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China tech

Alibaba market cap sinks by half in a year since Ant IPO shelved

China's e-commerce leader loses ground to rivals like as regulators crack down

Around this time in 2020, market expectations for Alibaba were higher than ever thanks to anticipation for the then-upcoming IPO by Ant Group.   © Reuters

SHANGHAI -- Alibaba Group Holding has lost more than half its market value in the year since finance arm Ant Group's listing was postponed under pressure from Chinese regulators, sapping the momentum of China's top e-commerce company.

Alibaba's market capitalization topped out at 6.6 trillion Hong Kong dollars ($846 billion at current rates) at the end of October 2020, but has since slumped to about HK$2.8 trillion, or $358 billion. The company is also listed on the New York Stock Exchange.

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