Revving up attention and outlining plans for China’s biggest shopping day of the year, on Nov. 11, Alibaba (BABA) held a preliminary kick-off ceremony at its Hangzhou headquarters in eastern China on Tuesday. Last year, on the day Alibaba refers to as its “11.11 Shopping Festival,” the company processed more than $9 billion in sales over its e-commerce platforms, calling it the biggest 24-hour online shopping event in the world. That was up 55%
Troubled by slower growth and a battered stock price, Alibaba (BABA) Executive Chairman Jack Ma has penned a 2,600-word letter to shareholders, telling them everything is going to be OK. In his first public letter to Alibaba investors since the blockbuster, record initial public offering of the China e-commerce leader 13 months ago, Ma also reached out to shareholders overseas who might be confused about how the company operates its sprawling
Rumors that two rival Groupon-like tech startups in China — one backed by powerhouse Alibaba Group (BABA) and the other by Internet titan Tencent Holdings (TCEHY) — may be about to merge in a $15 billion deal has driven down shares of Baidu (BIDU), which has invested millions in its own online-to-offline retail push. An agreement merging the two companies, which specialize in deals for restaurants, movie tickets and other offline services, is