Alibaba's shares traded lower by 0.75% at $83.45 premarket on the last check Thursday.
October 05, 2023 | 12:32 pm
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Alibaba is under scrutiny by Belgium's intelligence service due to potential espionage and data misuse concerns. This news, along with weak IPO sentiment in China and a negative outlook for China's property sector, has led to a decrease in Alibaba's premarket share price.
The news of Belgium's intelligence service monitoring Alibaba's European logistics hub due to potential espionage and data misuse concerns is likely to negatively impact investor sentiment. Additionally, the weak IPO sentiment in China and a negative outlook for China's property sector could further depress Alibaba's share price.
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