the Chinese e-commerce site, fell 7% in Hong Kong trading on Monday after reports the company is moving its headquarters out of the country.
Alibaba (ticker: HK:9988) to be building a new campus in Singapore, according to the reports, which could become its global headquarters. The South China Morning Post said the company denied that speculation, saying the facility would house regional operations. Alibaba’s headquarters are in the city of Hangzhou in the east of mainland China.
That wasn’t enough to stop the shares from sliding. The stock closed down 7.1% on Monday.
Alibaba didn’t immediately respond to a request for comment from Barron’s.
Alibaba’s U.S.-traded American depositary receipts (BABA) finished little changed on Friday at $118.42.
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