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.
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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.
