Antfin Singapore, an affiliate of the Chinese conglomerate Alibaba Group, is likely to sell a 1.54% stake in online food delivery aggregator Zomato on Tuesday through block deals, aiming to raise around ₹3,400 crore. According to a term sheet issued by the bankers Goldman Sachs and Morgan Stanley, Antfin Singapore is offering to sell 136 … Read more
HONG KONG – Chinese e-commerce company Alibaba said Tuesday that it would spin off its logistics arm, Cainiao Smart Logistics Network, in an initial public offering in Hong Kong, making it the first business unit to go public following a major restructuring. Alibaba said in a filing that it had submitted a spin-off proposal to … Read more
Alibaba Group said on Thursday it will look to monetise non-core assets and consider giving up control of some businesses, as the Chinese tech conglomerate reinvents itself after a regulatory crackdown that wiped 70% off its shares. Group CEO Daniel Zhang said the company’s breakup into separate businesses will allow its units to become more … Read more
Alibaba Group Holding Ltd. plans to split its $220 billion business into six main units encompassing e-commerce, media and the cloud, each of which will explore fundraising or initial public offerings when the time is right. Group Chief Executive Officer Daniel Zhang will head up the cloud intelligence division, a nod to the growing role … Read more
Chinese e-commerce giant Alibaba said Thursday it was working on a rival to ChatGPT, joining a flurry of global tech firms rushing to match the popular AI-powered chatbot. ChatGPT has sparked a gold rush in artificial intelligence technology, with Microsoft, Google and China’s Baidu all working to develop chatbots that can mimic human speech. The … Read more
Alibaba Group Holding Ltd. on Thursday reported a single-digit increase in its fourth-quarter revenue, its slowest quarter yet as its online services and e-commerce businesses took a hit amid COVID-19 lockdowns across China. Revenue increased 9% to 204.05 billion yuan ($30.3 billion) in the three months ended March, as its core e-commerce platforms Taobao and … Read more
Prominent Chinese billionaires, including Lenovo group founder Liu Chuanzhi, and the President of Didi Chuxing, Liu Qing have cleared their Weibo accounts and only made content from the last six months visible, local media reported. Weibo is a Chinese microblogging platform and is widely used in China as an alternative to Twitter, which is inaccessible in … Read more
Alibaba is being pushed by China’s ruling Communist Party to take on the tricky, expensive business of designing its own processor chips, to help make China a self-reliant “technology superpower” — a business, unlike anything the world’s biggest e-commerce company has done before. Its 3-year-old chip unit, T-Head, unveiled its third processor in October, the … Read more
Alibaba is being pushed by China’s ruling Communist Party to take on the tricky, expensive business of designing its own processor chips, to help make China a self-reliant “technology superpower” — a business, unlike anything the world’s biggest e-commerce company has done before. Its 3-year-old chip unit, T-Head, unveiled its third processor in October, the … Read more
Chinese e-commerce giant Alibaba Group Holding Ltd recorded 540.3 billion yuan ($84.54) billion in orders, or “gross merchandise value” (GMV), over its 11-day Singles’ Day sales event, marking a roughly 14% increase from the year prior. The results come as overall consumption in China slows, and cap a relatively muted version of a sales festival … Read more