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Fortune
Fortune
Lionel Lim

A series of bad news stories—including an abandoned cloud spin-off plan—wipe billions from Alibaba's market cap

Alibaba Ant Group Tencent Jack Ma
(Credit: Kuang Da—Jiemian News/VCG via Getty Images)

The Chinese e-commerce giant Alibaba is now worth $20 billion less, following a day of unveiled share sales, abandoned corporate plans, and a near-double-digit plunge in stock prices.

The company's Hong Kong-traded shares fell by almost 10% on Friday. Post-drop, Alibaba is now worth just over half of its arch-rival, WeChat owner Tencent. (Alibaba is valued at $201 billion, Tencent at $391 billion)

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