Page 2 - Alibaba

Alibaba leads largest financing deal to mint $2.5 billion China AI firm

Alibaba joins Tencent Holdings Ltd. and Silicon Valley peers like Microsoft Corp. in placing big bets on generative AI, the technology that powers ChatGPT

Alibaba discloses Chinese govt ownership in over 12 of its business units

The filings come as China's ruling Communist Party said this month that it will play a bigger role in steering the country's technology and science development

Alibaba approves additional $25 bn share buyback as revenue disappoints

Chinese e-commerce firm Alibaba Group Holding on Wednesday approved an additional USD 25 billion authorisation to its share buyback programme, after reporting lower-than-expected sales revenue for the last quarter of 2023. The company's Hong Kong-traded shares plunged 6.8 per cent on Thursday. Alibaba's New York-listed stock price sank 5.9 per cent on Wednesday and has fallen nearly 26 per cent over the past year. Alibaba posted a 5 per cent increase in sales to 260.3 billion yuan (USD 36.67 billion) in the quarter that ended in December, slightly missing analysts' estimates. Net income sank to 14.4 billion yuan (USD 2 billion), down 77 per cent compared to a year earlier. The Hangzhou, China-based firm attributed the drastic decrease to declining values of its equity investments and falling revenues. Alibaba has struggled to sustain its growth and faces increasing competition in the e-commerce sector from rivals such as Pinduoduo and ByteDance, which operates TikTok and Douyin. On

Alibaba Dec quarter results: Revenue at $36.19 billion, misses estimates

The company's U.S.-listed shares, which announced an increase of $25 billion to its share repurchase program through the end of March 2027, were up 3.5% in premarket trading

Alibaba considers sale of consumer assets including Freshippo, RT-Mart

Alibaba announced a plan in March to split into six units and explore fundraisings or listings for most of them. It has since filed a Hong Kong listing application for the logistics arm Cainiao in Sep

Alibaba Group gains as Jack Ma, Tsai reportedly buy $200 million in stock

Ma and Alibaba Chairman Joe Tsai have both being buying up shares in recent months as the stock plunged, the newspaper reported Tuesday, citing unidentified people familiar with the matter

Alibaba names CEO Wu to head its e-commerce business as growth falters

China's Alibaba Group says its CEO Eddie Wu will head its core e-commerce business, as the company seeks to drive growth and fend off fast-growing online shopping rivals like Pinduoduo. Wu is replacing Trudy Dai, a longtime Alibaba executive who was one of the founding employees of the company. Alibaba's chairman Joe Tsai said in an internal letter dated Wednesday that Dai will help set up an asset management company aimed at improving returns on capital and enhance shareholder value. The reshuffle came after PDD Holdings Inc., which operates online shopping platform Pinduoduo and US-focused e-commerce site Temu, surpassed Alibaba in market value in the past month. As of Tuesday, PDD's market capitalization of its US-listed stock was USD 199.41 billion. Alibaba's was USD 191.75 billion. Alibaba founder Jack Ma earlier this month praised PDD for having managed to grow bigger than his Hangzhou-based company, which had for years been China's biggest e-commerce player. Alibaba needs

Jack Ma calls for fundamental changes in Alibaba, urges course correction

Ma, who has mostly stayed away from day-to-day operations since 2020, stunned employees Wednesday by replying to a staff post on Alibaba's internal forum

Alibaba founder Jack Ma gets back into business with 'Ma's Kitchen Food'

Ma, whose comments about China's outmoded financial system helped trigger the crackdown, has since largely devoted his time to agricultural pursuits though his foundation

Alibaba Group Holding starts its overhaul to revamp cloud business

Key among those is the so-called public cloud - the domestic cloud services arm aimed at enterprise customers in China - which will be led by Liu Weiguang

Alibaba scraps cloud business spin-off citing US chip export ban: Report

Reports Q2 revenue in line with analysts' estimates

EU asks AliExpress for details on measures against illegal products

The Commission said it wants to know what measures AliExpress has taken to comply with DSA rules against the dissemination and sale of illegal products online, such as fake medicines

Alibaba starts restructuring with plan to list logistics arm in Hong Kon

In the months since, the company has approved a process to start external financing for its international commerce arm and was also looking to list its cloud unit

Alibaba's Wu lays out strategic priorities for staff- user first, AI driven

This would help maintain a "start-up mindset" and prevent the company getting "stuck in our old ways", he said

Former CEO of China's Alibaba quits cloud business in leadership reshuffle

The former CEO of Alibaba, Daniel Zhang, resigned as head of its cloud computing unit Monday in a surprise move as the Chinese e-commerce empire wraps up a leadership reshuffle. Alibaba said it will invest USD 1 billion in a technology fund Zhang will establish to support the firm's strategies for future growth. Zhang stepped down on the same day he gave up his roles as Alibaba's CEO and chairman. In a filing to the Hong Kong stock exchange, Alibaba said that Eddie Wu, its new CEO, will also head its cloud unit. Wu and Alibaba's new chairman Joseph Tsai assumed their new roles by Monday, with Alibaba saying it has completed its leadership transition. Alibaba expressed its deepest appreciation to Zhang for his contributions to the company over the past 16 years. Alibaba's Hong Kong stock price was down 3.6 per cent Monday following the announcement. In an internal letter dated Sunday and viewed by the AP, Tsai wrote that Zhang had expressed his wish to transition away from his rol

China's Ant Group unveils finance-specific AI model as race heats up

The foray by Ant into financial AI is notable as the company founded by billionaire Jack Ma is China's biggest fintech firm, with more than 1 billion users worldwide for its Alipay payment app

Alibaba Group cloud eyes state firms for up to $3 billion fundraising

Alibaba planned to spin off the unit by distributing a stock dividend to shareholders within 12 months, the company announced in May

Huawei, Alibaba among companies seeking Chinese deepfake approvals

Five Chinese tech firms, including Baidu Inc and SenseTime Group, on Thursday launched AI chatbots to the public after receiving government approval

Alibaba-backed EV maker IM Motors weighs raising fresh funds: Report

The Shanghai-based company is working with advisers including China International Capital Corp. as it seeks to raise about 6 billion yuan ($828 million), the people said

Alibaba's Antfin transfers 10.3% stake to Paytm chief Vijay Shekhar Sharma

Chinese e-commerce major Alibaba group firm Antfin has transferred its 10.3 per cent stake in One97 Communications to the fintech firm's founder and CEO Vijay Shekhar Sharma, according to a regulatory filing. The deal turns One97 Communications, which operates under Paytm brand name, into a majorly Indian-owned company from being majorly owned by Chinese entities. Antfin will continue to hold the economic rights of the stake that is being transferred to Sharma. "We, Antfin (Netherlands) Holding B.V., one of the shareholders of One 97 Communication Limited, hereby file the disclosure in the format prescribed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, with respect to disposal of 65,335,101 equity shares of the Company..." the filing said on Wednesday. The transaction was completed on August 14, which brought the total stake of Antfin to 13.49 per cent from 23.79 per cent earlier, the filing said. The deal makes Sharma family t