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29Oct By Press Trust of IndiaNo Comments

CHINA

U Turn of China’s Official Media- Supporting Chinese Companies Investment in India

Arguing that anxieties of Chinese businesses in investing in India are "overblown", official media today said investors can make "fat gains" by cashing in on the rapid growth in India's manufacturing sector and staying away is indisputably an "unwise choice". Making a strong case for why Chinese should rush their investments to India, an article in the official daily Global Times said "the rapid growth in India's manufacturing sector has thus far had little to do with Chinese capital". "In other words, China does not have the capability to limit India's manufacturing development. What China is capable of is preventing Chinese investment from capitalising on India's admired growth outlook, indisputably an unwise choice," the article written by Ge Cheng, Research fellow at the National...

Alibaba’s $60 Billion Finance Arm Seeks Growth Before IPO: Sources

11Oct By reutersNo Comments

CHINA

Alibaba’s $60 Billion Finance Arm Seeks Growth Before IPO: Sources

Investors gearing up for the initial public offering of Ant Financial, the $60 billion online finance arm spun off by e-commerce giant Alibaba, will have to wait until at least late 2017 as the business puts growth first, sources say. Sources with knowledge of the plans said Ant Financial, whose anchor business is Alipay, China's largest online payments service, is focusing on expanding its existing 450 million-strong army of daily users, adding merchants and customers. Ant had yet to contact Chinese regulators to start the lengthy listing process and join a queue of more than 700 companies waiting to list. In addition to online payments, Ant Financial also offers services from wealth management to credit scoring, micro lending and insurance. Alibaba Group set up Alipay in 2004 in th...

Jack Ma Appointed as a Adviser of United Nations Trade & Business Group

21Sep By PriyankaNo Comments

CHINA

Jack Ma Appointed as a Adviser of United Nations Trade & Business Group

Jack Ma, founder and executive chairman of e-commerce giant Alibaba, has been named Special Adviser to the United Nations Conference on Trade and Development (UNCTAD) for Youth Entrepreneurship and Small Business. In his new role as UNCTAD Special Adviser, Ma, 52, will champion initiatives to make it easier for young entrepreneurs and small businesses, particularly in developing countries, to participate in global trade, as well as raise awareness about the 2030 Agenda for Sustainable Development. "Ma is an influential and respected pioneer of the internet era, innovator, entrepreneur, and philanthropist," UNCTAD Secretary-General Mukhisa Kituyi said. "He brings a visionary approach to entrepreneurship, a thirst for learning, and a belief in a better world that make him a perfect ...

10Sep By NitishNo Comments

CHINA

Alibaba Collaborate With Australian Govt To Exapnd Operation in Australian Market

Successful Aussie brands with a local following have the greatest potential on China's e-commerce platforms as businesses leverage the Asian consumer market, a business breakfast heard as the two countries further trade links. Australia on Tuesday signed a strategic collaboration agreement with e-commerce giant Alibaba to expand the variety of fresh products available for purchase while leveraging digital content to build "brand Australia." The partnership is designed to allow more small- and medium- sized businesses to leverage the convergence of e-commerce and social media that have so far enabled Chinese consumers to spend almost 500 billion Australian dollars (381.98 billion U.S. dollars) per annum through online shopping. "Australia is a key market for Alibaba Group and w...

Didi Acquisition of Uber Was Pre-planned, Will Investigate: China

2Sep By reutersNo Comments

CHINA, News

Didi Acquisition of Uber Was Pre-planned, Will Investigate: China

China's commerce ministry is investigating the planned acquisition by ride-hailing firm Didi Chuxing of U.S. rival Uber Technologies Inc's China unit over anti-monopoly concerns, the ministry's spokesman said on Friday. Shen Danyang told reporters the Ministry of Commerce would look to protect fair market competition and consumer interests in the deal, which will create a roughly $35 billion giant dominating China's car-hailing market. A representative for Uber could not be reached immediately for comment. A Didi spokeswoman said: "We are in communication with the authorities." It is unclear how the investigation could affect Didi's planned acquisition and subsequent integration of Uber's China unit, already the top two players in the market. That had raised monopoly concerns as D...

28Aug By Press Trust of IndiaNo Comments

CHINA

Top 500 Firms of China Report First Revenue Decline in 15 Yrs

Chinas top 500 enterprises reported their first annual decline in combined revenues in 15 years, with a 0.07 per cent drop last year, as the economy continued to slow down amid falling oil prices and overcapacity issues. Among the top 500 firms, 155 reported declines in revenues in 2015, 61 more than a year ago, with many of them representing the overcapacity-plagued coal, steel, oil and chemicals industries. Meanwhile, 72 firms reported losses, 15 more than a year ago. The data was contained in 2016 edition of the top 500 Chinese Enterprises released China Enterprise Confederation and China Enterprise Directors Association. The list is based on revenues from 2015, state-run Xinhua news agency reported. The State Grid grabbed the top spot with 2.07 trillion yuan (USD 310 bil...

Apple To Boost China Investments as Demand Slows

19Aug By reutersNo Comments

BUSINESS, CHINA

Apple To Boost China Investments as Demand Slows

Apple Inc will boost its investment in China, one of its largest but increasingly challenging markets, and build its first Asia-Pacific research and development center in the country, Chief Executive Tim Cook said on Tuesday. Cook made the pledge during a trip to China, at least his second in four months, as demand for Apple's iPhones has plummeted in the world's second-largest economy and the government remains wary about foreign technology. Apple's new research and development center will be built by the end of the year, Cook told Vice Premier Zhang Gaoli, one of China's most senior officials, according to CCTV, the official Chinese state broadcaster. The center will unite Apple's engineering and operations teams in China and is also intended to deepen the company's ties to part...

Didi’s Cheng Wei: Chinese Patriot Who Tamed Uber

12Aug By reutersNo Comments

CHINA, News

Didi’s Cheng Wei: Chinese Patriot Who Tamed Uber

Cheng Wei, 34, was once assistant to the head of a foot massage firm. Last week, his company Didi Chuxing bagged Uber's China business in a deal valuing his ride-hailing start-up at $35 billion - a second success in as many years in a gruelling battle with a rival. Investors and Didi staff say Cheng has a cool head, a keen strategic eye and a lack of ego - all pivotal in taking on and beating Uber in a two-year, multi-billion-dollar scrap for China's competitive ride-hailing market. But his leadership style is also cut-throat and tinged with nationalism, say some of those who know him. He often references China's history and military in his speeches. He will be closely watched now as he looks to turn his vast, money-losing ride-hailing company into a meaningful business. Chinese m...

Alibaba Recorded Revenue Growth of 59% Amounting To $4.85 Billion

12Aug By AdityaNo Comments

CHINA

Alibaba Recorded Revenue Growth of 59% Amounting To $4.85 Billion

Chinas e-commerce giant Alibaba has recorded a revenue growth of 59 per cent amounting to USD 4.85 billion in the first fiscal quarter ending June, the fastest since its Initial Public Offerings. The revenue of 32.15 billion yuan (USD 4.85 billion) topped market estimates, pushing Alibabas share price up by 5 per cent to about USD 92 in New York. Gross Merchandise Volume (GMV) transacted in Alibabas China retail marketplace was 837 billion yuan (USD 125 billion), up by 24 per cent year on year, state-run Xinhua news agency reported. The number of annual active buyers on China retail marketplace rose to 434 million by the end of the first fiscal quarter. The mobile revenue of China retail marketplace was 17.5 billion yuan (USD 2.6 billion) , representing 75 per cent of total Chi...

11Aug By AdityaNo Comments

CHINA

JD.com, China’s Second Biggest E-commerce Revenue Roses 42%

JD.com Inc, China's second biggest e-commerce company, reported revenue for the second quarter of 2016 that was within company forecasts, even as the growth rate continued a steady decline that is expected to continue. The company, Alibaba Group Holding Ltd's main rival in online shopping, said on Wednesday revenue for the quarter rose 42 percent to 65.2 billion yuan ($9.83 billion), within JD.com's forecast range of 64.2-66.2 billion yuan. But the company is predicting an even sharper decline in growth for the third quarter, compounding concerns that China's e-commerce sector is saturating. JD.com's revenue from Amazon-like online direct sales rose 40 percent in the quarter, versus a 67 percent jump in sales from services and other businesses. JD.com now expects revenues for the third ...

Alibaba Launched First Internet Connected Car

6Jul By reutersNo Comments

CHINA

Alibaba Launched First Internet Connected Car

Chinese tech firm Alibaba's internet-connected car will set the Chinese e-commerce giant up to quickly introduce driverless vehicle technology, Chief Technology Officer Wang Jian told Reuters on Wednesday. Alibaba and the country's largest automaker SAIC Motor Corp demonstrated their jointly developed car equipped with the YunOS operating system, which can link up with smart phones, at an event in eastern China's Hangzhou on Wednesday. The car is slated to go on sale later this year. "You'll quickly see driverless car technology resulting from this platform," Wang said on the sidelines of the event. Among major tech companies, Alibaba is relatively late to offer a platform that can link a smart phone to a car, trailing platforms already launched by Alphabet's Google, Apple and Baidu. ...

4Jul By Press Trust of IndiaNo Comments

CHINA

China Bans Online Media From Publishing Reports

China has banned online media from publishing unverified content, especially from the social media, after the country's internet regulator punished some major websites that fabricated stories this year. China has banned online media from publishing unverified contents, specially from the social media. Online media basing news reports on contents made on social media must verify them before publication, China's Internet regulator said yesterday. News websites must accredit these sources, and they are banned from fabricating stories or distorting facts, according to a notice issued by the Cyberspace Administration of China (CAC), state-run Xinhua news agency reported. The CAC has punished some major websites which have fabricated stories this year, including sina.com, ifeng. com,...