What's Going On With Alibaba Stock Monday?

Alibaba Group Holding Limited BABA, led by CEO Eddie Wu Yongming, reportedly focuses on four new business pillars to drive growth over the next decade. 

This strategy adjustment comes after the company's surprising decision to halt the spin-off of its cloud unit due to U.S. export restrictions on advanced chips. 

In a recent conference call, Wu outlined Alibaba's three main priorities: technology-driven internet platforms, AI-driven technology businesses, global commerce networks, SCMP reports. He emphasized strategic-level innovation in critical areas, including the online wholesale marketplace 1688, the second-hand goods platform Xianyu, the office collaboration tool DingTalk, and the search and cloud storage product Quark. These businesses will operate as independent subsidiaries, allowing them greater market flexibility. 

This announcement follows Alibaba's restructuring to create leaner business units and the appointment of co-founder Joe Tsai as chairman, replacing Daniel Zhang.

Through its Alibaba International Digital Commerce Group (AIDC), Alibaba has agreed to acquire a minority stake in the Vietnamese cosmetics and beauty chain Hasaki, as per Nikkei Asia. 

Hasaki, backed by Excelsior Capital Asia's Vietnam fund, operates over 140 stores and clinics across Vietnam and has a robust online presence with a user base of 3.8 million members. The company aims to capture at least 35% of the local market share by 2027 in a market transitioning towards institutional retailers.

Vietnam's beauty and personal care sector is one of the fastest-growing consumer segments, with a market size of $2.2 billion and an annual growth rate of 7%. 

Recently, Alibaba Group Holding Limited reportedly faced online speculation about a potential layoff of 25,000 employees. In response, on November 19, Alibaba reportedly declared these rumors false and reported the matter to the police, as per Pandaily. 

Alibaba had previously addressed and refuted similar layoff rumors at the end of May. 

Price Action: BABA shares traded lower by 0.63% at $77.11 premarket Monday.