As their losses pile up, Chinese investors are losing confidence not only in the stock market but in the government’s ability to turn the economy around.
Daniel Zhang, who had been expected to give up his chief executive and chairman roles this month, is also leaving as head of the company’s cloud division.
The Biden administration is exploring whether it can mount a campaign against Chinese tech giants like Alibaba and Huawei, potentially fueling tensions with Beijing.
The secretary of state’s talks with Xi Jinping raised hopes that the world’s two biggest economies might stabilize relations, but the big challenges were not resolved.
The economy is open again, helping Alibaba, Baidu and Tencent claw back in the first quarter from a miserable 2022, though they will likely face continuing skepticism from investors.