Alibaba staff told ‘forget about the share price’

Alibaba chief executive Daniel Zhang has told employees to "forget about the share price" and focus on their jobs as the group's stock sank below its initial public offering price of $68 for the first time.

Following a record-breaking listing on the New York Stock Exchange in September that raised $25 billion, Alibaba’s share price rose to $119 in November but since then has dropped as low as $58.14 before closing at $65.86.

Many of Alibaba’s employees are shareholders, and Mr Zhang reminded staff on Tuesday to take a long view of the company’s prospects. “Our values do not waver with the fluctuations in stock price.”

He also emphasised the company's strong bank balance. "Alibaba Group has hundreds of billions in cash reserves, robust cash flow and a scalable profit-generating business model."