Alibaba market value falls by $30 bn after margins decline
Jack Ma-led Chinese e-commerce giant Alibaba's market capitalisation fell by about $30 billion after investments in brick-and-mortar assets and digital media squeezed profit margins in the December quarter. Alibaba shares plunged as much as 5.9%, the sharpest decline in 18 months. This also came after Alibaba announced it will take a 33% equity stake in Ant Financial, a payments affiliate.