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Alibaba Shares Dip 5% On Lost Cyber Security Partnership -Breaking

by Mike Robinson

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© Reuters.

By Daniel Shvartsman

Investing.com – Alibaba (NYSE) Shares traded in early market action Wednesday morning after the news that the company had been suspended from an information-sharing partnership with central China’s government.

As per, Alibaba didn’t report any vulnerability to Apache’s log framework. The Ministry of Industry and Information Technology (MIIT), in an attempt to resolve the problem internally, suspended a partnership agreement with Alibaba’s cloud unit.

Alibaba’s cloud unit was responsible for 10% of the company’s most recent quarter’s sales and saw a 33% growth year-over year. It is now one of the top growth engines. Alibaba’s share price has fallen 50% in the last year, and its stock prices have plummeted by nearly 60% from their 52-week highs. The shares have suffered from regulatory issues and concerns over Jack Ma the founder.

The sector may be feeling the effects of this news. Today, the KraneShares CSI China Internet Exchange ETF (NYSE) has fallen nearly 2% while the is down more than 1%.

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