On Friday, Chinese tech giant Alibaba dismissed reports that it was moving its headquarters to Singapore and investing RMB 8.4 billion ($1.2 billion) in the country as “incorrect and misinterpreted.” “Alibaba was founded and developed in Hangzhou, and our global headquarters will always be in Hangzhou,” a spokesperson told Chinese media outlet The Paper. Alibaba constructed a building in Singapore with its local partner in 2019, which the spokesperson said will serve only as office space for some of its Southeast Asian companies, including e-commerce platform Lazada. Since 2013, Alibaba has located its headquarters in the Future Sci-tech City development in Hangzhou’s Yuhang district. The company’s Yuhang campus is expected to be fully completed and operational by the end of 2023, with the capacity to house 60,000 employees, the report said. [The Paper, in Chinese]

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