Daniel Zhang news and archive

Timeline: the rise and rise of Alibaba

This week was shaken by several news coming from Chinese e-commerce giant Alibaba. To start, the company’s founder and CEO, Jack Ma, announced his plans to retire in 2019. Daniel Zhang is set to be his successor. Today, Alibaba and Russian technology group Mail.ru said they would launch a joint e-commerce venture in Russia and former Soviet...

Business

Alibaba takes 2.9 billion US dollars stake in food retailer

Alibaba said on Monday it would take a major stake in one of China's top food sellers for 2.9 billion dollars as the e-commerce giant expands further into the retail world. China's largest e-commerce platform has invested heavily in recent years to connect its online and offline portfolio of businesses, taking stakes in several Chinese grocers,...

Business

China's Alibaba quarterly revenues surge to 7.7 billion dollars

Chinese e-commerce giant Alibaba said Tuesday i ts revenues leapt 54 percent year-on-year for the quarter ended in December, spurred by rapid growth in Chinese online shopping. Revenue for the company, seen as a benchmark for China's increasingly crucial consumer sector, reached 53.25 billion yuan (7.7 billion dollars ) in the quarter, it said...

Business

Alibaba sales growth soars into the cloud

Chinese e-commerce giant Alibaba's sales soared 55 percent in the last quarter, thanks in part to a more than doubling of revenue from cloud computing, the company said Wednesday. The year-on-year growth in group sales, to 34.29 billion yuan (5.14 billion US dollars), was not matched by net profit, which slid 66 percent to 7.62 billion yuan...