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Alibaba shares fall after plans to spin off cloud unit are canceled

HONG KONG — Alibaba Group Holding has canceled plans to completely spin off its cloud unit, the company said Thursday, in a surprise move that the Chinese group attributed to tightening U.S. controls on chip technology.

“The recent expansion of U.S. restrictions on the export of advanced computer chips has created uncertainties about the prospects of Cloud Intelligence Group. We believe that a complete spin-off of Cloud Intelligence Group may not produce the desired effect of improving shareholder value,” the company said.

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