Alibaba Stock Down As Former CEO Daniel Zhang Quits Cloud Unit

Shares of Alibaba Group Holding Ltd. dropped around 3 percent in Hong Kong trading after the Chinese e-commerce major announced the departure of Daniel Zhang, former chief executive officer, as the head of its cloud business. The move comes as the cloud business reportedly is preparing for its IPO. In a statement, the company now said that Eddie Yongming Wu, the newly appointed CEO, will succeed

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