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
Nike was the recipient of Chinese backlash after the sporting goods giant stated it does not use cotton from China’s Xinjiang region, where currently an international human rights crisis is ensuing with the alleged forced labour camps of the Uyghur people. On Weibo, China’s most popular social media channel, a retaliation against Nike began when...
Mar. 25, 2021
Beijing - Tencent’s billionaire founder Pony Ma — China’s second richest man — has met anti-monopoly regulators and agreed his firm will be “as compliant as possible”, after rival tech giant Alibaba was battered by legal woes. Tencent, which owns the super-app WeChat and a lucrative gaming empire, is the latest tech conglomerate to fall into the...
Beijing, March 18, 2021 (AFP) - Chinese authorities on Thursday said they had summoned 11 tech companies including Tencent, Alibaba and TikTok owner ByteDance for talks on “deep fakes” and internet security, as regulators try to reel in the country’s runaway digital sector. The Cyberspace Administration of China (CAC) said talks concerned “voice...
Mar. 18, 2021
Beijing has asked Chinese e-commerce titan Alibaba to divest its assets in the media sector out of concern over the company's growing public influence, The Wall Street Journal reported Monday. Its founder Jack Ma, the ebullient and unconventional billionaire who officially retired from Alibaba in 2019 but remains a large shareholder, has been in...
Mar. 16, 2021
China denied on Friday it was planning to hit e-commerce giant Alibaba with a fine of almost 1 billion dollars for allegedly flouting monopoly rules, as authorities put the screws on the firm as part of a crackdown on the technology sector. Officials are considering a hefty penalty that could top the 975 million dollars paid by US chipmaker...
Mar. 12, 2021
China announced plans Friday to boost supervision of the country's huge fintech sector and beef up its anti-monopoly drive, months after a crackdown on the sector that dealt a severe blow to e-commerce titan Alibaba and tycoon founder Jack Ma. Beijing has in recent months looked to rein in its booming financial technology companies to address a...
Mar. 5, 2021
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