ALIBABA GROUP
Alibaba integrates ecommerce platforms into a single business unit
Alibaba International Digital Commerce (AIDC) group chief Jiang Fan, a former head of Tmall who was demoted in 2020 following an online scandal, has been tapped to lead the new unit. He will report to Alibaba Group CEO Eddie Wu.
Alibaba aims to raise $5 billion in dual currency bond deal, sources say
Alibaba Group, the Chinese e-commerce giant, is looking to raise $5 billion through a multi-tranche bond offering. The offering will include both dollar and offshore Chinese yuan bonds, with varying maturities ranging from 3.5 years to 30 years. The company plans to use the proceeds for general corporate purposes, including debt repayment and share buybacks.
Chinese tech giant Alibaba posts 5% quarterly revenue growth
Chinese tech and ecommerce giant Alibaba on Friday reported moderate revenue growth of five percent in its latest quarter, as Beijing works to stimulate domestic spending.
Singles' Day shopping festival loses its shine under China's lagging economy
China's Singles' Day shopping festival experiences waning consumer enthusiasm amidst economic concerns, prompting e-commerce giants like Alibaba to seek growth in overseas markets. Consumers, wary of promotional tactics and facing financial constraints, are spending less, leading businesses to question the event's profitability despite efforts to attract buyers with discounts and global shipping offers.
Singles' Day shopping festival loses its shine under China's lagging economy
China's Singles' Day shopping festival, once a frenzy of consumerism, is losing its luster. A slowing economy and skeptical shoppers are dampening sales, forcing e-commerce giants like Alibaba and JD.com to seek growth abroad. Merchants are also feeling the pinch, citing high advertising costs and declining returns, leading some to abandon the event altogether.
Alibaba Group lays off dozens of employees to cut costs: report
Alibaba layoffs: China's Alibaba Group has reduced the Yuanjing team, its metaverse arm, as part of a broader reset. The division was set up in 2021 to cash in on the virtual boom, joining rivals Tencent and ByteDance.
China's booming grey markets add woes to luxury brands
China's second-hand and grey luxury markets are expanding due to rising brand prices and economic slowdowns. Platforms like DeWu offer significant discounts, driving consumers to these alternatives. This trend poses challenges for luxury giants like LVMH, which faces declining sales in China and Japan, despite avoiding the second-hand market.
Rajiv Jain is unimpressed by China stock mania sweeping globe
he manager of the top-performing $23 billion GQG Partners Emerging Markets Equity Fund has kept his holdings in Chinese stocks at about 12% of the fund ¡ª roughly half of the weighting of its benchmark
China hasn¡¯t destroyed the tech sector. It¡¯s sharpened it
Beijing has given its tech industry something that Silicon Valley can only dream of: a mission. It may be easy for investors and free-market capitalists to scoff at the idea of innovation being driven by a purpose.
Malaysian fintech major TNG Digital eyes IPO in next 2-3 years
TNG Digital could potentially fetch the valuation of a unicorn - a startup with a market value of $1 billion or more - before the potential IPO, the sources added.
Alibaba's China ecommerce platforms to accept Tencent's Wechat Pay
Alibaba is affiliated with the Jack Ma-founded Ant Group's Alipay, which is WeChat's main rival for online payments in China. Tencent has also been a major investor in other ecommerce platforms, including Alibaba rivals JD.com and PDD Holdings'. Both JD.com and Pinduoduo already offer WeChat Pay as an option.
Ant Group nets 4X return on investment in Zomato after latest part stake sale
On an investment of Rs 3,246 crore in the Gurugram-based food delivery firm, the Chinese ecommerce giant Alibaba¡¯s affiliate has pocketed Rs 12,521 crore till now, with another Rs 4,955 crore worth of shares still being held by it.
Alibaba affiliate may sell 1.54% stake in Zomato
Antfin Singapore, part of Alibaba Group, arranged to sell a 1.54% stake in Zomato on Tuesday through block deals, anticipating raising around ?3,400 crore. The shares were priced at ?251.68 each, a 4% discount to the previous closing price. Antfin previously held a 4.24% stake and had sold a 2% stake earlier this year.
China's ecommerce giant Alibaba misses first-quarter revenue estimates
Alibaba's first-quarter revenue fell short of market expectations, impacted by cautious consumer spending in a struggling Chinese economy. The company reported 243.24 billion yuan in revenue, missing analysts' estimates of 249.05 billion yuan. Increased competition and a weak economic recovery were primary factors for this decline.
China stocks fall on economic data; HK jumps
Market turbulence as private-sector survey highlights new order concerns, influencing Hang Seng Tech Index performance.
Nvidia cuts China prices in Huawei chip fight, sources say
Nvidia's advanced AI chip designed for the Chinese market is facing challenges, with oversupply leading to lower prices than Huawei's rival chip. This highlights the difficulties Nvidia faces in China due to US sanctions and competition. While Nvidia aims to capture market share, the future looks uncertain. China's AI industry is growing, and Nvidia is balancing market needs and US tensions. The H20 chip's performance will be crucial, especially against Huawei's Ascend 910B, which is expected to see increased shipments.
China's Alibaba to raise $4.5 billion through convertible bonds, repurchase shares
Alibaba Group Holding Ltd plans to raise $4.5 billion through convertible bonds, with options for additional purchases, to repurchase American Depositary Shares. The bond sale caused a drop in Hong Kong-listed shares, while U.S.-listed shares remained stable.
China tech giant Alibaba posts modest yearly revenue growth
Chinese ecommerce giant Alibaba announced Tuesday a modest increase in annual revenue, at a time when the firm pursues a major overhaul and regulatory curbs on the country's tech sector are relaxed. Fellow internet giant Tencent posted weakened revenue growth in the first three months of this year, also on Tuesday.
SoftBank swings to Q4 profit of $2.1 billion
Japanese technology giant SoftBank Group swung to a quarterly profit on Monday, reporting a net profit of 328.9 billion yen ($2.11 billion) for the January-March period.
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