The e-commerce giant had previously scrapped plans to spin off its cloud business over US chip export restrictions Chinese tech stocks in Hong Kong plummeted on Friday shortly after a massive decline in Alibaba Group shares that followed the online retailer’s announcement to scrap plans to spin off its cloud business.

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The banking crisis has heightened risk of an economic downturn, the Wall Street bank claims The recent turmoil in the financial industry caused by the collapse of Silicon Valley Bank (SVB) has made a US recession more likely, JPMorgan Chase CEO Jamie Dimon has warned, noting that lenders are now tightening credit.