Alibaba Group Holding Limited (NYSE:BABA) will be shutting down its music streaming platform Xiami Music next month. With this, it will step back from its ambitious aim to enter China's entertainment industry. According to a report by LiveMint, Alibaba's music arm announced the news via social media platform Weibo. "Due to operational adjustments, we will stop the service of Xiami Music from February 5, 2021" it said.