Hong Kong tumbled Friday on an otherwise positive day for Asian markets, with Chinese ecommerce titan Alibaba tanking more than 10 percent after warning of a weaker outlook. Alibaba said Thursday that net profit tumbled 81 percent in the second quarter and revenue grew less than forecast as it was hit by the impact of slowing economic growth and...
Nov. 19, 2021
Shanghai - Chinese e-commerce leader Alibaba Group said on Thursday that its profit for the most recent quarter tumbled 81 percent as it grappled with a government crackdown on the country's big tech champions. Alibaba said profit came in at 5.37 billion yuan (833 million dollar) for the July-September period, falling from 28.77 billion yuan...
Nov. 18, 2021
Chinese ecommerce titan Alibaba enjoyed record sales during its Singles Day shopping extravaganza, giving a much-needed boost to the firm after a torrid year in which it became the symbol of a government crackdown that hammered the country's tech sector. The firm said 540.3 billion yuan (84.5 billion dollars) was spent as China's army of...
Nov. 12, 2021
On the eve that China and the U.S. signed a deal to curb greenhouse gas emissions, the Double 11 gala, better known as Singles Day, the Alibaba annual online shopping bonanza, kicked off in China. This is the first retail event since China began clamping down on surging corporate profit and tech giants, but the contrast between the highly...
Nov. 11, 2021
Chinese e-commerce giant Alibaba has launched allyLikes, a new fast fashion platform aimed at American and European markets. It is also in direct competition with Shein, China’s fast fashion brand that has taken the West by storm. Both business models are strikingly similar, with Shein’s portal targeting customers outside of china offering new...
Oct. 22, 2021
Alibaba shares surged more than six percent on Wednesday after billionaire founder Jack Ma was reported to be in Europe, fuelling investor hopes that the worst of China's regulatory crackdown for the internet giant might be over. Ma has kept a low profile ever since mainland officials spiked what would have been a world record 37 billion dollars...
Oct. 20, 2021
Chinese regulators have ordered sweeping changes to the country's biggest payment app Alipay, as the ruling Communist Party attempts to rein in "the unruly growth" of the tech giants. Alipay -- with more than one billion users in China and other Asian nations including India -- was told to spinoff its profitable micro loan business, the...
Sep. 13, 2021
While still on the uptrend, China’s economy’s recovery slowed down in July. National retail sales in China grew 8.5 percent compared to a year ago, falling short of expectations and signaling a potential new dip as the Delta variant virus outbreak takes force. Even if the Asian giant’s retail sales missed the consensus analysts’ forecast for...
Aug. 24, 2021
Shanghai - Chinese e-commerce leader Alibaba Group said Tuesday that it posted lower profit but maintained steady revenue growth, indicating that a government crackdown on the country’s tech giants was having little impact on its core business. Alibaba said its net income in the April-June quarter came in at 45.1 billion yuan (7 billion...
Aug. 3, 2021
Danish fashion brand Ganni is launching direct-to-consumer e-commerce in China with Tmall, part of the Alibaba Group on June 28. The collaboration will give Ganni access to more than 800 million active and digital-first consumers on the platform and will allow Chinese consumers to experience the “full Ganni universe,” said the brand in a...
Jun. 16, 2021
Chinese e-commerce giant Alibaba Group said Thursday it fell to a 1.17 billion dollars operational loss in its latest financial quarter due to a record fine levied by the government for anti-competitive practises. The Hangzhou-based company was fined 18.2 billion yuan (2.78 billion dollars) last month, as part of a push by regulators to rein in...
May 14, 2021
A record fine, public penitence from a tech giant and a 'who's who' of digital firms warned to "rectify" their ambitions within a month -- state regulators are showing no one is bigger than Beijing in Xi Jinping's China. E-commerce titan Alibaba absorbed the massive 2.78 billion dollar penalty from China's market watchdog last Saturday, after a...
Apr. 14, 2021
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