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Chinese regulators order Ant Group to rectify its Businesses

28Dec By AdityaNo Comments

CHINA

Chinese regulators order Ant Group to rectify its Businesses

Hong Kong, Dec 28th, 2020 (AP): Chinese regulators have ordered Ant Group, the world's largest financial technology company, to rectify its businesses and comply with regulatory requirements amid increased scrutiny of anti-monopoly practices in the country's internet sector. The People's Bank of China, the country's central bank, summoned Ant executives and ordered them to formulate a rectification plan and an implementation timetable of its business, including its credit, insurance, and wealth management services, the regulators said in a statement. The statement said Ant Group lacked a sound governance mechanism, defied regulatory compliance requirements and engaged in regulatory arbitrage. It also said that the company used its market position to exclude rivals and hurt the rig...

Alibaba acquire Controlling Stake in Sun Art For $3.6 billion

19Oct By AnkitaNo Comments

ACQUISITION

Alibaba acquire Controlling Stake in Sun Art For $3.6 billion

HANGZHOU, China, 19th Oct 2020-- Alibaba Group acquired 72% stake in China-based leading hypermarket and supermarket operator Sun Art for USD3.6 billion. This transaction demonstrates Alibaba’s new Retail strategy by further integrating online and offline resources in China’s retail sector. Following the transaction, Alibaba will consolidate Sun Art in its financial statements. Additionally, Peter Huang has been appointed Chairman of Sun Art in addition to his current role as Chief Executive Officer. Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group, said, “Alibaba’s strategic investment in Sun Art in 2017 was an important step in our New Retail strategy. The alliance we formed with Auchan Retail and Ruentex was instrumental in building a robust infrastructure to...

Alibaba’s Ant Group files for IPO in Hong Kong & Shanghai

25Aug By AdityaNo Comments

Market

Alibaba’s Ant Group files for IPO in Hong Kong & Shanghai

Shanghai, Aug 25th, 2020: The financial firm of Chinese e-commerce giant Alibaba led Ant Group filed for a dual listing in Hong Kong and Shanghai. This could be one of the largest IPO since the Covid19 pandemic began in China. Ant Group operates Alipay, one of China's leading online payment services. The IPO will be the first dual listing on the Hong Kong exchange and Shanghai's STAR Market. However, the company's filing did not disclose the timetable for IPO and how much money they are looking to raise. Over a billion users use Alipay to pay for purchases both online and in stores, to send money to friends, and to pay bills. In 12 months that ended in June, Ant Group tallied USD 17 trillion in transaction volume. In the filing, Ant Group said it plans to use the funds raise...

Alibaba beats Quarterly Revenue, Profit Estimates

21Aug By reutersNo Comments

CHINA

Alibaba beats Quarterly Revenue, Profit Estimates

China’s Alibaba Group Holding Ltd beat quarterly revenue and profit estimates on Thursday as its core commerce and cloud computing businesses benefited from a shift to online shopping and working from home due to the coronavirus crisis. The company’s U.S.-listed shares were up marginally before the bell. The stock has gained about 23% this year, but has faced pressure as U.S. President Donald Trump has said he could exert pressure on more Chinese companies after he moved to ban TikTok. Sales from the company’s core commerce business jumped 34% to 133.32 billion yuan ($19.27 billion) in the three months ended June. Alibaba said its domestic core commerce business has fully recovered to pre-COVID-19 levels, while cloud computing revenue surged 59% to 12.35 billion yuan. Excluding...

Alibaba’s Jack Ma sells $9.6 billion worth shares, stake dips to 4.8%

13Jul By reutersNo Comments

News

Alibaba’s Jack Ma sells $9.6 billion worth shares, stake dips to 4.8%

Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.4%, cashing out around $9.6 billion at its current share price, the firm's annual filing released on Friday showed. The divestment comes as Ma retired as the Chinese e-commerce company's executive chairman in September and pulled back from formal business roles to focus on philanthropy. Alibaba did not disclose the average selling price of his divestment. Its share price has risen around 40% since Ma reported his 6.4% holding in the company a year ago. The stock's stellar performance has been helped by forecast-beating earnings growth, even as China's economy sharply slows, as more people shop online for essentials due to the COVID-19 pandemic. Alibaba Executive Vice ...

Alibaba Founder Jack Ma Resign from Softbank board

18May By reutersNo Comments

News

Alibaba Founder Jack Ma Resign from Softbank board

SoftBank Group Corp said that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son. The departure of Ma, who retired as Alibaba's executive chairman in September, comes as he pulls back from formal business roles to focus on philanthropy. SoftBank will propose three new appointments to the board, including group Chief Financial Officer Yoshimoto Goto, at its annual general meeting on June 25. The number of board members will expand to 13. SoftBank will also propose the election of Lip-Bu Tan, CEO of chip design software firm Cadence Design Systems who is also chairman of venture capital firm Walden International, and Yuko Kawamoto, a professor at Waseda Business School as outside directors. Kawamoto will become ...

Alibaba Single Day sales hit $10 billion in Less than 30 minutes

11Nov By AdityaNo Comments

CHINA

Alibaba Single Day sales hit $10 billion in Less than 30 minutes

E-commerce giant Alibaba's Singles' Day sales hit USD 10 billion in less than 30 minutes of the event going live. The Alibaba Group's various shopping platforms' total gross merchandise value (GMV) exceeded USD 10 billion in only 29 minutes and 45 seconds, while it took just 1 minute and 8 seconds to achieve a total GMV of USD 1 billion, after the Chinese e-commerce behemoth kicked off it's 11.11 Global Shopping Festival. Within the first two hours, the total GMV exceeded 120.7 billion renminbi (USD 17.24 billion), surpassing the total GMV of 2016 11.11. Some of the top countries selling to China by GMV included Japan, United States, South Korea, Australia, Germany, United Kingdom and France. According to Alibaba, the number of orders created at the peak of the 2019 11.11 Globa...

Alibaba Revenue Jumps 42 Percent in First Quarter

16Aug By NitishNo Comments

BUSINESS

Alibaba Revenue Jumps 42 Percent in First Quarter

Chinese e-commerce giant Alibaba 2019 first-quarter revenue beat analyst estimates. Revenue for the April-June period rose 42 percent year-on-year to 114.9 billion yuan (USD 16.7 billion), a company statement said, outpacing an average analyst estimate of 111.6 billion yuan. The result defying a slowing economy and a trade war with the United States. Alibaba's Executive Vice-Chairman, Joe Tsai attributed the results to China's demographic trends and continued urbanisation, pointing to the growing urban middle class willing to shell out for brands on Alibaba's e-commerce platforms. Net profit for the quarter was 21.2 billion (USD 3.1 billion), more than double from the same period a year earlier. Revenue in the Hangzhou-based company's core e-commerce segment, which accoun...

Alibaba lets US small, medium businesses to sell on Platform

24Jul By AdityaNo Comments

CHINA, USA

Alibaba lets US small, medium businesses to sell on Platform

Chinese eCommerce platform Alibaba will allow small and medium sized US businesses to sell on Alibaba.com. Until Tuesday, US business was only able to buy merchandise on the platform. Alibaba has 10 million active business buyers in more than 190 countries and looking to up its growth in the USA, which has been held in check by Amazon and threatened by trade tensions between the US and China. Alibaba said its one-third of the order volume is coming from US businesses. Sellers will have to pay an annual registration fee of about USD 2,000, but it won't charge a commission for each sale, unlike Amazon. In March, Alibaba.com and Office Depot announced a co-branded online store to expand the reach of both companies with small and medium sized businesses. It said at the time it ...

Alibaba Planning a Second Listing in Hong Kong to Raise $20 Billion

28May By reutersNo Comments

CHINA, Market

Alibaba Planning a Second Listing in Hong Kong to Raise $20 Billion

Reuters- Alibaba is considering raising as much as $20 billion through a secondary listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion floats in New York. The deal, which would be the sixth-biggest follow-on share sale ever, would give Alibaba a war chest to keep investing in technology - a priority for China as growth flags and as the world's second-largest economy faces an escalating trade spat with the United States. The e-commerce giant is working with financial advisers on the offering and is aiming to file an application confidentially in Hong Kong as early as the second half of 2019, three people said on condition of anonymity as the plans are not public yet. They cautioned that many d...

26May By AdityaNo Comments

CHINA

Jack Ma New Advice for Sex ‘669’

After advocating people to follow the spirit of "996" (9 am to 9 pm, six days a week at the workplace), Alibaba founder Jack Ma now has given another advice for an improved life, Follow the spirit of "669" (sex for six days, six times, with duration being the key). According to a report, Jack ma gave this advice to the employees during Alibaba staff's group wedding in the country. "At work, we emphasize the spirit of '996'. In life, we should follow '669,'" Ma said. The 54-year-old Ma was speaking at his company's mass wedding which takes place every year on 'Ali Day' on May 10 at the company's headquarters in Hangzhou. The "996" work philosophy was criticised by the tech industry. The "669" philosophy has also created a social media storm, with many net users calling it lewd. ...

BigBasket raises $150 million from Alibaba and Others

29Mar By PriyankaNo Comments

FUNDING

BigBasket raises $150 million from Alibaba and Others

Mirae has pumped in about $60 million, while CDC and Alibaba have infused $40 million and $50 million, respectivelyBigBasket has previously stated that it aims to garner $2.5 billion (around 17,500 crores) in revenue by 2020. New Delhi: Online grocery platform BigBasket has raised about $150 million from South Korea's Mirae Asset Management, UK's CDC Group, and existing investor Alibaba, according to regulatory filings. BigBasket had raised $300 million in February last year from Alibaba and others. In November, it had said it was looking at raising fresh funds of up to $200 million. Mirae has pumped in about $60 million, while CDC and Alibaba have infused $40 million and $50 million, respectively, according to documents filed with the corporate affairs ministry. The grocery se...