maybefalse/iStock Unreleased via Getty Images Alibaba (NYSE:BABA) shares slumped more than 5% Monday as reports surfaced about the Internet and e-commerce giant possibly looking at moving it headquarters out of its home country of China. Alibaba (BABA) is building a new, large campus in Singapore, and according to a report from Barron’s, the size of the new location could be big enough for Alibaba (BABA) to consider packing up and setting up a new corporate head office away from Beijing’s governmental oversight. For more than two years, beginning in 2020, Alibaba (BABA) was the poster child for companies being under the thumb of Beijing as the Chinese government implemented large-scale crackdown upon many of China’s leading businesses due to the competitive practices and use of consumers’ data. For its part, Alibaba (BABA) was pressured in late 2020 to put off an IPO for Ant Group, its financial tech services affiliate. However, Barron’s reported that Alibaba (BABA) denied the report that it might move its headquarters to Singapore. Despite Monday’s losses, Alibaba (BABA) shares have put in a strong start to 2023, with the company’s shares rising almost 27% over the last 30 days. In early January, Alibaba (BABA) founder Jack Ma gave up his ownership stake in Ant Group in a move that was seen as boosting the chances that Ant could good public in the coming months.
