Alibaba CEO to workers: Ignore share plunge

Hong Kong

ALIBABA Group Holding Ltd's chief executive officer exhorted employees on Tuesday to ignore plunging stock markets after the e-commerce giant's shares fell below their initial public offering price for the first time.

Daniel Zhang, who took the helm of Asia's largest Internet company three months ago, wrote a memo urging his 35,000 workers to brush aside the market turmoil. Alibaba has lost about US$128 billion in market value since its peak last November amid a slowing Chinese economy.