Alibaba gains after Q4 results, cloud spin-off, but Chinese tech stocks sink

News Snapshot:

Alibaba's (NYSE:BABA) announcements of better-than-expected fourth-quarter results and spin-off of its cloud group were not enough to keep most Chinese tech stocks from moving lower on Thursday. Alibaba (BABA) shares rose 1% after the company reported an adjusted $1.56 per share on $30.32B in revenue, topping expectations of $1.35 per share and $29.91B in sales. Chairman and CEO Daniel Zhang said the company's board approved a full spin-off of the Cloud Intelligence Group to shareholders, with it eventually becoming an independent publicly listed company. Despite the news, shares of other Chinese tech stocks were largely lower, including Baidu (BIDU), Pinduoduo...