Here's Why Alibaba Dumped Its Fundraising Plans

Alibaba Group Holding Ltd BABA discussed raising at least $1 billion for Lazada before calling off negotiations when talks bogged down over the Southeast Asian online mall's valuation, Bloomberg reports.
Alibaba had aimed to secure financing for Lazada ahead of its spinoff and a potential initial public offering.
Alibaba ditched the fundraising plan due to a lack of immediate requirement to avoid the volatile market, given shrinking valuations for tech companies from New York to Hong Kong.
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Alibaba is rooting for overseas growth as its home market cools and Beijing's Covid Zero policy continues to depress consumption across the world's second-largest economy.
Alibaba had outlined a long-term goal of quintupling Lazada's gross merchandise value.
Price Action: BABA shares traded higher by 1.57% at $114.70 premarket on the last check Wednesday.