Alibaba Responds To Headquarters Migration Report

Alibaba Group Holding Limited BABA denied reports regarding its migration of headquarters out of the country.
It assured Chinese media that Alibaba's headquarters are in Hangzhou, China, Barron's reports.
Alibaba also clarified that the new campus in Singapore would house regional operations with partners in Southeast Asia like Lazada Group.
Previous reports indicated that Alibaba was close to completing a new campus in Singapore, which could become its global headquarters.
Alibaba has been hit severely by China's sweeping crackdown on the tech sector, which started with the shelving of Alibaba fintech affiliate Ant Group's IPO in November 2020.
Founder Jack Ma, who maintained a low profile since China's regulatory crackdown and the media last spotted Ma in Tokyo, living a quiet life.
Price Action: BABA shares traded lower by 1.44% at $109.60 in the premarket on the last check Tuesday.

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