China E-Commerce Giant Alibaba Falls After Reports of Move to Singapore

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Alibaba

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.