Alibaba shares sink after it shelves IPO plans for two units

Shares in Alibaba plummeted in Hong Kong after the company reported disappointing sales figures and announced the suspension of IPO plans for its logistics arm and grocery chain due to challenging market conditions. The chairman stated that the current market conditions do not reflect the true intrinsic value of these businesses. The tech giant has faced difficulties recently, including a top management reshuffle and pressure from a competitor. Alibaba’s quarterly earnings, with a 5% increase in sales, fell slightly below analyst expectations. The company also announced a $25 billion share repurchase program.