Alibaba Group Stock Slips 5%

Shares of Alibaba Group Holding Limited (BABA) are slipping over 5% on Monday hurt by reports of the Chinese e-commerce giant's plan to shift its global headquarters.

BABA is currently trading at $111.88, down $6.50 or 5.50%, on the Nasdaq. The stock opened its trading at $111.69 after closing previous day's trading at $118.38. The stock has traded between $58.01 and $129.40 in the 52-week period.

Alibaba is reportedly building a facility in Singapore, which is rumored to become its global headquarters.

However, South China Morning Post reported that the company had denied it was planning such a change, saying the new campus in Singapore will house regional operations with partners like Lazada. Alibaba is headquartered in the east Chinese city of Hangzhou.

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