Sunday, May 26

Tag: Alibaba Group

Alibaba Settles $9.92 Billion in the First Hour of its Annual Singles’ Day
BUSINESS

Alibaba Settles $9.92 Billion in the First Hour of its Annual Singles’ Day

China’s largest e-commerce platform Alibaba Group has reportedly settled roughly 69 billion yuan ($9.92 billion) in the first hour of its annual Singles' Day on Sunday. The amount is up by 21% from last year's early haul of 57 billion yuan. This has by far been the largest-ever Singles’ Day to date. Alibaba Singles' Day is the world's biggest online sales event and last year netted Alibaba 168 billion yuan ($24.15 billion) in total sales. This is expected to be the company's final November sale event. The company stated that the current chief executive Daniel Zhang will take over as chairman next year. However, while sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United S...
China Becomes the World’s Largest Importer of e-commerce Goods
CHINA

China Becomes the World’s Largest Importer of e-commerce Goods

With the growing economy day by day, China has become the world's largest importer of e-commerce goods. The country has a population of cross-border e-commerce consumers increasing by 10 times over the past three years. According to a report, China's consumption growth has promoted sustainable development of import business and the post-'90s and '95s consumers have become the largest consumers of imported goods. Also, the proportion of people buying imported goods through cross-border e-commerce platforms increased from 1.6 percent in 2014 to 10.2 percent last year. The number of consumers at Tmall Global, the cross-border e-commerce site of Alibaba Group rose10 times from 2014 to last year. "China is becoming one of the largest consumer markets in the world, and this huge consumer ...
Alibaba Founder Jack Ma will Step Down in 2019
CHINA

Alibaba Founder Jack Ma will Step Down in 2019

With all the speculations regarding Alibaba’s Jack Ma’s expected retirement, the company announced today that its CEO, Daniel Zhang, will succeed Ma as chairman next year, exactly one year after on Sept 10, 2019. After resigning from the role of chairman next year, Ma will continue serving as a board member until its annual general shareholders’ meeting in 2020. Even after that, Ma will remain a lifetime partner of the Alibaba Partnership, or a group of 36 partners drawn from the senior management ranks of Alibaba Group companies and affiliates. "Under his stewardship, Alibaba has seen consistent and sustainable growth for 13 consecutive quarters... Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time," Ma said in a letter rel...
Alibaba’s Jack Ma to Step Down & Focus on Philanthropy
CHINA

Alibaba’s Jack Ma to Step Down & Focus on Philanthropy

Jack Ma, the founder of the largest Chinese e-commerce platform Alibaba Group is reportedly stepping down from the position of executive chairman of the company from Monday, marking the end of an era. However, one of the richest men in China, Jack Ma has stated that he will remain on Alibaba's board of directors. The primary motive of stepping down from his position is that he has planned to pursue philanthropy in education. “I love education,” he said. Ma planned to retire and is willing to dedicate more of his time and fortune to philanthropy with the creation of a foundation in his own name focused on education, following in the footsteps of billionaire Bill Gates. "There's a lot of things I can learn from Bill Gates," Jack Ma said. "I can never be as rich, but one thing I can do...
Alibaba Launches a Programme To Strengthen its Presence in India
News

Alibaba Launches a Programme To Strengthen its Presence in India

Alibaba Group, the popular Chinese conglomerate has announced the launch of its new distribution channel programme with an aim to strengthen its existence in India. The company believes that it is a great time to carry on and grow business in the country. The company had also come up with its new distribution channel programme to encourage partners to bring in-depth technical knowledge to customers, during the “India Eco Summit”. “Alibaba Cloud has always been dedicated to empower enterprises of different sizes to tap into opportunities in the digital age. With digital transformation poised to add close to $154 Bn to India’s GDP, this is a great opportunity for us to do business in India,” said Alex Li, General Manager of Alibaba Cloud Asia Pacific. With this new strategy and innovati...
BigBasket in Talks to Acquire Vending Startup Kwik24
News

BigBasket in Talks to Acquire Vending Startup Kwik24

Grocery retail major, BigBasket is eyeing acquisition in smart vending machine startup Kwik24 in a bid to expand its offline presence and strengthen its position against existing players Flipkart and Amazon. The reported development has come just after Alibaba backed company announced a pact with Kwik24 to deploy smart vending machines in five apartment buildings in Bengaluru. A source familiar with the matter said, The strategy is to have Kwik24 work full-time on customised vending machines for BigBasket as they look to scale up this model. The response to these pilots was positive with over 90% of repeat customers. Meanwhile, a news had surfaced earlier regarding Big basket eyeing major stakes in milk delivery company RainCan. The idea behind this acquisition is to increase the f...
BigBasket Seeks $500 Mn Funding to Battle American Giants
News

BigBasket Seeks $500 Mn Funding to Battle American Giants

BigBasket, India’s leading startup in the online grocery market segment is holding talks with its existing investors to raise capital worth $500 million to compete with e-commerce market leaders Amazon and Flipkart (post-Walmart acquisition). BigBasket already raised a colossal $300 million funding led Alibaba Group Holding Ltd and others in February and are now beginning negotiations to raise between $300 to $500 million from the Chinese conglomerate and new investors, according to three anonymous sources close to the company. Although BigBasket is also holding talks with new investors, the sources believe that most of funds will be raised entirely from existing investors and majorly Alibaba. BigBasket is not in need of any additional funds right now, but it wants to be prepared ...
Jack Ma’s Ant Financial to Raise $9B Ahead of IPO, Become World’s Biggest Unicorn
Market

Jack Ma’s Ant Financial to Raise $9B Ahead of IPO, Become World’s Biggest Unicorn

Chinese billionaire Jack Ma's financial firm is all set to make it to the world's biggest companies. Alibaba Group Holding Ltd's derivate company, Ants Financial Group is preparing to raise $9 billion which is much above its expected IPO in a private funding round as per the sources. Being no stranger to funding, the company picked $4.5 billion Series B round in April 2016. Moreover, it has also made in some strategic acquisitions and investments to pave a way for greater financial benefits for itself. It has already acquired HelloPay and has made investments into Korea's Kakao Pay in February 2017. Company's recent attempt to acquire Moneygram early this year was knocked down by U.S government over security concerns.It's expected IPO valuation and newly earned revenue can give a muc...
Meituan Dianping Acquires Mobike for $ 2.7 Billion
ACQUISITION

Meituan Dianping Acquires Mobike for $ 2.7 Billion

Meituan Dianping, a Chinese mobile internet company also operating a trading platform and local life information recently acquired Mobike for $2.7 billion. Tencent Holdings support both companies and the deal is likely to increase the competition between the holding company and the Alibaba Group as both companies go toe-to-toe in a fierce competition to maximize their reach on the Chinese market. Meituan announced the deal on Wednesday but did not want to reveal the amount paid for the acquisition. However, two anonymous sources told Reuters that Mobike was bought for $ 2.7 billion. The acquisition will see Meituan and Mobike merge their technology, operations, marketing and consumer service resources, a statement from Meituan affirmed. The mobile internet company also shared that Mo...
Alibaba Rakes Up Record $17.6 Billion on Singles Day Sales
CHINA, News

Alibaba Rakes Up Record $17.6 Billion on Singles Day Sales

Alibaba Group, the e-commerce giant behind the 24-hour Singles' Day shopping blitz, has raked up a record USD 17.6 billion in the Singles Day online sales, creating a new record in global retail sales for any single day. Consumers spent more than 120 billion yuan (USD 17.6 billion) shopping online on leading e-commerce platform Alibaba in their annual buying spree yesterday, sources with Alibaba Group said today. Online transactions totaled 120.748 billion yuan in the 24 hours that ended as the clocks struck 12PM yesterday, a record amount in global retail for any single day, data provided by Alibaba said. The shopping spree hit a climactic high just nine minutes after midnight on Friday morning, with an average 120,000 transactions handled per second on Alipay, Alibaba's mobile pa...
JD.com, China’s Second Biggest E-commerce Revenue Roses 42%
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 ...