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Stock in Alibaba the Chinese e-commerce site, fell 7% in Hong Kong trading on Monday after speculation that the company is moving its headquarters out of the country to Singapore.

Alibaba (ticker: HK:9988) has denied the speculation, telling Chinese media including Sina Financial it is “untrue and a misunderstanding.” Alibaba’s headquarters are in Hangzhou, China, and it said the new campus in Singapore will house regional operations with partners in Southeast Asia such as Lazada Group.


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