Shares of Alibaba (NYSE: BABA) went down by more than 5% in pre-market trading on Monday after there were reports that the Chinese e-commerce company is planning to move its headquarters to Singapore. However, a South China Morning Post report refuted the speculation, stating that BABA’s facility in Singapore would house regional operations.
Currently, Alibaba’s headquarters are located in the city of Hangzhou in the east of mainland China.
Analysts are bullish about BABA stock with a Strong Buy consensus rating based on a unanimous 16 Buys.