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“#Alibaba stock plunges after China launches antitrust probe” Alibaba Group’s stock price plunged Thursday as Chinese regulators launched an antitrust investigation into the e-commerce giant. Alibaba’s New York-listed shares dropped about 9.9 percent to $230.80 in premarket trading as of 9 a.m. after Beijing’s State Administration for Market Regulation announced the probe, the latest setback…
“#Chinese consumers spend over $100B during shopping festival” Chinese consumers spent over $100 billion during this year’s Singles’ Day shopping festival, signaling a rebound in consumption as China recovers from the coronavirus pandemic and a battering of the economy. From Nov. 1 to Nov. 11, shoppers spent 498.2 billion yuan ($75.1 billion) on Taobao and…
“#China gears up for world’s largest online shopping festival” HONG KONG — Chinese consumers are expected to spend tens of billions on everything from fresh food to luxury goods during this year’s Singles’ Day online shopping festival, as the country recovers from the pandemic. The shopping festival, which is the world’s largest and falls on…
“#Ant Group’s $37 billion suspended by China” China suspended Ant Group’s $37 billion stock market listing on Tuesday, thwarting the world’s largest IPO with just days to go, in a dramatic move that left investors and bankers scrambling for answers. The Shanghai stock exchange first announced that it had suspended Ant’s initial public offering on…
“# Alibaba’s Jack Ma praises the disruptive nature of digital currencies ” Jack Ma, the now-retired founder of Alibaba Group, recently spoke to a crowd of bankers and regulators at the Bund Summit in Shanghai about the role digital currencies will likely play in the future global financial system: “Digital currency could create value and we…
“#China’s Ant Group could shatter records with $35 billion IPO” The world’s largest fintech company, China’s Ant Group, will try to raise nearly $35 billion in a massive public offering of stock that would shatter records. Alibaba-affiliated Ant Group, which operates a suite of financial products including the widely used Alipay digital wallet in China…
“# China’s Ant Group releases digital copyright platform on AntChain ” Chinese fintech Ant Group — which is now poised to launch what could be the world’s largest initial public offering — has announced a new platform via its blockchain business. Ant Group spun out from e-commerce giant Alibaba and is the parent company of…
“#China’s Internet tycoons getting richer amid pandemic” Jack Ma, founder of e-commerce giant Alibaba, held onto his status as China’s richest tycoon this year as surging demand for online shopping and other services during the coronavirus pandemic swelled the fortunes of Internet entrepreneurs, according to a survey released Tuesday. Ma’s fortune rose 45 percent percent…