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Joe Tsai is chairman of Alibaba Group. Tsai joined the Alibaba Group in 1999 as a member of the founding team.
Record US$2.8 billion penalty imposed on Alibaba shows that the government is serious about antitrust regulations and that the platform-based internet economy not only grows, but also benefits ordinary consumers.
- China’s e-commerce sector achieved a 12 per cent overall growth in the March quarter, according to data from JPMorgan
- Increased online penetration in various industries is expected to drive revenue growth for the e-commerce sector this year
Alibaba net income rose 10 per cent to US$11 billion in the 2023 financial year, the first annual results since co-founder Joe Tsai took over as chairman.
The company’s latest AI push could fuel further debate on whether China can continue relying on open-source development, instead of bolstering its own tech ecosystem.
Alibaba scales back an ambitious business overhaul plan and bids farewell to a turbulent year, as its founders call on employees to embrace changes.
Subsidies will be given to an initial batch of 1,000 Chinese brands and merchants who sign up for the AliExpress programme.
Alibaba is cutting prices by as much as 59 per cent for international users of its compute, storage, network, database and big data products.
Alibaba chairman Joe Tsai said US chip export restrictions to China have ‘definitely affected’ mainland tech firms, including the e-commerce giant’s cloud computing business.
E-commerce logistics giant Cainiao will launch an ‘entrepreneurship incentive plan’ that will double the bonus pool allocated for its financial year ending March 31, 2025.
Alibaba has scrapped the planned Hong Kong IPO for its logistics unit Cainiao, deciding to double down on its investment in the strategically important unit.
The mega event week reflects the Hong Kong government’s heightened efforts to buttress the city’s status as an international financial hub.
The initiative seeks to ‘lower the threshold of cloud services for more enterprises and developers’ in mainland China, where artificial intelligence development projects are driving demand.
Policy support measures and post-Covid sports activities have contributed to growth, executives say at an industry summit in Macau attended by Yao Ming and Dwyane Wade.
Macau is setting the stage to become a key driver of the Greater Bay Area’s sports sector, as the city looks to tap its tourism strengths and expand its economy beyond the gaming industry, a conference heard.
SoftBank expects to book US$8.5 billion, about 425 times the value of its initial Alibaba investment, for its 2024 financial year after divesting more than 500 million shares in the e-commerce giant.
The combined stakes of the two co-founders eclipsed SoftBank Group, which has reduced its shares in Alibaba through a series of forward contracts.
Chief people officer Jane Jiang said in an internal letter rumours of 25,000 lay-offs are false and that the matter has been reported to the police.
The company has also put on hold its listing plan for supermarket chain Freshippo, a decision that it announced along with its latest quarterly earnings.
Senior officials of eastern Zhejiang province called on Alibaba’s top management, led by new chairman Joe Tsai, to boost investment in frontier tech research and promote innovation in digital technology.
The new artificial intelligence tools, which Alibaba Cloud calls proprietary models, are built on the firm’s updated AI large language model Tongyi Qianwen 2.0.
Alibaba co-founder and chairman Joe Tsai says the company’s cloud unit aims to be the most open ‘in the era of AI’.
A split between the world’s two biggest economies would not only harm China, it would ‘slow down everybody’, says Chang.
About a decade after Alibaba founder Jack Ma pushed forward its creation, Cainiao has become one of the world’s top logistics services providers and a big opportunity for global investors when it lists in Hong Kong.
Consumers in the United Kingdom, Spain, the Netherlands, Belgium and South Korea will now receive their parcels within five working days of placing an order on AliExpress, thanks to its joint initiative with Cainiao.
The two major strategic areas Hangzhou-based tech giant will focus on are “user first” and “AI-driven”, new CEO Eddie Wu writes in a letter to staff.
Zhang’s exit comes the same day he was scheduled to hand over the company to chairman Joe Tsai and CEO Eddie Wu Yongming. Alibaba Group’s shares slipped 3 per cent in Hong Kong on the news.
Jiang, who lost his place in Alibaba’s influential partnership in April 2020 after an alleged extramarital affair, is expected to help steer the company’s e-commerce business through intensifying competition.
Planned changes would include adding more layers, prolonging the promotion timeline of mid-level personnel and removing the P9 and above categories for senior roles.
Alibaba founders Jack Ma and Joe Tsai appeared at company offices in Hangzhou as the e-commerce giant prepares for the departure of its CEO and seeks to regain competitive edge.
Investors are keen to tap into opportunities offered by artificial intelligence start-ups in Hong Kong and the Greater Bay Area, as the technology is increasingly adopted by various industries, observers say.
