bodyType

customContents

entityId

printArticlePageQuery

filter

article

body

urlAlias

articleSectionsContent

articleSeoArticle

articleSourceHeaderArticle

contentSchemaRenderContent

contentSubHeadlineContent

contentHeadlineContent

mainImagePrintArticleArticle

authorBlockPrintArticleArticle

contentSponsorTagContent

articlePianoPaywallContent

scmpYoutubeContent

hooksTrackPageViewArticle

query printArticlePageQuery(
  $entityId: String!
  $customContents: [CustomContentInput]
  $bodyType: BodyFormatTypeEnum
) {
  article(filter: {entityId: $entityId}) {
    entityId
    body(customContents: $customContents, type: $bodyType) {
      json
    }
    urlAlias
    ...articleSectionsContent
    ...articleSeoArticle_3o8td4
    ...articleSourceHeaderArticle
    ...contentSchemaRenderContent
    ...contentSubHeadlineContent
    ...contentHeadlineContent
    ...mainImagePrintArticleArticle
    ...authorBlockPrintArticleArticle
    ...contentSponsorTagContent
    ...articlePianoPaywallContent
    ...scmpYoutubeContent
    ...hooksTrackPageViewArticle
    id
  }
}

fragment articlePianoPaywallContent on Content {
  __isContent: __typename
  ...hooksPaywallPromiseContent
}

fragment articleSectionsContent on Content {
  __isContent: __typename
  sections {
    value {
      ...helpersCheckIfNewsSectionInFirstIndexSection
      ...entityLink
      name
      id
    }
  }
}

fragment articleSeoArticle_3o8td4 on Article {
  ...hooksArticleSeoArticle
  ...helpersCheckIsPostiesArticle
  ...helpersGetArticleTypeArticle
  entityId
  publishedDate
  updatedDate
  summary {
    text
  }
  subHeadline {
    text
  }
  body(customContents: $customContents, type: $bodyType) {
    text
  }
  keywords
  sections {
    value {
      name
      id
    }
  }
  topics {
    name
    entityId
    id
  }
  urlAlias
  authors {
    name
    id
  }
  images {
    style(filter: {style: "768x768"}) {
      url
    }
  }
  readingTime
}

fragment articleSourceHeaderArticle on Article {
  urlAlias
  ...entityLink
}

fragment authorBlockPrintArticleArticle on Article {
  ...defaultArticleDateContent
  ...authorNamesArticle
}

fragment authorNameAuthor on Author {
  ...entityLink
  name
  entityUuid
}

fragment authorNamesArticle on Article {
  authorLocations
  authors {
    entityId
    location
    ...authorNameAuthor
    id
  }
}

fragment blockquoteQuoteContent on Content {
  __isContent: __typename
  ...contentShareWidgetContent
}

fragment checkersCheckContentContainsStarlingImageContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment contentHeadlineContent on Content {
  __isContent: __typename
  headline
  socialHeadline
  ...contentHeadlineTagContent
  ...helpersUseContentSponsorContent
}

fragment contentHeadlineTagContent on Content {
  __isContent: __typename
  ...hooksContentHeadlineTagContent
}

fragment contentNewsletterWidgetContent on Content {
  __isContent: __typename
  topics {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
    id
  }
  sections {
    value {
      relatedNewsletters {
        ...helpersMassageToNewsletterItemNewsletter
        id
      }
      id
    }
  }
  ... on Article {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
  }
}

fragment contentSchemaRenderContent on Content {
  __isContent: __typename
  ...blockquoteQuoteContent
  ...imageContent
  ...inlineWidgetContent
  ...photoGalleryWidgetContent
  ...scmpYoutubeContent
}

fragment contentShareWidgetContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  shortUrl
  socialHeadline
  headline
}

fragment contentSponsorTagContent on Content {
  __isContent: __typename
  ...helpersUseContentSponsorContent
}

fragment contentSubHeadlineContent on Content {
  __isContent: __typename
  subHeadline {
    json
  }
  summary {
    json
  }
  ...contentSchemaRenderContent
}

fragment defaultArticleDateContent on Content {
  __isContent: __typename
  ...hooksArticleDateUtilsContent
}

fragment entityLink on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  __typename
  entityId
  entityUuid
  urlAlias
  urlRedirect {
    toUrl
    id
  }
  application {
    entityId
    id
  }
  ... on Section {
    fullSectionPath {
      entityId
      id
    }
    parentSection
  }
  ...helpersAppBarVariantBase
  ...helpersApplicationBase
  ...helpersCheckIsPlusArticle
  ...helpersStyleSectionContent
}

fragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsLiveArticle
  ...helpersCheckIsPlusPage
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...helpersSectionContent
  ...helpersStyleSectionContent
}

fragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPlusPage
}

fragment helpersCheckIfNewsSectionInFirstIndexSection on Section {
  name
}

fragment helpersCheckIsAmpEnabledArticle on Article {
  entityId
  types {
    value {
      entityId
      id
    }
  }
  sections {
    value {
      entityId
      id
    }
  }
  disableOffPlatformContent
  sponsorType
  published
  ...helpersCheckIsPlusArticle
  ...helpersCheckIsPostiesArticle
}

fragment helpersCheckIsLiveArticle on Article {
  flattenTypeIds
  liveArticle {
    status
    id
  }
}

fragment helpersCheckIsMainTopicContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment helpersCheckIsPlusArticle on Content {
  __isContent: __typename
  ... on Article {
    paywallTypes {
      entityUuid
      id
    }
  }
}

fragment helpersCheckIsPlusPage on Page {
  urlAlias
}

fragment helpersCheckIsPostMagazineArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesPage on Page {
  urlAlias
}

fragment helpersCheckIsStyleArticle on Content {
  __isContent: __typename
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersGetArticleTypeArticle on Content {
  __isContent: __typename
  ... on Article {
    types {
      value {
        entityId
        id
      }
    }
  }
}

fragment helpersMassageToNewsletterItemNewsletter on Newsletter {
  entityId
  name
  alternativeName
  description {
    text
  }
  summary {
    text
  }
  homepageDescription {
    text
  }
}

fragment helpersSanitizeArticleTypeEntityIdsArticle on Article {
  types {
    value {
      entityId
      id
    }
  }
}

fragment helpersSanitizeAuthorTypesArticle on Article {
  authors {
    types
    id
  }
}

fragment helpersSanitizedAuthorEntityIdsArticle on Article {
  authors {
    entityId
    id
  }
}

fragment helpersSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersStyleSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersUseContentSponsorContent on Content {
  __isContent: __typename
  topics {
    entityId
    sponsor {
      ...sponsorTagSponsor
      name
      type
      id
    }
    id
  }
  ... on Article {
    sponsorType
  }
  ...helpersCheckIsMainTopicContent
}

fragment hooksArticleDateUtilsContent on Content {
  __isContent: __typename
  createdDate
  publishedDate
  updatedDate
}

fragment hooksArticleSeoArticle on Article {
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...hooksContentHeadlineTagContent
  ...helpersCheckIsAmpEnabledArticle
  entityId
  headline
  socialHeadline
  types {
    value {
      entityId
      id
    }
  }
  authors {
    entityId
    id
  }
  images {
    generic_og: style(filter: {style: "og_image_scmp_generic"}) {
      url
    }
    styles(filter: {styles: ["og_image_posties_article", "og_postmag", "og_image_style", "og_image_scmp_analysis", "og_image_scmp_explainer", "og_image_scmp_editorial", "og_image_scmp_fact_check", "og_image_scmp_debate", "og_image_scmp_live", "og_image_scmp_obituary", "og_image_scmp_opinion", "og_image_scmp_review", "og_image_scmp_series", "og_image_scmp_generic"]}) {
      url
      style
    }
    type
  }
  urlAlias
}

fragment hooksContentHeadlineTagContent on Content {
  __isContent: __typename
  __typename
  ... on Article {
    types {
      value {
        name
        entityId
        description {
          text
        }
        id
      }
    }
    ...helpersCheckIsStyleArticle
  }
  flag
  sections {
    value {
      name
      id
    }
  }
  ...hooksContentHelperContent
}

fragment hooksContentHelperContent on Content {
  __isContent: __typename
  ...helpersSanitizeArticleTypeEntityIdsArticle
  ...helpersSanitizeAuthorTypesArticle
  ...helpersSanitizedAuthorEntityIdsArticle
  flag
}

fragment hooksPaywallPromiseContent on Content {
  __isContent: __typename
  entityId
  ...helpersCheckIsPostiesArticle
}

fragment hooksTrackPageViewArticle on Article {
  entityId
  publishedDate
  headline
  sections {
    value {
      name
      id
    }
  }
  urlAlias
  authors {
    name
    id
  }
  entityUuid
}

fragment imageContent on Content {
  __isContent: __typename
  headline
  ...checkersCheckContentContainsStarlingImageContent
}

fragment inlineWidgetContent on Content {
  __isContent: __typename
  ...contentNewsletterWidgetContent
}

fragment mainImagePrintArticleArticle on Article {
  images {
    title
    url
    isSlideshow
    size_652x446: style(filter: {style: "652x446"}) {
      url
    }
  }
}

fragment photoGalleryDialogContent on Content {
  __isContent: __typename
  __typename
  ...contentShareWidgetContent
}

fragment photoGalleryWidgetContent on Content {
  __isContent: __typename
  ...photoGalleryDialogContent
}

fragment scmpYoutubeContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  publishedDate
}

fragment sponsorTagSponsor on Sponsor {
  name
  type
  images {
    url
  }
}


sections

types

disableOffPlatformContent

sponsorType

published

headline

socialHeadline

authors

images

publishedDate

updatedDate

summary

subHeadline

keywords

topics

readingTime

authorLocations

entityUuid

Zen Soo

Valuations in China’s private technology market are distorted and are likely to see a “healthy correction” within the next six to nine months, according to Alibaba Group Holding executive vice-chairman Joseph Tsai.
“Entrepreneurs [in China] had it too easy raising gigantic billion-dollar rounds of capital and multibillions in valuation,” said Tsai, in a dialogue session at a Thomson Reuters Breakingviews Predictions 2019 event on Friday. “[A correction] will happen and it’s healthy.”
Tsai’s remarks have come as technology stock prices around the world took a hammering in a sell-off that started in October last year amid economic uncertainty and an escalating US-China trade war.
Chinese companies that went public last year, such as smartphone maker Xiaomi Corp and on-demand local services giant Meituan Dianping, are currently trading well below each firm’s offer price.
Entrepreneurs should focus on the problem, not the technology, says Alibaba’s Joe Tsai
Similar to the declines seen by Chinese internet peers Tencent Holdings and Baidu, e-commerce giant Alibaba Group Holding saw its share price fall about 25 per cent from a peak of about US$210 in mid-June. The New York-listed company, which owns the South China Morning Post, currently trades at about US$156.
In the Thomson Reuters session, Tsai also indicated a bubble in China’s bicycle-sharing sector, which at its peak saw more than 30 companies competing in the country and billions of dollars invested in these start-ups.
Alibaba-backed Ofo, the bike-sharing start-up that at one time was one of the dominant players in the market, raised US$2.2 billion from investors. At present, Ofo is facing a cash crunch and has been slapped with multiple lawsuits from suppliers demanding to get paid.
Stay optimistic despite trade war and nurture talent, Joe Tsai tells fresh grads
“We went into [Ofo] because we felt it was an important use case for our [financial affiliate] Ant Financial [Services] … for payments, and in establishing a trust rating so users do not need to put a deposit down,” Tsai said.
“In the case of Ofo, we had a number of shareholders that had different strategic interests in the capital table,” he said. “When those shareholders with different interests can’t agree with each other, the entity that suffers is the company.”
Other topics touched by Tsai in his talk follow:
Tax system shouldn’t discriminate against investment of labour, Alibaba’s Joe Tsai says
On remedying China’s economic slowdown:
“My personal view is that the old days of just turning on the liquidity and using monetary policy to grow the economy is not going to work. There is a lot of capacity built up in China already.
The place to focus on is fiscal policy. Specifically, cutting taxes for small businesses and individuals, to put money into people’s pockets so they can start to spend. Fiscal stimulus will be a big help in the form of tax cuts.”
Trade war won’t derail rise of China’s middle-class consumers, Alibaba’s Tsai says
On the US-China trade war:
“The trade war won’t end. The trade deficit will structurally correct itself because of 300 million consumers in China that want to buy all over the world, including the US.
Chinese president Xi Jinping in November talked about the next 15 years, on how China is going to import US$30 trillion of goods and US$10 trillion in services. That’s a gigantic number. So that trade deficit problem willl take care of itself.
[The trade war] is an effort by the current US administration to contain the rise of China, and that’s a long-term problem, not a short-term issue.
It might have started with President Donald Trump focusing on the trade deficit itself, and therefore using tariffs to correct it. But over the course of the last nine months, it was blown into a much bigger anti-China problem.
If there are bad relations between China and the US … the two largest economies in the world [are] symbiotic and if the relationships are bad, the global economy is going to suffer.”
‘One Belt, One Road’ implications for private equity in Asia: Joe Tsai hosts expert panel at China Conference
On Alibaba’s investments in the US:
“The Committee on Foreign Investment in the United States (CFIUS) review process made it difficult for Alibaba and other Chinese companies to make investments in the US. So for the time being, we have to look at other parts of the world, and that’s life.
If you look at the last five years, the capital that Alibaba and Ant Financial have allocated to mergers and acquisitions are mostly, 90 per cent inside China. The non-China component is really at the margins, and not the core. We use those acquisitions to complement some parts of our business.
Because of the [blocked deal in] MoneyGram and the new CFIUS regime, it is pretty clear that those alternatives are shut off now.”
Alibaba pledges to bring US$200 billion of goods into China over next five years
On whether the world could think about Alibaba the same way it thinks of Huawei Technologies today:
“As a senior executive in a company, you have to assess all risks. Although that may be a possibility, what Alibaba is doing in the US is to help small businesses and farmers … sell on our platform so that Chinese consumers can buy more from them.
I don’t see how that could become a reason for the US government to target us.
I think what the American government and together with the Five Eyes alliance, what they’re trying to do with Huawei is unfair. There is a political agenda behind it.
But there is a distinction between a product and a service company. We are mainly a service company, and we help constituents in the Western world access China. It’s easy to say, ‘you make a product and it’s not safe’, and unfortunately Huawei falls in that category. I think it’s extremely unfair [to Huawei] and very politically motivated.”


‘Distorted’ private tech market valuations to see correction in next six to nine months, says Alibaba’s Joe Tsai

Joseph Tsai Chung-hsin, executive vice-chairman of Alibaba Group Holding, expects a “healthy correction” in the valuations of China’s private technology market within the next six to nine months. Photo: Edmond So

Tech

Tech leaders and founders

Big Tech

Business

China Business

The Alibaba executive vice-chairman says there is no end in sight for the US-China trade war
Tsai expects tax cuts for small businesses and individuals to help stimulate China’s economy


The Alibaba executive vice-chairman expects tax cuts for small businesses and individuals to help stimulate China’s economy


‘Distorted’ private tech market valuations to see correction in next six to nine months, says Alibaba’s Joe Tsai

The Alibaba executive vice-chairman says there is no end in sight for the US-China trade war Tsai expects tax cuts for small businesses and individuals to help stimulate China’s economy

The Alibaba executive vice-chairman says there is no end in sight for the US-China trade war

Tsai expects tax cuts for small businesses and individuals to help stimulate China’s economy