HONG KONG, Nov 17 Reuters Hong Konglisted shares of China39;s Alibaba Group plunged 10 on Friday, wiping about 20 billion off its market value, after the company scrapped plans to spin off its cloud business.

Alibaba said its decision to shelve the spinoff was due to uncertainties fuelled by U.S. curbs on exports to China of chips used in artificial intelligence applications.

Once Asia39;s most valuable stock worth around 830 billion in October 2020, the Hong Konglisted shares fell more than 10 to a oneyear low.

Following are what people are saying about the decision

BRIAN WONG, FORMER ALIBABA EXECUTIVE AND AUTHOR OF 39;THE TAO OF ALIBABA39;

Rather than spending the time on trying to spin out its Cloud Intelligence Business, the idea seems to be to double down on their attention and investment in the Cloud operations because with AI, timing is critical. If you miss the window, you might miss your opportunity to actually be a key player in the business.

Honestly, look at the world we39;re in right now. With all the flux and uncertainty, it39;s easy to be reflexive and fall into a shortterm mentality. But one of the hallmarks of Alibaba is that they do not let the fear of the investor reactions dictate whether they make a hard decision that is actually going to benefit the company in the long run. I saw that consistently while I was at the company, a willingness to take the shortterm hit for the longterm gain. To me that39;s a hallmark of the company mindset….