Alibaba shares set to open down 3% after outgoing CEO quits cloud unit

The Hong Kong-listed shares of China's Alibaba Group were set to open down 3.1% on Monday after the surprise departure of outgoing Alibaba CEO Daniel Zhang from the company's cloud business.

The unit is China's largest cloud provider and is set to be spun off from Alibaba as part of the group's restructuring.

Alibaba's stock was set to open at HK$87.95.