One of China’s most influential tech companies, the internet finance titan Ant Group, is poised to raise a boatload of cash by selling shares.

The sale puts another stamp on China’s importance as a digital powerhouse. But it also shows how the tech world is fracturing.

The company could be worth more than many global banks after its share sale, yet its business is highly concentrated in just one country: China. Instead of listing in New York, as many other Chinese internet companies have done, Ant is going public in Hong Kong and Shanghai.

Here’s what to know about the company and its initial public offering.

Ant is Jack Ma’s second tech giant

Around the turn of the millennium, the internet was a lawless frontier, not least in China. Online shopping was a gamble. Buying and selling took place largely between strangers. Nobody could be sure they weren’t being defrauded.

Alibaba, the Chinese e-commerce group, had an idea for cultivating trust. In 2003, it created a service called Alipay that held on to payments until buyers confirmed that they were satisfied with their purchases. If the items were fake or never arrived, the money was refunded.

Alipay helped Alibaba’s bazaars take off. Jack Ma, Alibaba’s co-founder, spun the service out in 2011 as a separate company, setting off a tiff with Yahoo, which was then a major Alibaba investor.

Today, Alibaba owns a one-third stake in Ant. Ma is Ant’s controlling shareholder, although he is not part of its management.

Ant’s executive chairman, Eric Jing, and chief executive, Simon Hu, both worked for years in Alibaba’s orbit. Ant has 16,660 employees.

Life is different with Alipay

When people across China want to pay for something, they don’t reach for their wallets. They grab their phones.

With Alipay and another smartphone app, the social platform WeChat, exchanging money is a matter of scanning a QR code — at an in-person cashier, during checkout at an online store or face-to-face with a friend. Shops and restaurants still accept cash, though often begrudgingly.

Over time, Alipay has come to host other services, too. People in China use it to shop on credit — no plastic card required. They take out small loans, invest their savings and buy health and life insurance. Fees from those businesses accounted for more than half of Ant’s revenue last year.

The app is a big deal in China

Alipay has more than 730 million monthly users, more than twice the U.S. population. By comparison, PayPal has 346 million active accounts.

Ant handled more than $17 trillion in digital payments in mainland China during the 12 months that ended in June. PayPal says its total payment volume in 2019 was $712 billion. Ant also enabled around $300 billion in credit to consumers and small businesses.

When the company goes public, it could be valued around $310 billion. That would make it worth about as much as JPMorgan Chase, and much more than Citigroup and Goldman Sachs.

Alipay is no slouch technologically, either. Ant says its systems processed 459,000 payments a second at the peak of a Chinese shopping holiday last year. Visa, by contrast, says it can handle 65,000 transactions a second.

Ant is huge not only because China’s population is huge. Its growth was also helped by the fact that China had previously been so far behind in digital finance. Few people had credit cards. The big government-run banks were slow to modernize.

But how much bigger can it get?

Around 95% of Ant’s revenue last year came from mainland China. The company has invested in Paytm, an Indian payment app, and acquired EyeVerify, a startup in Kansas City, Missouri, that makes biometric authentication technology. But for now at least, Alipay seems unlikely to implant itself so deeply in another country’s financial system.

Even in China, the government is wary about fast-growing financial products. The Communist Party has clamped down on lending fraud and questionable investment schemes. Regulators have also criticized Ant for not adequately protecting users’ personal data.

The fact that Ant has survived for so long in China under regulatory pressure means it will probably continue working around whatever the authorities throw at it, said Kevin Kwek, an analyst with the research firm Bernstein.

“If you’re going to sell anything to consumers that’s financial services, the regulators have to scrutinize it,” he said. “I don’t think they’re trying to find ways to kill Ant.”

One of China’s most influential tech companies, the internet finance titan Ant Group, is poised to raise a boatload of cash by selling shares. The sale puts another stamp on China’s importance as a digital powerhouse.

One of China’s most influential tech companies, the internet finance titan Ant Group, is poised to raise a boatload of cash by selling shares. The sale puts another stamp on China’s importance as a digital powerhouse. But it also shows how the tech world is fracturing. The company could be worth more than many global banks after its share sale, yet its business is highly concentrated in just one country: China. Instead of listing in New York, as many other Chinese internet companies have done, Ant is going public in Hong Kong and Shanghai. Here’s what to know about the company and its initial public offering. Ant is Jack Ma’s second tech giant Around the turn of the millennium, the internet was a lawless frontier, not least in China. Online shopping was a gamble. Buying and selling took place largely between strangers. Nobody could be sure they weren’t being defrauded. Alibaba, the Chinese e-commerce group, had an idea for cultivating trust. In 2003, it created a service called Alipay that held on to payments until buyers confirmed that they were satisfied with their purchases. If the items were fake or never arrived, the money was refunded. Alipay helped Alibaba’s bazaars take off. Jack Ma, Alibaba’s co-founder, spun the service out in 2011 as a separate company, setting off a tiff with Yahoo, which was then a major Alibaba investor. Today, Alibaba owns a one-third stake in Ant. Ma is Ant’s controlling shareholder, although he is not part of its management. Ant’s executive chairman, Eric Jing, and chief executive, Simon Hu, both worked for years in Alibaba’s orbit. Ant has 16,660 employees. Life is different with Alipay When people across China want to pay for something, they don’t reach for their wallets. They grab their phones. With Alipay and another smartphone app, the social platform WeChat, exchanging money is a matter of scanning a QR code — at an in-person cashier, during checkout at an online store or face-to-face with a friend. Shops and restaurants still accept cash, though often begrudgingly. Over time, Alipay has come to host other services, too. People in China use it to shop on credit — no plastic card required. They take out small loans, invest their savings and buy health and life insurance. Fees from those businesses accounted for more than half of Ant’s revenue last year. The app is a big deal in China Alipay has more than 730 million monthly users, more than twice the U.S. population. By comparison, PayPal has 346 million active accounts. Ant handled more than $17 trillion in digital payments in mainland China during the 12 months that ended in June. PayPal says its total payment volume in 2019 was $712 billion. Ant also enabled around $300 billion in credit to consumers and small businesses. When the company goes public, it could be valued around $310 billion. That would make it worth about as much as JPMorgan Chase, and much more than Citigroup and Goldman Sachs. Alipay is no slouch technologically, either. Ant says its systems processed 459,000 payments a second at the peak of a Chinese shopping holiday last year. Visa, by contrast, says it can handle 65,000 transactions a second. Ant is huge not only because China’s population is huge. Its growth was also helped by the fact that China had previously been so far behind in digital finance. Few people had credit cards. The big government-run banks were slow to modernize. But how much bigger can it get? Around 95% of Ant’s revenue last year came from mainland China. The company has invested in Paytm, an Indian payment app, and acquired EyeVerify, a startup in Kansas City, Missouri, that makes biometric authentication technology. But for now at least, Alipay seems unlikely to implant itself so deeply in another country’s financial system. Even in China, the government is wary about fast-growing financial products. The Communist Party has clamped down on lending fraud and questionable investment schemes. Regulators have also criticized Ant for not adequately protecting users’ personal data. The fact that Ant has survived for so long in China under regulatory pressure means it will probably continue working around whatever the authorities throw at it, said Kevin Kwek, an analyst with the research firm Bernstein. “If you’re going to sell anything to consumers that’s financial services, the regulators have to scrutinize it,” he said. “I don’t think they’re trying to find ways to kill Ant.”

All about Ant group, the next Big Tech IPO

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history.

According to RT, the Ant Group is expected to raise $34.5 billion as part of its dual listing. This was based on the price of its shares on Monday. Jack Ma says that this would make Ant Group the largest listing in "human history", and hailing outside of New York City.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/vaccine-tycoon-overtakes-jack-ma-to-become-chinas-richest-asias-second-wealthiest-329880" hreflang="en">Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest</a> 
 
“It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City,” the Chinese billionaire said, as reported by RT.

Further calling it a "miracle", the billionaire said that he couldn't have fathomed this three-five years ago. “We didn’t dare to think about it five years ago, or even three years ago”, he said.

Aramco's $29.4 billion listing in December 2020 set the world record. The Ant Group's dual listing worth $35 would break this record!

Ant Group owns Alipay, considered the world's most valuable unicorns. Earlier, the company had claimed how the listing would assist in the acceleration of the company's goal of "digitizing the service industry in China'', which they believe would also drive domestic demand.

Also read:&nbsp;<a href="http://13.235.153.162/india-news/jack-ma-summon-petitioners-lawyer-seeks-stay-on-disposal-of-uc-browsers-assets-in-india-316258" hreflang="en">Jack Ma summon: Petitioner's lawyer seeks stay on disposal of UC Browser's assets in India</a>

Ant's Executive Chairman Eric Jing had earlier asserted the importance of becoming a public company, saying it would "enhance transparency to stakeholders'' that include customers, business partners, and employees.

Ant enjoys the backing of Alibaba, the Chinese e-commerce giant, which was founded by Jack Ma, who owns 33 per cent of Ant's shares.&nbsp;

Alibaba had one of the largest IPOs in history amounting up to $25 billion valuation. Currently, the company's market capitalisation has grown to over $831 billion.

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history.

Jack Ma, the founder of Alibaba says the dual IPO (initial public offering) listings of the company Ant Group in Shanghai and Hong Kong would soon break the world record to become the biggest in history. According to RT, the Ant Group is expected to raise $34.5 billion as part of its dual listing. This was based on the price of its shares on Monday. Jack Ma says that this would make Ant Group the largest listing in "human history", and hailing outside of New York City. Also read: Vaccine tycoon overtakes Jack Ma to become China's richest, Asia's second-wealthiest “It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City,” the Chinese billionaire said, as reported by RT. Further calling it a "miracle", the billionaire said that he couldn't have fathomed this three-five years ago. “We didn’t dare to think about it five years ago, or even three years ago”, he said. Aramco's $29.4 billion listing in December 2020 set the world record. The Ant Group's dual listing worth $35 would break this record! Ant Group owns Alipay, considered the world's most valuable unicorns. Earlier, the company had claimed how the listing would assist in the acceleration of the company's goal of "digitizing the service industry in China'', which they believe would also drive domestic demand. Also read: Jack Ma summon: Petitioner's lawyer seeks stay on disposal of UC Browser's assets in India Ant's Executive Chairman Eric Jing had earlier asserted the importance of becoming a public company, saying it would "enhance transparency to stakeholders'' that include customers, business partners, and employees. Ant enjoys the backing of Alibaba, the Chinese e-commerce giant, which was founded by Jack Ma, who owns 33 per cent of Ant's shares. Alibaba had one of the largest IPOs in history amounting up to $25 billion valuation. Currently, the company's market capitalisation has grown to over $831 billion.

Ant Group's IPO listing will be the largest in history, claims Jack Ma

China's Alibaba Group has put on hold plans to invest in Indian companies, two sources aware of the plans told Reuters, amid souring business relations and rising political tension between the two nations after a clash on their Himalayan border.

Alibaba, which has fuelled the growth of several Indian start-ups, will not put in fresh funds to expand its investments in the country for at least six months, the sources said.

However, there are no plans to reduce its stakes or exit investments, they added. The sources declined to be identified as the talks are private.

Alibaba did not respond to a request for comment.

The Chinese conglomerate and its affiliates Alibaba Capital Partners and Ant Group have invested more than $2 billion in Indian companies since 2015 and participated in funding rounds of at least another $1.8 billion, according to data from PitchBook, which tracks private market financing.

Hitting the brakes could slow fundraising plans for some of Alibaba's investee companies in India, which include payments platform Paytm, restaurant aggregator and food delivery service Zomato, and e-grocer BigBasket.

Ant Group, which is preparing for an IPO, on Tuesday called out the challenges it faces in India.

In its IPO filing, Ant said a change in foreign investment rules in India had led to a "further evaluation of the timing" of its additional investment in Zomato.

Ant also said it counted Paytm owner One97 Communications, in which it has a 30% stake, as an associate or joint venture partner over which it has "significant influence".

India, in April, put investments from China and other bordering countries under greater scrutiny to prevent opportunistic takeovers amid the COVID-19 pandemic.

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&nbsp;

However, a border clash in June, in which 20 Indian soldiers were killed, escalated tensions, and India imposed stricter curbs on Chinese goods and businesses amid calls for boycotts.

"Alibaba and a few others have put on hold their India investment plans for six months and they are hoping that things would cool off a bit after that," said one of the sources.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/in-a-move-aimed-at-placating-trump-alibaba-claims-to-support-us-businesses-322114">In a move aimed at placating Trump, Alibaba claims to support US businesses</a>

"No one is planning to put their stakes in Indian ventures on the block given the market condition and the fact that there aren't many buyers," the person said.

Indian start-ups are heavily funded by Chinese investors such as Alibaba and Tencent &lt;0700.HK&gt;. Bankers have previously said they were looking to bolster their presence in the country with an aim to grow their revenues outside China.

There is a lot of interest from European and U.S.-based investors to fill the gap left by the Chinese, said Arjun Sinha, partner at Indian law firm, AP &amp; Partners.

"Deal making, however, may take slightly longer as these will be new relationships as opposed to further funding rounds," said Sinha.

China's Alibaba Group has put on hold plans to invest in Indian companies, two sources aware of the plans told Reuters, amid souring business relations and rising political tension between the two nations after a clash on their Himalayan border.

China's Alibaba Group has put on hold plans to invest in Indian companies, two sources aware of the plans told Reuters, amid souring business relations and rising political tension between the two nations after a clash on their Himalayan border. Alibaba, which has fuelled the growth of several Indian start-ups, will not put in fresh funds to expand its investments in the country for at least six months, the sources said. However, there are no plans to reduce its stakes or exit investments, they added. The sources declined to be identified as the talks are private. Alibaba did not respond to a request for comment. The Chinese conglomerate and its affiliates Alibaba Capital Partners and Ant Group have invested more than $2 billion in Indian companies since 2015 and participated in funding rounds of at least another $1.8 billion, according to data from PitchBook, which tracks private market financing. Hitting the brakes could slow fundraising plans for some of Alibaba's investee companies in India, which include payments platform Paytm, restaurant aggregator and food delivery service Zomato, and e-grocer BigBasket. Ant Group, which is preparing for an IPO, on Tuesday called out the challenges it faces in India. In its IPO filing, Ant said a change in foreign investment rules in India had led to a "further evaluation of the timing" of its additional investment in Zomato. Ant also said it counted Paytm owner One97 Communications, in which it has a 30% stake, as an associate or joint venture partner over which it has "significant influence". India, in April, put investments from China and other bordering countries under greater scrutiny to prevent opportunistic takeovers amid the COVID-19 pandemic. × However, a border clash in June, in which 20 Indian soldiers were killed, escalated tensions, and India imposed stricter curbs on Chinese goods and businesses amid calls for boycotts. "Alibaba and a few others have put on hold their India investment plans for six months and they are hoping that things would cool off a bit after that," said one of the sources. Also Read: In a move aimed at placating Trump, Alibaba claims to support US businesses "No one is planning to put their stakes in Indian ventures on the block given the market condition and the fact that there aren't many buyers," the person said. Indian start-ups are heavily funded by Chinese investors such as Alibaba and Tencent <0700.HK>. Bankers have previously said they were looking to bolster their presence in the country with an aim to grow their revenues outside China. There is a lot of interest from European and U.S.-based investors to fill the gap left by the Chinese, said Arjun Sinha, partner at Indian law firm, AP & Partners. "Deal making, however, may take slightly longer as these will be new relationships as opposed to further funding rounds," said Sinha.

Alibaba puts India investment plan on hold amid China tensions - Sources

Alibaba’s decision could impact the fundraising plans of some of its Indian investee companies.

China's Alibaba Group puts India investment plan on hold

Chinese e-commerce giant Alibaba Group Holding Ltd. has moved to ease tensions with Donald Trump, as he continues to threaten Chinese firms. 
 
Chief executive Daniel Zhang said the online retailer's policies "are fully aligned with the interests of both China and the United States".

“As the world’s largest e-commerce platform, Alibaba’s primary commercial focus in the U.S. is to support American brands, retailers, small businesses and farmers to sell to consumers and trade partners in China as well as other key markets around the world,” Chief Executive Officer Daniel Zhang said.

The comments came as Alibaba announced a better-than-expected jump in quarterly sales. 
 
Meanwhile, the US president has promised to impose tariffs on US firms that refuse to move jobs back from overseas. 
 
US President Donald Trump said on Saturday he could exert pressure on more Chinese companies such as technology giant Alibaba after he moved to ban TikTok. 
 
Asked at a news conference whether there were other particular China-owned companies he was considering a ban on, such as Alibaba, Trump replied: "Well, we're looking at other things, yes." 
&nbsp; 
Trump has been piling pressure on Chinese-owned companies, such as by vowing to ban short-video app TikTok from the United States. The United States ordered its Chinese owner ByteDance on Friday to divest the US operations of TikTok within 90 days, the latest effort to ramp up pressure over concerns about the safety of the personal data it handles.

Trump, who has made changing the US-China trade relationship a central theme of his presidency, has been sharply critical of China while also praising its purchases of agriculture products such as soybeans and corn as part of a trade agreement reached late last year.

(With inputs from agencies)

Chinese e-commerce giant Alibaba Group Holding Ltd. has moved to ease tensions with Donald Trump, as he continues to threaten Chinese firms. Chief executive Daniel Zhang said the online retailer's policies "are fully aligned with the interests of both China and the United States".

Chinese e-commerce giant Alibaba Group Holding Ltd. has moved to ease tensions with Donald Trump, as he continues to threaten Chinese firms. Chief executive Daniel Zhang said the online retailer's policies "are fully aligned with the interests of both China and the United States". “As the world’s largest e-commerce platform, Alibaba’s primary commercial focus in the U.S. is to support American brands, retailers, small businesses and farmers to sell to consumers and trade partners in China as well as other key markets around the world,” Chief Executive Officer Daniel Zhang said. The comments came as Alibaba announced a better-than-expected jump in quarterly sales. Meanwhile, the US president has promised to impose tariffs on US firms that refuse to move jobs back from overseas. US President Donald Trump said on Saturday he could exert pressure on more Chinese companies such as technology giant Alibaba after he moved to ban TikTok. Asked at a news conference whether there were other particular China-owned companies he was considering a ban on, such as Alibaba, Trump replied: "Well, we're looking at other things, yes." Trump has been piling pressure on Chinese-owned companies, such as by vowing to ban short-video app TikTok from the United States. The United States ordered its Chinese owner ByteDance on Friday to divest the US operations of TikTok within 90 days, the latest effort to ramp up pressure over concerns about the safety of the personal data it handles. Trump, who has made changing the US-China trade relationship a central theme of his presidency, has been sharply critical of China while also praising its purchases of agriculture products such as soybeans and corn as part of a trade agreement reached late last year. (With inputs from agencies)

In a move aimed at placating Trump, Alibaba claims to support US businesses

US President Donald Trump on Saturday said he could exert pressure on more Chinese companies such as technology giant Alibaba after he moved to ban TikTok.

Trump, when asked at a news conference whether there were other particular China-owned companies he was considering a ban on, such as Alibaba, Trump replied: "Well, we're looking at other things, yes."

Trump has been piling pressure on Chinese-owned companies, such as by vowing to ban short-video app TikTok from the United States.&nbsp;

The United States ordered its Chinese owner ByteDance on Friday to divest the US operations of TikTok within 90 days, the latest effort to ramp up pressure over concerns about the safety of the personal data it handles.

Trump, who has made changing the US-China trade relationship a central theme of his presidency, has been sharply critical of Beijing as far as handling of the coronavirus pandemic is concerned.

According to Trump, China did not take the coronavirus outbreak in Wuhan last year seriously, leading to the global tragedy -- the pandemic. China vehemently denies the charges.

Since then, Trump's rhetoric has been to ban everything Chinese.

US President Donald Trump on Saturday said he could exert pressure on more Chinese companies such as technology giant Alibaba after he moved to ban TikTok. Trump, when asked at a news conference whether there were other particular China-owned companies he was considering a ban on, such as Alibaba, Trump replied: "Well, we're looking at other things, yes.

US President Donald Trump on Saturday said he could exert pressure on more Chinese companies such as technology giant Alibaba after he moved to ban TikTok. Trump, when asked at a news conference whether there were other particular China-owned companies he was considering a ban on, such as Alibaba, Trump replied: "Well, we're looking at other things, yes." Trump has been piling pressure on Chinese-owned companies, such as by vowing to ban short-video app TikTok from the United States. The United States ordered its Chinese owner ByteDance on Friday to divest the US operations of TikTok within 90 days, the latest effort to ramp up pressure over concerns about the safety of the personal data it handles. Trump, who has made changing the US-China trade relationship a central theme of his presidency, has been sharply critical of Beijing as far as handling of the coronavirus pandemic is concerned. According to Trump, China did not take the coronavirus outbreak in Wuhan last year seriously, leading to the global tragedy -- the pandemic. China vehemently denies the charges. Since then, Trump's rhetoric has been to ban everything Chinese.

Alibaba next? Trump is looking at pressuring other Chinese companies after Bytedance

US President Donald Trump said on Saturday during a press conference that he was "looking into" whether Chinese technology giant Alibaba should be banned in the United States.

Donald Trump says considering ban on Chinese firm Alibaba after TikTok

An Indian court has summoned Alibaba and its founder Jack Ma in a case in which a former employee in India says he was wrongfully fired after objecting to what he saw as censorship and fake news on company apps, documents seen by Reuters showed.

The case comes weeks after India cited security concerns in banning Alibaba's UC News, UC Browser and 57 other Chinese apps after a clash between the two countries' forces on their border.

Following the ban, which China has criticized, India sought written answers from all affected companies, including whether they censored content or acted for any foreign government.

In court filings dated July 20 and previously not reported, the former employee of Alibaba's UC Web, Pushpandra Singh Parmar, alleges the company used to censor content seen as unfavourable to China and its apps UC Browser and UC News showcased false news "to cause social and political turmoil".

Civil Judge Sonia Sheokand of a district court in Gurugram, a satellite city of India's capital, New Delhi, has issued summons for Alibaba, Jack Ma and about a dozen individuals or company units, asking them to appear in court or through a lawyer on July 29, court documents showed.

The judge has also sought written responses from the company and its executives within 30 days, according to the summons.

UC India said in a statement it had been "unwavering in its commitment to the India market and the welfare of its local employees, and its policies are in compliance with local laws. We are unable to comment on ongoing litigation".

Alibaba representatives did not respond to requests for comment from the Chinese company or on behalf of Jack Ma.

Parmar, who worked as an associate director at the UC Web office in Gurugram until October 2017 and is seeking $268,000 in damages, referred Reuters queries to his lawyer, Atul Ahlawat, who declined to comment saying the matter was sub judice.

The court case is the latest hurdle for Alibaba in India after the Indian government's app ban, following which UC Web has started laying off some staff in India.

Before the apps were banned, the UC Browser had been downloaded at least 689 million times in India, while UC News had 79.8 million downloads, most during 2017 and 2018, data from analytics firm Sensor Tower showed.

ALLEGATIONS IN COURT

India has said it banned the 59 apps after it received "credible inputs" that such apps posed a threat to India's sovereignty. Its IT minister said the decision was taken to safeguard citizens' data and public order.

In more than 200 pages of court filings, reviewed by Reuters, former employee Parmar included clippings of some posts showcased on the UC News app that he alleged were false.

One post from 2017 was headlined in Hindi: "2,000-rupee notes to be banned from midnight today". Another headline of a 2018 post said: "Just now: War broke out between India and Pakistan" and contained description of firing across the disputed border between the countries.

Reuters could not independently verify the veracity of the claims in the court filing. India did not ban its 2,000-rupee currency note and no war occurred between India and Pakistan in 2018.

The lawsuit also contains a "sensitive words list" with key words in Hindi and English like "India-China border" and "Sino-India war" that the court filing alleges were used by UC Web to censor content on its platforms in India.

"In order to control any news related content to be published against China was automatically/manually rejected by an audit system evolved for this purpose," the filing said.

The Chinese Embassy in New Delhi and China's foreign ministry in Beijing, as well as India's IT ministry in New Delhi, did not respond to requests for comment.

An Indian court has summoned Alibaba and its founder Jack Ma in a case in which a former employee in India says he was wrongfully fired after objecting to what he saw as censorship and fake news on company apps, documents seen by Reuters showed.

An Indian court has summoned Alibaba and its founder Jack Ma in a case in which a former employee in India says he was wrongfully fired after objecting to what he saw as censorship and fake news on company apps, documents seen by Reuters showed. The case comes weeks after India cited security concerns in banning Alibaba's UC News, UC Browser and 57 other Chinese apps after a clash between the two countries' forces on their border. Following the ban, which China has criticized, India sought written answers from all affected companies, including whether they censored content or acted for any foreign government. In court filings dated July 20 and previously not reported, the former employee of Alibaba's UC Web, Pushpandra Singh Parmar, alleges the company used to censor content seen as unfavourable to China and its apps UC Browser and UC News showcased false news "to cause social and political turmoil". Civil Judge Sonia Sheokand of a district court in Gurugram, a satellite city of India's capital, New Delhi, has issued summons for Alibaba, Jack Ma and about a dozen individuals or company units, asking them to appear in court or through a lawyer on July 29, court documents showed. The judge has also sought written responses from the company and its executives within 30 days, according to the summons. UC India said in a statement it had been "unwavering in its commitment to the India market and the welfare of its local employees, and its policies are in compliance with local laws. We are unable to comment on ongoing litigation". Alibaba representatives did not respond to requests for comment from the Chinese company or on behalf of Jack Ma. Parmar, who worked as an associate director at the UC Web office in Gurugram until October 2017 and is seeking $268,000 in damages, referred Reuters queries to his lawyer, Atul Ahlawat, who declined to comment saying the matter was sub judice. The court case is the latest hurdle for Alibaba in India after the Indian government's app ban, following which UC Web has started laying off some staff in India. Before the apps were banned, the UC Browser had been downloaded at least 689 million times in India, while UC News had 79.8 million downloads, most during 2017 and 2018, data from analytics firm Sensor Tower showed. ALLEGATIONS IN COURT India has said it banned the 59 apps after it received "credible inputs" that such apps posed a threat to India's sovereignty. Its IT minister said the decision was taken to safeguard citizens' data and public order. In more than 200 pages of court filings, reviewed by Reuters, former employee Parmar included clippings of some posts showcased on the UC News app that he alleged were false. One post from 2017 was headlined in Hindi: "2,000-rupee notes to be banned from midnight today". Another headline of a 2018 post said: "Just now: War broke out between India and Pakistan" and contained description of firing across the disputed border between the countries. Reuters could not independently verify the veracity of the claims in the court filing. India did not ban its 2,000-rupee currency note and no war occurred between India and Pakistan in 2018. The lawsuit also contains a "sensitive words list" with key words in Hindi and English like "India-China border" and "Sino-India war" that the court filing alleges were used by UC Web to censor content on its platforms in India. "In order to control any news related content to be published against China was automatically/manually rejected by an audit system evolved for this purpose," the filing said. The Chinese Embassy in New Delhi and China's foreign ministry in Beijing, as well as India's IT ministry in New Delhi, did not respond to requests for comment.

Alibaba, Jack Ma summoned by Indian court on former employee's complaint

Chinese global giants like Huawei, Alibaba having a direct or indirect link with the Chinese Army and based in India could soon face action. These companies are among seven Chinese firms which the Indian government sources have highlighted are having deep links with People's Liberation Army (PLA) The Chinese companies are Xindia Steels, Xinxing Cathay international, China electronic technology group, Huawei, Alibaba, Tencent, SAIC motor corporation.

Chinese global giants like Huawei, Alibaba having a direct or indirect link with the Chinese Army and based in India could soon face action. These companies are among seven Chinese firms which the Indian government sources have highlighted are having deep links with People's Liberation Army (PLA) The Chinese companies are Xindia Steels, Xinxing Cathay international, China electronic technology group, Huawei, Alibaba, Tencent, SAIC motor corporation. Also read: Chinese apps have been banned in India; Is Huawei next? Indian government sources highlighted that "these companies are under watch and could face potential action". Chinese telecom company Huawei reported a revenue of Rs 12800 crore in FY 2018-19 from its Indian operators. The company founded by Ren Zhengfei who was former deputy director at the PLA's engineering corps has been banned by US, Japan, UK and Australia from their 5G networks. Alibaba, Baidu, Tencent, sources highlighted, are part of China's military-civil fusion and artificial intelligence projects. Sources pointing to the 2019 report of US-China economic and security review commission report which said under China's military-civil fusion policy "government-supported mechanisms, including venture capital (VC) funds...(are used for) leveraging the fruits of civilian innovation for China’s defence sector.” Alibaba has invested in Indian startups including popular ones like PayTM, Zomato, Big basket, Snapdeal, Xpressbees. Tencent has made mega investments in Indian tech space including $400 million in Ola cabs, $700 million in Flipkart. Also read | Ready to replace Huawei in UK at scale and speed: Nokia But it is just not only tech or mobile sector where Chinese companies with links with the Chinese army are present. SAIC Motor Corporation, a Chinese state-owned automobile company headquartered in Shanghai in Shanghai sells Sports utility vehicle, MG Hector, in India. One of the company's subsidiary is Nanjing Automobile, which was previously a vehicle servicing unit of PLA. Xinxing Cathay International Group a metal products manufacturing country is present in India in various forms including a Joint Venture Xindia Steels Ltd. Employees of China Electronics Technology Group Corporation (CETC) have been convicted of military espionage and it provides technology which is believed to be used for human rights abuses in the restive western province of Xinjiang in China. The company has invested Rs 320 crores in a manufacturing facility in Andhra Pradesh in 2018. This comes even as India last month banned 59 Chinese apps including popular TikTok after a violent face-off at Line Of Actual Contol in Eastern Ladakh in which 20 Indian soldiers died. Chinese refused to acknowledge casualties on its side

Huawei, Alibaba among 7 Chinese companies with links to Chinese Army could face the music

Universities in United Kingdom are testing a new link to teach students in China to give them a chance to complete their distance education despite the country's internet restictions.

However, students only have access to content under&nbsp;an "allowed" list while using this link.

Four Russell Group universities including King's College London, Queen Mary University of London, York and Southampton are a part of this pilot project&nbsp;run by JISC, formerly the Joint Information Systems Committee, which provides digital services for UK universities.

Also read:&nbsp;<a href="https://www.wionews.com/world/students-sue-top-us-universities-over-switch-to-online-courses-297080">Students sue top US universities over switch to online courses</a>

The project would allow students in China to have better access to UK courses "while complying with local regulations", according to a spokeswoman who denied this move as an acceptance to ''censorshiop''.

It comes as British universities&nbsp;were&nbsp;urged to adopt a risk management strategy for any dealings with China amid concerns that academics are self-censoring because of fears about the consequences of offending the Chinese authorities.

Also read:&nbsp;<a href="https://www.wionews.com/world/chinese-universities-cancelling-entrance-exams-for-foreign-students-298452">Chinese universities cancelling entrance exams for foreign students</a>

Some websites are blocked or filtered under China's internet censorship and there have been concerns that students in China were unable to&nbsp;study online, such as clicking on an embedded link in a scholarly article.

The technical solution creates a virtual connection between the student in China and the online network of the UK university, where the course is being taught. It has been provided free by the Chinese internet firm Alibaba Cloud.

Chinese students have become an important source of revenue for UK universities, representing almost a quarter of all overseas students.

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Universities in United Kingdom are testing a new link to teach students in China to give them a chance to complete their distance education despite the country's internet restictions.

Universities in United Kingdom are testing a new link to teach students in China to give them a chance to complete their distance education despite the country's internet restictions. However, students only have access to content under an "allowed" list while using this link. Four Russell Group universities including King's College London, Queen Mary University of London, York and Southampton are a part of this pilot project run by JISC, formerly the Joint Information Systems Committee, which provides digital services for UK universities. Also read: Students sue top US universities over switch to online courses The project would allow students in China to have better access to UK courses "while complying with local regulations", according to a spokeswoman who denied this move as an acceptance to ''censorshiop''. It comes as British universities were urged to adopt a risk management strategy for any dealings with China amid concerns that academics are self-censoring because of fears about the consequences of offending the Chinese authorities. Also read: Chinese universities cancelling entrance exams for foreign students Some websites are blocked or filtered under China's internet censorship and there have been concerns that students in China were unable to study online, such as clicking on an embedded link in a scholarly article. The technical solution creates a virtual connection between the student in China and the online network of the UK university, where the course is being taught. It has been provided free by the Chinese internet firm Alibaba Cloud. Chinese students have become an important source of revenue for UK universities, representing almost a quarter of all overseas students.

British universities complying with Chinese internet restrictions

The founder of Alibaba, Jack Ma has pledged to donate one million face masks and 500,000 coronavirus testing kits to the United States.&nbsp;

The billionaire took to Twitter to share the news and claimed that the kits and masks have been sourced.&nbsp;The first batch recently took off from Shanghai and shall be delivered soon.

"Drawing from my own country's experience, speedy and accurate testing and adequate personal protective equipment for medical professionals are most effective in preventing the spread of the virus," Jack Ma said in a statement.

&nbsp;"We hope that our donation can help Americans fight against the pandemic!", he added.

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The first shipment of masks and coronavirus test kits to the US is taking off from Shanghai. All the best to our friends in America. 🙏 <a href="https://t.co/LTn26gvlOl">pic.twitter.com/LTn26gvlOl</a>
— Jack Ma (@JackMa) <a href="https://twitter.com/JackMa/status/1239388330405449728?ref_src=twsrc%5Etfw">March 16, 2020</a></blockquote>
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Recently, US President Donald Trump declared a national emergency and freed up $50 billion in federal resources to contain and battle the coronavirus.

Earlier, Ma had donated over one million masks to Japan. Additionally, he has also been trying to send one million masks to Iran.

Also read:&nbsp;<a href="http://wionews.com/world/air-carriers-in-us-cancel-flights-amid-coronavirus-crisis-286750" hreflang="en">Air carriers in US cancel flights amid coronavirus crisis</a>

Besides these regions, Ma has sent 1.8 million masks and 100,000 testing kits to Europe. The first batch reached Belgium this week. He has also shown interest in donating to Italy and Spain, the other two countries facing extreme cases of the virus.

Interestingly, the world's largest supplier of face masks is also where the virus began. After that happened, China decreased face mask exports to the rest of the world, while at the same time absorbing the majority of the world supply.

''United we stand, divided we fall'', announced Ma on Twitter. This is a popular quote by one of USA's founding fathers, Benjamin Franklin.

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Africa can be one step ahead of the coronavirus. To each of the 54 African countries, we will donate 20,000 test kits, 100,000 masks and 1,000 medical use protective suits and face shields. Thank you <a href="https://twitter.com/PMEthiopia?ref_src=twsrc%5Etfw">@PMEthiopia</a> <a href="https://twitter.com/AbiyAhmedAli?ref_src=twsrc%5Etfw">@AbiyAhmedAli</a> for your support. <a href="https://t.co/6oKptVCjNx">pic.twitter.com/6oKptVCjNx</a>
— Jack Ma (@JackMa) <a href="https://twitter.com/JackMa/status/1239581509125726210?ref_src=twsrc%5Etfw">March 16, 2020</a></blockquote>
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Across the world, over 6,500 people have died, as per figures by Johns Hopkins University.

Outside China, Italy reported the highest number of new cases in one day, which rose to over 3,590. Furthermore, 368 people have died in just the last 24 hours, which is being dubbed as the worst outbreak of the infection outside China.

Also read:&nbsp;<a href="http://wionews.com/south-asia/poverty-population-and-weak-healthcare-coronavirus-cases-on-the-rise-in-south-asia-286818" hreflang="en">Poverty, population and weak healthcare: Coronavirus cases on the rise in South Asia</a>

Currently, India has 114 confirmed cases. Out of these, 97 are Indian nationals, while 17 are foreigners. According to government sources, 13 people have been discharged, while two people have died.

(With inputs from agencies)

The founder of Alibaba, Jack Ma has pledged to donate one million face masks and 500,000 coronavirus testing kits to the United States. The billionaire took to Twitter to share the news and claimed that the kits and masks have been sourced.

The founder of Alibaba, Jack Ma has pledged to donate one million face masks and 500,000 coronavirus testing kits to the United States. The billionaire took to Twitter to share the news and claimed that the kits and masks have been sourced. The first batch recently took off from Shanghai and shall be delivered soon. "Drawing from my own country's experience, speedy and accurate testing and adequate personal protective equipment for medical professionals are most effective in preventing the spread of the virus," Jack Ma said in a statement. "We hope that our donation can help Americans fight against the pandemic!", he added. The first shipment of masks and coronavirus test kits to the US is taking off from Shanghai. All the best to our friends in America. 🙏 pic.twitter.com/LTn26gvlOl — Jack Ma (@JackMa) March 16, 2020 × Recently, US President Donald Trump declared a national emergency and freed up $50 billion in federal resources to contain and battle the coronavirus. Earlier, Ma had donated over one million masks to Japan. Additionally, he has also been trying to send one million masks to Iran. Also read: Air carriers in US cancel flights amid coronavirus crisis Besides these regions, Ma has sent 1.8 million masks and 100,000 testing kits to Europe. The first batch reached Belgium this week. He has also shown interest in donating to Italy and Spain, the other two countries facing extreme cases of the virus. Interestingly, the world's largest supplier of face masks is also where the virus began. After that happened, China decreased face mask exports to the rest of the world, while at the same time absorbing the majority of the world supply. ''United we stand, divided we fall'', announced Ma on Twitter. This is a popular quote by one of USA's founding fathers, Benjamin Franklin. Africa can be one step ahead of the coronavirus. To each of the 54 African countries, we will donate 20,000 test kits, 100,000 masks and 1,000 medical use protective suits and face shields. Thank you @PMEthiopia @AbiyAhmedAli for your support. pic.twitter.com/6oKptVCjNx — Jack Ma (@JackMa) March 16, 2020 × Across the world, over 6,500 people have died, as per figures by Johns Hopkins University. Outside China, Italy reported the highest number of new cases in one day, which rose to over 3,590. Furthermore, 368 people have died in just the last 24 hours, which is being dubbed as the worst outbreak of the infection outside China. Also read: Poverty, population and weak healthcare: Coronavirus cases on the rise in South Asia Currently, India has 114 confirmed cases. Out of these, 97 are Indian nationals, while 17 are foreigners. According to government sources, 13 people have been discharged, while two people have died. (With inputs from agencies)

Alibaba founder Jack Ma begins sending coronavirus testing kits, masks to US

China's government is enlisting the help of <a href="https://www.wionews.com/business-economy/alibabas-hong-kong-shares-rise-66-on-debut-in-heavy-volume-264639">Alibaba </a>Group Holding Ltd and <a href="https://www.wionews.com/business-economy/hyundai-tencent-to-develop-software-for-driverless-cars-report-208310">Tencent </a>Holdings Ltd to expand colour-based systems for tracking individuals affected with the coronavirus nationwide.

On Wednesday, Alipay, the payment app operated by <a href="https://www.wionews.com/business-economy/alibabas-hong-kong-shares-rise-66-on-debut-in-heavy-volume-264639">Alibaba's </a>financial division Ant Financial, released a feature in collaboration with the government that assigns a coloured QR code representing the health of residents in Hangzhou.

Users in the city fill out an online form reporting their ID number, whether they have travelled outside Hangzhou recently, and any symptoms they might have that suggest an illness, such as fever or a heavy cough.

Also read:&nbsp;<a href="https://www.wionews.com/world/latest-world-news-coronavirus-prompts-sony-amazon-sony-and-ericsson-to-join-barcelona-mobile-congress-exodus-280030">Coronavirus prompts Sony, Amazon, Sony &amp; Ericsson to join Barcelona mobile congress exodus</a>

After filling out the questionnaire, users receive a colour-based QR-code, a type of barcode, on their mobile phones indicating their health status.

Users with a red code are instructed to remain quarantined for 14 days and provide regular check-ins via DingTalk, a workplace chat app also run by <a href="https://www.wionews.com/business-economy/alibabas-hong-kong-shares-rise-66-on-debut-in-heavy-volume-264639">Alibaba</a>.

Users with a yellow code are instructed to stay inside for 7 days, while users with a green code may travel freely.

State media reports describe the system as a tool to be deployed at travel checkpoints, such as train stations or highways. It's also being used at the neighbourhood level.

Two Hangzhou residents told Reuters that their apartment complexes have asked to view their QR codes as they enter the building. Another Hangzhou resident told Reuters that she was asked to show her QR code before entering the local supermarket.

Also see: <a href="https://www.wionews.com/photos/beyond-china-tracking-deadly-coronavirus-outbreak-276564">Beyond China: Tracking deadly coronavirus outbreak</a>

On Sunday, Alipay announced it is working with the government to take the service nationwide.

Tencent, makers of the popular messaging app <a href="https://www.wionews.com/science-tech/russia-blocks-chinese-messaging-app-wechat-15342">WeChat</a>, announced a similar QR-code based tracking feature on Saturday, in collaboration with a division of China's National Development and Reform Council (NDRC).

In a social media post published Saturday, the company said the system is currently in use in the southern city of Shenzhen and will soon be deployed across the greater Guangdong province.

The measures come as the Chinese government takes unprecedented measures to control the movement of people to curb the spread of the virus.

Localities are increasingly relying on neighbourhood committees, often at the level of residential compounds, to track infections.

Enforcement has been patchy and inconsistent - some buildings will prevent individuals from outside cities from entering, others prevent all non-residents from entering.

Local security guards often record an entrant's temperature using a pen and paper.

China's government is enlisting the help of Alibaba Group Holding Ltd and Tencent Holdings Ltd to expand colour-based systems for tracking individuals affected with the coronavirus nationwide.

China's government is enlisting the help of Alibaba Group Holding Ltd and Tencent Holdings Ltd to expand colour-based systems for tracking individuals affected with the coronavirus nationwide. On Wednesday, Alipay, the payment app operated by Alibaba's financial division Ant Financial, released a feature in collaboration with the government that assigns a coloured QR code representing the health of residents in Hangzhou. Users in the city fill out an online form reporting their ID number, whether they have travelled outside Hangzhou recently, and any symptoms they might have that suggest an illness, such as fever or a heavy cough. Also read: Coronavirus prompts Sony, Amazon, Sony & Ericsson to join Barcelona mobile congress exodus After filling out the questionnaire, users receive a colour-based QR-code, a type of barcode, on their mobile phones indicating their health status. Users with a red code are instructed to remain quarantined for 14 days and provide regular check-ins via DingTalk, a workplace chat app also run by Alibaba. Users with a yellow code are instructed to stay inside for 7 days, while users with a green code may travel freely. State media reports describe the system as a tool to be deployed at travel checkpoints, such as train stations or highways. It's also being used at the neighbourhood level. Two Hangzhou residents told Reuters that their apartment complexes have asked to view their QR codes as they enter the building. Another Hangzhou resident told Reuters that she was asked to show her QR code before entering the local supermarket. Also see: Beyond China: Tracking deadly coronavirus outbreak On Sunday, Alipay announced it is working with the government to take the service nationwide. Tencent, makers of the popular messaging app WeChat, announced a similar QR-code based tracking feature on Saturday, in collaboration with a division of China's National Development and Reform Council (NDRC). In a social media post published Saturday, the company said the system is currently in use in the southern city of Shenzhen and will soon be deployed across the greater Guangdong province. The measures come as the Chinese government takes unprecedented measures to control the movement of people to curb the spread of the virus. Localities are increasingly relying on neighbourhood committees, often at the level of residential compounds, to track infections. Enforcement has been patchy and inconsistent - some buildings will prevent individuals from outside cities from entering, others prevent all non-residents from entering. Local security guards often record an entrant's temperature using a pen and paper.

China seeks help of national tech giants to track coronavirus with QR codes

China enjoyed a better-than-expected pick-up in the key retail and industrial sectors in November, data showed Monday, providing a further boost to Beijing after finally agreeing a mini trade pact with the United States last week.

The readings come at the end of a tough year for the world's number two economy, which is expanding at its weakest rate for three decades as it is buffeted by the long-running trade war with Washington as well as a slowdown in global demand for its goods.

Industrial production increased by 6.2 per cent on-year last month, up from 4.7 per cent in October and the best reading in six months.

There was also positive news for the country's shops, with retail sales up 8.0 pe rcent, compared with a 7.2 per cent rise the month before.

The figures exceeded expectations, with analysts surveyed by Bloomberg predicting just 5.0 per cent growth in industrial production and 7.6 per cent in retail sales.

Fu Linghui, spokesman at the<a href="https://www.wionews.com/world/chinas-factory-prices-fall-faster-as-weak-demand-hits-economy-248722"> National Bureau of Statistics</a>, said the key economic indicators "performed better than expected" in the "face of mounting risks and challenges both at home and abroad".

But he warned there was still "downward pressure" on the Chinese economy owing to "increasing external instabilities and uncertainties".

Investment in fixed capital was up 5.2 per cent, the same as October and in line with predictions.

In November, Chinese shoppers set new records for spending during the annual "Singles' Day" buying spree, with e-commerce giant <a href="https://www.wionews.com/business-economy/hong-kongs-future-is-bright-says-alibaba-262275">Alibaba</a> saying consumers spent $38.3 billion on its platforms during the world's biggest 24-hour shopping event.

The figure was up 26 percent from the previous all-time high set last year.

China's economy is in an extended slowdown and the <a href="https://www.wionews.com/business-economy/alibaba-singles-day-sales-hit-1-billion-in-one-minute-eight-seconds-261250">Singles' Day</a> fire sale is viewed as a snapshot of consumer sentiment.

Economic growth slowed to six percent in the third quarter the most sluggish rate since 1990 as demand for exports cooled and Chinese consumers tightened their belts.

Fu said Beijing was on track to meet its full-year growth target of 6.0-6.5 per cent for 2019, but "must also acknowledge that the current international environment is still relatively complicated".

The partial trade deal had "reduced market uncertainty", he said.

But analysts said Monday's strong data was not necessarily a sign of long-lasting growth.

"We think this uptick will prove short-lived," said Martin Lynge Rasmussen, China economist at Capital Economics, warning of the impact of a squeeze on financing in the important real-estate sector.

"Downward pressure on growth is likely to resurface before long," he added

China enjoyed a better-than-expected pick-up in the key retail and industrial sectors in November, data showed Monday, providing a further boost to Beijing after finally agreeing a mini trade pact with the United States last week.

China enjoyed a better-than-expected pick-up in the key retail and industrial sectors in November, data showed Monday, providing a further boost to Beijing after finally agreeing a mini trade pact with the United States last week. The readings come at the end of a tough year for the world's number two economy, which is expanding at its weakest rate for three decades as it is buffeted by the long-running trade war with Washington as well as a slowdown in global demand for its goods. Industrial production increased by 6.2 per cent on-year last month, up from 4.7 per cent in October and the best reading in six months. There was also positive news for the country's shops, with retail sales up 8.0 pe rcent, compared with a 7.2 per cent rise the month before. The figures exceeded expectations, with analysts surveyed by Bloomberg predicting just 5.0 per cent growth in industrial production and 7.6 per cent in retail sales. Fu Linghui, spokesman at the National Bureau of Statistics, said the key economic indicators "performed better than expected" in the "face of mounting risks and challenges both at home and abroad". But he warned there was still "downward pressure" on the Chinese economy owing to "increasing external instabilities and uncertainties". Investment in fixed capital was up 5.2 per cent, the same as October and in line with predictions. In November, Chinese shoppers set new records for spending during the annual "Singles' Day" buying spree, with e-commerce giant Alibaba saying consumers spent $38.3 billion on its platforms during the world's biggest 24-hour shopping event. The figure was up 26 percent from the previous all-time high set last year. China's economy is in an extended slowdown and the Singles' Day fire sale is viewed as a snapshot of consumer sentiment. Economic growth slowed to six percent in the third quarter the most sluggish rate since 1990 as demand for exports cooled and Chinese consumers tightened their belts. Fu said Beijing was on track to meet its full-year growth target of 6.0-6.5 per cent for 2019, but "must also acknowledge that the current international environment is still relatively complicated". The partial trade deal had "reduced market uncertainty", he said. But analysts said Monday's strong data was not necessarily a sign of long-lasting growth. "We think this uptick will prove short-lived," said Martin Lynge Rasmussen, China economist at Capital Economics, warning of the impact of a squeeze on financing in the important real-estate sector. "Downward pressure on growth is likely to resurface before long," he added

China sees strong industrial, retail growth in November

<a href="https://www.wionews.com/business-economy/saudi-aramco-shares-surge-maximum-10-on-market-debut-267696">Saudi Aramco</a> hit the $2 trillion target sought by Saudi leader Crown Prince <a href="https://www.wionews.com/opinions/are-saudi-arabia-and-crown-prince-becoming-a-liability-for-the-white-house-185302">Mohammed bin Salman</a> on Thursday as its shares clocked up a second day of gains, defying some scepticism about the state-owned oil firm's long-term value.

The Saudi Crown Prince has made Aramco's initial public offering (<a href="https://www.wionews.com/opinions/aramco-ipo-how-saudi-arabia-caught-between-united-states-and-china-245687">IPO</a>) the centerpiece of his vision of diversifying the Kingdom's economy away from its dependence on oil by using the $25.6 billion raised to develop other sectors.

But that is well below his plan in 2016 to raise as much as $100 billion via a blockbuster international and domestic IPO.

Riyadh scaled back its plans after overseas investors balked at the proposed valuation and only 1.5 per cent of Saudi Arabian Oil Co (Aramco) shares were listed on the Riyadh stock exchange on Wednesday, a tiny free float for such a large company.

While a 10&nbsp;per cent jump in the stock on its Wednesday market debut was hailed by the Saudi government as a vindication of it long-sought valuation, support was largely from loyal Saudi and Gulf investors, with some analysts saying it is worthless.

Aramco's listing was front-page news for almost all Saudi Arabia's mainstream media on Thursday, with headlines such as "Aramco at the top of the world" and "A dream come true".

But Bernstein analysts put Aramco's value at around $1.36 trillion, which compares with US&nbsp;energy giant Exxon Mobil's market capitalisation of less than $300 billion.

"Saudi Aramco is the largest, most profitable oil company in the world but the size is not everything," they wrote, flagging the risk of slow net income growth if oil prices stay flat.

An International Energy Agency (IEA) report on Thursday pointed to pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by OPEC and its allies to deepen output cuts as well as lower expected production by the US&nbsp;and other non-OPEC countries.

Bernstein said Aramco should trade at a discount rather than a premium to international oil majors, with corporate governance "the key risk" as the Saudi government owns more than 98% of it.

"For actively managed funds, one of the key considerations aside from valuation will be ESG (environmental, social and corporate governance) criteria," said Tim Love, Investment Director for emerging markets equities at GAM.

"The main concerns here are lagging corporate governance standards as well as environmental issues since an investment in Aramco would obviously have a significant impact on a portfolio’s CO2 emissions," Love added.

Aramco, whose shares gained the maximum 10&nbsp;per cent allowed by the Riyadh exchange on their first day of trading, hit 38.7 riyals ($10.32) on Thursday, lifting its market value above $2 trillion. The shares were trading at 37.10 riyals at 1026 GMT, a rise of 5.5&nbsp;per cent from Wednesday's close.

Some 13.7 billion riyal worth of Aramco shares were traded by 1018 GMT, with around 370 million shares exchanging hands, Refinitiv data showed. This made up most of the total turnover of the whole Riyadh market which was 15.3 billion riyals.

"Initial price action has validated our thesis that Aramco discounted its IPO price to leave upside on the table and allow regional investors to benefit from the listing of its crown jewel," Zachary Cefaratti, CEO of Dubai-based Dalma Capital, which invested in the IPO, said in a note on Thursday.

"The average institutional investor received less than 1/6th of the shares they bid for in the IPO, and have had to buy shares on the open market," Cefaratti said of the Aramco deal, which became the world's largest, topping the $25 billion 2014 listing of China's <a href="https://www.wionews.com/business-economy/hong-kongs-future-is-bright-says-alibaba-262275">Alibaba</a>.

Because Aramco opted to sell a smaller proportion of shares and rely mainly on domestic and regional buyers, some analysts predict a lag before its price settles.

A trader in Riyadh, who asked not to be identified, said that most of the early trading was small scale, of 1,000-1,500 shares, "signaling that some retail investors opted to make quick gains" as they were "happy with a 6 riyal per share gain".

"We shouldn’t be reading too much into intraday dips. Let’s not forget that more than 93&nbsp;per cent of the market is still dominated by retail investors, and like in any IPO issuance flippers will exist," said Aarthi Chandrasekaran, portfolio manager at Abu Dhabi-based Shuaa Capital.

Aramco shares will also join the Tadawul index and global benchmarks such as MSCI and FTSE next week, which analysts said should fuel further demand, particularly from "passive" investors who track such indexes.

A Gulf analyst, who asked not to be identified, said trading by investors in the region could be driven by Saudi Arabia's own view of the value of Aramco.

"Investors will debate: why should it go higher while its owners value it at $2 trillion?" the analyst said, adding that when National Commercial Bank listed in 2014 its shares rose by the maximum limit for 10 days before swelling set in.

Saudi Aramco hit the $2 trillion target sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as its shares clocked up a second day of gains, defying some scepticism about the state-owned oil firm's long-term value.

Saudi Aramco hit the $2 trillion target sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as its shares clocked up a second day of gains, defying some scepticism about the state-owned oil firm's long-term value. The Saudi Crown Prince has made Aramco's initial public offering (IPO) the centerpiece of his vision of diversifying the Kingdom's economy away from its dependence on oil by using the $25.6 billion raised to develop other sectors. But that is well below his plan in 2016 to raise as much as $100 billion via a blockbuster international and domestic IPO. Riyadh scaled back its plans after overseas investors balked at the proposed valuation and only 1.5 per cent of Saudi Arabian Oil Co (Aramco) shares were listed on the Riyadh stock exchange on Wednesday, a tiny free float for such a large company. While a 10 per cent jump in the stock on its Wednesday market debut was hailed by the Saudi government as a vindication of it long-sought valuation, support was largely from loyal Saudi and Gulf investors, with some analysts saying it is worthless. Aramco's listing was front-page news for almost all Saudi Arabia's mainstream media on Thursday, with headlines such as "Aramco at the top of the world" and "A dream come true". But Bernstein analysts put Aramco's value at around $1.36 trillion, which compares with US energy giant Exxon Mobil's market capitalisation of less than $300 billion. "Saudi Aramco is the largest, most profitable oil company in the world but the size is not everything," they wrote, flagging the risk of slow net income growth if oil prices stay flat. An International Energy Agency (IEA) report on Thursday pointed to pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by OPEC and its allies to deepen output cuts as well as lower expected production by the US and other non-OPEC countries. Bernstein said Aramco should trade at a discount rather than a premium to international oil majors, with corporate governance "the key risk" as the Saudi government owns more than 98% of it. "For actively managed funds, one of the key considerations aside from valuation will be ESG (environmental, social and corporate governance) criteria," said Tim Love, Investment Director for emerging markets equities at GAM. "The main concerns here are lagging corporate governance standards as well as environmental issues since an investment in Aramco would obviously have a significant impact on a portfolio’s CO2 emissions," Love added. Aramco, whose shares gained the maximum 10 per cent allowed by the Riyadh exchange on their first day of trading, hit 38.7 riyals ($10.32) on Thursday, lifting its market value above $2 trillion. The shares were trading at 37.10 riyals at 1026 GMT, a rise of 5.5 per cent from Wednesday's close. Some 13.7 billion riyal worth of Aramco shares were traded by 1018 GMT, with around 370 million shares exchanging hands, Refinitiv data showed. This made up most of the total turnover of the whole Riyadh market which was 15.3 billion riyals. "Initial price action has validated our thesis that Aramco discounted its IPO price to leave upside on the table and allow regional investors to benefit from the listing of its crown jewel," Zachary Cefaratti, CEO of Dubai-based Dalma Capital, which invested in the IPO, said in a note on Thursday. "The average institutional investor received less than 1/6th of the shares they bid for in the IPO, and have had to buy shares on the open market," Cefaratti said of the Aramco deal, which became the world's largest, topping the $25 billion 2014 listing of China's Alibaba. Because Aramco opted to sell a smaller proportion of shares and rely mainly on domestic and regional buyers, some analysts predict a lag before its price settles. A trader in Riyadh, who asked not to be identified, said that most of the early trading was small scale, of 1,000-1,500 shares, "signaling that some retail investors opted to make quick gains" as they were "happy with a 6 riyal per share gain". "We shouldn’t be reading too much into intraday dips. Let’s not forget that more than 93 per cent of the market is still dominated by retail investors, and like in any IPO issuance flippers will exist," said Aarthi Chandrasekaran, portfolio manager at Abu Dhabi-based Shuaa Capital. Aramco shares will also join the Tadawul index and global benchmarks such as MSCI and FTSE next week, which analysts said should fuel further demand, particularly from "passive" investors who track such indexes. A Gulf analyst, who asked not to be identified, said trading by investors in the region could be driven by Saudi Arabia's own view of the value of Aramco. "Investors will debate: why should it go higher while its owners value it at $2 trillion?" the analyst said, adding that when National Commercial Bank listed in 2014 its shares rose by the maximum limit for 10 days before swelling set in.

Saudi Aramco tops Crown Prince's $2 trillion goal on share surge

Weeks after his billion-dollar bailout of WeWork, <a href="https://www.wionews.com/business-economy/softbanks-oyo-reveals-over-330-million-annual-loss-revenue-surges-valuation-report-264451">SoftBank</a> Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma.

SoftBank owns 26 per cent&nbsp;of China's Alibaba, with its origin in a $20 million investment in 2000, and the stake is now worth more than the Japanese firm's market capitalization.

Son on Friday said the decision to invest in Alibaba was driven by a gut feeling.

Other entrepreneurs Son met at that time "did not have true belief in their heart. I can feel," Son said. "We are the same animal. We are both a little crazy," he said of long-time ally Ma.

Ma said Son initially tried to invest $50 million in the e-commerce firm, but that he declined saying it was too large a sum - part of a pattern of offering big cheques to company founders that continued with WeWork co-founder Adam Neumann.

Son's comments come weeks after he was forced to bail out office-sharing startup WeWork when Neumann's level of control over his firm and hard-partying ways chilled investor appetite and crashed plans for an initial public offering (IPO).

Son last month said he misjudged Neumann's character after <a href="https://www.wionews.com/business-economy/wework-plans-to-lay-off-4000-staff-report-258004">WeWork </a>formally The We Company and other sputtering bets saw his $100 billion Vision Fund report an $8.9 billion second-quarter operating loss.

The conversation at Tokyo University between two of Asia's most prominent tech entrepreneurs comes at a point of divergence in their careers, with 55-year-old Ma retiring as Alibaba's executive chairman in September and Son pledging to spend his sixth decade at the helm of his investment juggernaut.

Domestically, SoftBank hopes to drive commercialization of the emerging field of artificial intelligence (AI), announcing on Friday it will spend 20 billion yen ($184 million) over 10 years funding an AI research institute with Tokyo University.

Son "probably has the biggest guts in the world on doing investment," Ma told attendees to the conference.

"Too much guts, sometimes I lose a lot of money," Son responded.

With the highly leveraged SoftBank trying to raise funds for a second megafund in which it is currently the only investor, its stake in Alibaba is one possible source of funds.

"In my view, I have not achieved anything yet," Son said. "I'm still a challenger and every day I'm still fighting."

That approach contrasts with Ma, who stepped back from running Alibaba to focus on philanthropy.

Weeks after his billion-dollar bailout of WeWork, SoftBank Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma.

Weeks after his billion-dollar bailout of WeWork, SoftBank Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma. SoftBank owns 26 per cent of China's Alibaba, with its origin in a $20 million investment in 2000, and the stake is now worth more than the Japanese firm's market capitalization. Son on Friday said the decision to invest in Alibaba was driven by a gut feeling. Other entrepreneurs Son met at that time "did not have true belief in their heart. I can feel," Son said. "We are the same animal. We are both a little crazy," he said of long-time ally Ma. Ma said Son initially tried to invest $50 million in the e-commerce firm, but that he declined saying it was too large a sum - part of a pattern of offering big cheques to company founders that continued with WeWork co-founder Adam Neumann. Son's comments come weeks after he was forced to bail out office-sharing startup WeWork when Neumann's level of control over his firm and hard-partying ways chilled investor appetite and crashed plans for an initial public offering (IPO). Son last month said he misjudged Neumann's character after WeWork formally The We Company and other sputtering bets saw his $100 billion Vision Fund report an $8.9 billion second-quarter operating loss. The conversation at Tokyo University between two of Asia's most prominent tech entrepreneurs comes at a point of divergence in their careers, with 55-year-old Ma retiring as Alibaba's executive chairman in September and Son pledging to spend his sixth decade at the helm of his investment juggernaut. Domestically, SoftBank hopes to drive commercialization of the emerging field of artificial intelligence (AI), announcing on Friday it will spend 20 billion yen ($184 million) over 10 years funding an AI research institute with Tokyo University. Son "probably has the biggest guts in the world on doing investment," Ma told attendees to the conference. "Too much guts, sometimes I lose a lot of money," Son responded. With the highly leveraged SoftBank trying to raise funds for a second megafund in which it is currently the only investor, its stake in Alibaba is one possible source of funds. "In my view, I have not achieved anything yet," Son said. "I'm still a challenger and every day I'm still fighting." That approach contrasts with Ma, who stepped back from running Alibaba to focus on philanthropy.

SoftBank's Son sticks with gut-led investing in chat with Alibaba's Ma

<a href="https://www.wionews.com/business-economy/alibaba-eyes-129-billion-hong-kong-ipo-after-setting-price-reports-263274">Alibaba Group's&nbsp; </a>Hong Kong shares closed its first trading session up 6.6 per cent&nbsp;from the issue price after this year's largest stock sale.

Shares worth HK$13.99 billion&nbsp;were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market.

Alibaba is already the fifth most-traded company in New York this year, averaging $2.6 billion a day, Refinitiv data showed.

The Chinese e-commerce giant has raised at least $11.3 billion from its secondary listing, which has been seen as a vote of confidence in Hong Kong's financial future amid six months of increasingly violent anti-government protests.

The figure could climb to as much as $12.9 billion if Alibaba chooses to exercise an over-allotment option within 30 days of the start of trade.&nbsp;

Alibaba shares closed at HK$187.60 which was 6.6 per cent higher than the issue price of HK$176 per share.

On Monday its US&nbsp;American Depository Shares (ADS) closed at $190.45. With eight Hong Kong shares per ADS, that implied a price of HK$186.30 per share.

Alibaba's debut ranks third in the city for a first-day turnover behind insurer AIA Group&nbsp;in 2010 which recorded $HK49.38 billion in turnover, China Literature was second with $HK14.17 billion when it debuted in November 2017, Refinitiv data showed.

The average daily turnover on the Hong Kong Exchange this year has been $11.6 billion, according to the exchange's third-quarter earnings report, implying that Alibaba on Tuesday accounted for more than one-tenth of total market turnover.

The funds raised from the Hong Kong listing will help Alibaba, Asia's biggest company by market value and the world's seventh-largest, invest more in a range of online services.

But analysts also note that the establishment of a base of investors in Hong Kong and China could function as a backup for the company should its shares be hit in New York amid the US-China trade dispute.

The Hong Kong and New York stocks are fungible, which means investors can buy and sell the same shares on either exchange and that pricing on the exchanges are unlikely to diverge too far from each other.

The premium to New York reflects the willingness of investors in the city and Asia to take on the stock of a company they know well, market participants said. Expectations are also high that it will get a lift in valuation when it becomes eligible for trading in the Stock Connect that links Shanghai and Shenzhen with Hong Kong next June.

"There will be some upside for the company's price in Hong Kong but I don't think we will see the shares double or triple in a year," said Geo Securities Chief Executive Francis Lun.

At Tuesday's listing ceremony, CEO Daniel Zhang noted the Hong Kong debut had been a long time coming.

Alibaba had hoped to initially list in Hong Kong but eventually chose New York for its record-breaking $25 billion initial public offerings in 2014 after its unusual governance structure failed to win acceptance from Hong Kong regulators.

The loss of the listing triggered years of argument and consultations that resulted in rule changes last year.

"Thank you Hong Kong and thank you HKEX. Your reform and innovation of the capital markets in the past few years have made it possible for us to realise what we missed five years ago," Zhang said at the listing ceremony.

The Hong Kong listing has surpassed other large stock sales this year, ranking ahead of Uber Technologies&nbsp; $8.1 billion IPO and $5.7 billion IPO for Anheuser-Busch InBev’s&nbsp;&nbsp;Asian brewing business in Hong Kong.

In its prospectus, Alibaba said it would use the funds raised to increase its investment in online delivery and local services platform Ele me and in online travel group Fliggy.

Alibaba also plans to spend more on developing Youku, one of the leading online video platforms in China.

Small retail investors were enthusiastic buyers of the deal, subscribing for 40 times the shares they were originally allotted and eventually taking 10 per cent&nbsp;of the deal.

Alibaba Group's Hong Kong shares closed its first trading session up 6.6 per cent from the issue price after this year's largest stock sale. Shares worth HK$13.99 billion were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market.

Alibaba Group's Hong Kong shares closed its first trading session up 6.6 per cent from the issue price after this year's largest stock sale. Shares worth HK$13.99 billion were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market. Alibaba is already the fifth most-traded company in New York this year, averaging $2.6 billion a day, Refinitiv data showed. The Chinese e-commerce giant has raised at least $11.3 billion from its secondary listing, which has been seen as a vote of confidence in Hong Kong's financial future amid six months of increasingly violent anti-government protests. The figure could climb to as much as $12.9 billion if Alibaba chooses to exercise an over-allotment option within 30 days of the start of trade. Alibaba shares closed at HK$187.60 which was 6.6 per cent higher than the issue price of HK$176 per share. On Monday its US American Depository Shares (ADS) closed at $190.45. With eight Hong Kong shares per ADS, that implied a price of HK$186.30 per share. Alibaba's debut ranks third in the city for a first-day turnover behind insurer AIA Group in 2010 which recorded $HK49.38 billion in turnover, China Literature was second with $HK14.17 billion when it debuted in November 2017, Refinitiv data showed. The average daily turnover on the Hong Kong Exchange this year has been $11.6 billion, according to the exchange's third-quarter earnings report, implying that Alibaba on Tuesday accounted for more than one-tenth of total market turnover. The funds raised from the Hong Kong listing will help Alibaba, Asia's biggest company by market value and the world's seventh-largest, invest more in a range of online services. But analysts also note that the establishment of a base of investors in Hong Kong and China could function as a backup for the company should its shares be hit in New York amid the US-China trade dispute. The Hong Kong and New York stocks are fungible, which means investors can buy and sell the same shares on either exchange and that pricing on the exchanges are unlikely to diverge too far from each other. The premium to New York reflects the willingness of investors in the city and Asia to take on the stock of a company they know well, market participants said. Expectations are also high that it will get a lift in valuation when it becomes eligible for trading in the Stock Connect that links Shanghai and Shenzhen with Hong Kong next June. "There will be some upside for the company's price in Hong Kong but I don't think we will see the shares double or triple in a year," said Geo Securities Chief Executive Francis Lun. At Tuesday's listing ceremony, CEO Daniel Zhang noted the Hong Kong debut had been a long time coming. Alibaba had hoped to initially list in Hong Kong but eventually chose New York for its record-breaking $25 billion initial public offerings in 2014 after its unusual governance structure failed to win acceptance from Hong Kong regulators. The loss of the listing triggered years of argument and consultations that resulted in rule changes last year. "Thank you Hong Kong and thank you HKEX. Your reform and innovation of the capital markets in the past few years have made it possible for us to realise what we missed five years ago," Zhang said at the listing ceremony. The Hong Kong listing has surpassed other large stock sales this year, ranking ahead of Uber Technologies $8.1 billion IPO and $5.7 billion IPO for Anheuser-Busch InBev’s Asian brewing business in Hong Kong. In its prospectus, Alibaba said it would use the funds raised to increase its investment in online delivery and local services platform Ele me and in online travel group Fliggy. Alibaba also plans to spend more on developing Youku, one of the leading online video platforms in China. Small retail investors were enthusiastic buyers of the deal, subscribing for 40 times the shares they were originally allotted and eventually taking 10 per cent of the deal.

Alibaba's Hong Kong shares rise 6.6% on debut in heavy volume

Chinese online retail titan<a href="https://www.wionews.com/business-economy/hong-kongs-future-is-bright-says-alibaba-262275"> Alibaba</a> could raise almost $13 billion in Hong Kong's biggest <a href="https://www.wionews.com/business-economy/chinese-ai-start-up-megvii-seeks-approval-for-hong-kong-ipo-of-at-least-500-million-sources-263183">IPO</a> for nearly a decade after pricing its shares for the mega sale, reports said on Wednesday.

Asia's biggest company has called the listing a multi-billion-dollar vote of confidence in the city's markets as it is wracked by months of violent protests and the China-US trade war, which have sent its economy into recession.

Alibaba will sell 500 million shares to investors at HK$176, according to Bloomberg News, below the maximum HK$188 of its indicative price range. The number eight is considered auspicious in China.

That could rake in $11 billion but if it chooses to use its over-allotment option to sell a further 75 million shares, the firm could make HK$101.2 billion ($12.9 billion), the South China Morning Post said.&nbsp;

Even at the low end, the listing would still be Hong Kong's largest initial public offering since&nbsp;insurance giant AIA raised $20.5 billion in 2010.

The company had planned to list in the summer but called it off owing to the city's long-running pro-democracy protests and the China-US trade war.

The firm's shares are already traded in New York. The second listing in Hong Kong is expected to curry favour with Beijing, which has sought to encourage its current and future big tech firms to list nearer to home after the loss of companies such as Baidu to Wall Street.

Mainland authorities have also stepped up moves to attract such listings, including launching a new technology board in Shanghai in July.

The listing comes after the city's exchange tweaked the rules to allow double listings, while Chief Executive <a href="https://www.wionews.com/world/hong-kongs-carrie-lam-says-violence-exceeded-calls-for-democracy-police-defend-officers-who-shot-at-protesters-261394">Carrie Lam</a> had also been pushing Alibaba's billionaire founder <a href="https://www.wionews.com/gravitas?page=8">Jack Ma</a> to sell shares in the city.

Chinese online retail titan Alibaba could raise almost $13 billion in Hong Kong's biggest IPO for nearly a decade after pricing its shares for the mega sale, reports said on Wednesday.

Chinese online retail titan Alibaba could raise almost $13 billion in Hong Kong's biggest IPO for nearly a decade after pricing its shares for the mega sale, reports said on Wednesday. Asia's biggest company has called the listing a multi-billion-dollar vote of confidence in the city's markets as it is wracked by months of violent protests and the China-US trade war, which have sent its economy into recession. Alibaba will sell 500 million shares to investors at HK$176, according to Bloomberg News, below the maximum HK$188 of its indicative price range. The number eight is considered auspicious in China. That could rake in $11 billion but if it chooses to use its over-allotment option to sell a further 75 million shares, the firm could make HK$101.2 billion ($12.9 billion), the South China Morning Post said. Even at the low end, the listing would still be Hong Kong's largest initial public offering since insurance giant AIA raised $20.5 billion in 2010. The company had planned to list in the summer but called it off owing to the city's long-running pro-democracy protests and the China-US trade war. The firm's shares are already traded in New York. The second listing in Hong Kong is expected to curry favour with Beijing, which has sought to encourage its current and future big tech firms to list nearer to home after the loss of companies such as Baidu to Wall Street. Mainland authorities have also stepped up moves to attract such listings, including launching a new technology board in Shanghai in July. The listing comes after the city's exchange tweaked the rules to allow double listings, while Chief Executive Carrie Lam had also been pushing Alibaba's billionaire founder Jack Ma to sell shares in the city.

Alibaba eyes $12.9 billion Hong Kong IPO after setting price: Reports

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession.

In a first for the Asian financial hub, Alibaba said the listing would be fully automated and paperless to reflect its environmental standards, confirming an earlier Reuters story.

Investment bankers familiar with the listing, however, said the move avoided a potential publicity nightmare of investors queuing at banks to place stock orders while protests raged around them.

Four thousand people have been arrested in Hong Kong since June and the territory’s economy has sunk into recession for the first time in a decade as the anti-government demonstrations disrupt&nbsp;business&nbsp;and deter tourists.

Zhang made no mention of the unrest in the chairman’s letter included in the company's supplementary prospectus.

"Over the last few years, there have been many encouraging reforms in Hong Kong’s capital market. During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright," he wrote.

Hangzhou-based Alibaba is hoping to raise up to $13.4 billion in its Hong Kong listing and the shares are due to start trading on November 26. The retail price of the shares will be capped at HK$188 each.

The share sale is set to be Hong Kong's largest in more than nine years and comes as Beijing seeks support from the semi-autonomous territory's tycoons and entrepreneurs to maintain a sense of&nbsp;business-as-usual in the face of more than five months of unrest.

Alibaba had originally considered a Hong Kong IPO in 2013 but ultimately chose New York after failing to gain approval from Hong Kong regulators for its unusual governance structure.

The institutional price will be finalised on November 20 following a bookbuild which is underway for global investors.

In the retail component 12.5 million shares will be offered, which is 2.5 per cent of&nbsp;the total deal, however, that could be increased to up to 50 million, or 10 per cent of the total transaction.

Alibaba also has the option to exercise a so-called over-allotment option to add an extra 75 million shares to the deal.

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession.

Alibaba Group Chairman Daniel Zhang said Hong Kong's "future is bright" as the e-commerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession. In a first for the Asian financial hub, Alibaba said the listing would be fully automated and paperless to reflect its environmental standards, confirming an earlier Reuters story. Investment bankers familiar with the listing, however, said the move avoided a potential publicity nightmare of investors queuing at banks to place stock orders while protests raged around them. Four thousand people have been arrested in Hong Kong since June and the territory’s economy has sunk into recession for the first time in a decade as the anti-government demonstrations disrupt business and deter tourists. Zhang made no mention of the unrest in the chairman’s letter included in the company's supplementary prospectus. "Over the last few years, there have been many encouraging reforms in Hong Kong’s capital market. During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright," he wrote. Hangzhou-based Alibaba is hoping to raise up to $13.4 billion in its Hong Kong listing and the shares are due to start trading on November 26. The retail price of the shares will be capped at HK$188 each. The share sale is set to be Hong Kong's largest in more than nine years and comes as Beijing seeks support from the semi-autonomous territory's tycoons and entrepreneurs to maintain a sense of business-as-usual in the face of more than five months of unrest. Alibaba had originally considered a Hong Kong IPO in 2013 but ultimately chose New York after failing to gain approval from Hong Kong regulators for its unusual governance structure. The institutional price will be finalised on November 20 following a bookbuild which is underway for global investors. In the retail component 12.5 million shares will be offered, which is 2.5 per cent of the total deal, however, that could be increased to up to 50 million, or 10 per cent of the total transaction. Alibaba also has the option to exercise a so-called over-allotment option to add an extra 75 million shares to the deal.

Hong Kong's future is bright: Alibaba chairman

Chinese e-commerce giant Alibaba Group launched the share sale for its Hong Kong listing on Wednesday, braving unrest in the global financial hub to try to raise up to $13.4 billion to fund its expansion plans.

The stock is due to start trading on November&nbsp;26 in Hong Kong, according to a term-sheet seen by Reuters.

The books for institutional investors looking to buy the shares opened during the New York trading session on Wednesday.

A 661-page draft prospectus for what looks set to be the world's biggest cross-border secondary listing shows Alibaba plans to use the money to invest in online delivery and local services platform Ele.me, as well as online travel group Fliggy.

It will also spend more on developing Youku, which Alibaba says is one of the leading online video platforms in China.

The plans come against the backdrop of slowing e-commerce industry in China, with Alibaba's annual Singles' Day shopping blitz recording its weakest sales growth since its 2009 debut.

The share sale, set to be Hong Kong's largest in more than nine years, is a boost for the city.

Hong Kong has sunk into its first recession in a decade as more than five months of street protests in which more than 2,300 people have been arrested as of last month, and worries about the US-China trade war took their toll.

The progress of the protests is being monitored by Alibaba and its advisers, and is seen as a risk to the deal going ahead, according to people with direct knowledge of the matter.

The institutional book-building for the listing will run for a week and the stock is expected to be priced on or around Nov. 20, two people with direct knowledge of the process said.

A maximum price for the retail component of the deal will be announced next week, one said.

The people could not be named because the information has not yet been made public.

The company also intends to increase its investment in cloud computing and machine learning, the prospectus shows.

The Hangzhou-based company said Alibaba Cloud was currently the world's third-largest Infrastructure as a Service business, by US revenue in 2018, according to a study by Gartner.

The prospectus shows Alibaba has 960 million 'digital economy users' in China, including customers of its Ant Financial partnership.

The company said its revenue was 410.8 billion yuan ($58.7 billion)for the year to June 30, 2019, and the total assets on its balance sheet were worth 1.01 trillion yuan.

Discount

Alibaba had been planning to sell the shares earlier this year, but in August postponed the deal as the anti-government protests rocking Hong Kong since June became increasingly violent.

However, a person familiar with the transaction said Alibaba was confident it could overcome the negative sentiment in Hong Kong financial markets caused by the demonstrations.

Analyst James Cordwell from Atlantic Equities echoes the sentiment and said that an increasing likelihood of a deal in the US-China trade war in the next few weeks helped the company undertake the listing now.

He said that while additional supply could weigh on the stock, over the longer run it could help the stock by broadening its investor base.

The deal had been initially expected to raise up to $15 billion, but 500 million primary shares will now be sold in the listing. Including a typical "greenshoe", or overallotment option, to sell some extra shares, the sale could raise up to $13.4 billion.

A sale of that size would dilute existing shareholders from the company's New York listing by 2.8%, and investors would be able trade shares between the two exchanges.

Alibaba's US-listed shares were down 2.7% at $181.94 in morning trade.

The Hong Kong shares are expected to be offered at a discount of up to 5% of the US equivalent.

At $13.4 billion, Alibaba’s share sale would rank as the world’s largest follow-on share sale targeting an entirely new stock exchange, according to data from Dealogic.

Alibaba holds the world record for an initial public offering (IPO) with its $25 billion New York flotation in 2014, but could shortly lose the crown to Saudi Arabia’s Aramco.

The oil producer is expected to raise between $20 billion and $40 billion in an IPO expected to price in the coming weeks.

Chinese e-commerce giant Alibaba Group launched the share sale for its Hong Kong listing on Wednesday, braving unrest in the global financial hub to try to raise up to $13.

Chinese e-commerce giant Alibaba Group launched the share sale for its Hong Kong listing on Wednesday, braving unrest in the global financial hub to try to raise up to $13.4 billion to fund its expansion plans. The stock is due to start trading on November 26 in Hong Kong, according to a term-sheet seen by Reuters. The books for institutional investors looking to buy the shares opened during the New York trading session on Wednesday. A 661-page draft prospectus for what looks set to be the world's biggest cross-border secondary listing shows Alibaba plans to use the money to invest in online delivery and local services platform Ele.me, as well as online travel group Fliggy. It will also spend more on developing Youku, which Alibaba says is one of the leading online video platforms in China. The plans come against the backdrop of slowing e-commerce industry in China, with Alibaba's annual Singles' Day shopping blitz recording its weakest sales growth since its 2009 debut. The share sale, set to be Hong Kong's largest in more than nine years, is a boost for the city. Hong Kong has sunk into its first recession in a decade as more than five months of street protests in which more than 2,300 people have been arrested as of last month, and worries about the US-China trade war took their toll. The progress of the protests is being monitored by Alibaba and its advisers, and is seen as a risk to the deal going ahead, according to people with direct knowledge of the matter. The institutional book-building for the listing will run for a week and the stock is expected to be priced on or around Nov. 20, two people with direct knowledge of the process said. A maximum price for the retail component of the deal will be announced next week, one said. The people could not be named because the information has not yet been made public. The company also intends to increase its investment in cloud computing and machine learning, the prospectus shows. The Hangzhou-based company said Alibaba Cloud was currently the world's third-largest Infrastructure as a Service business, by US revenue in 2018, according to a study by Gartner. The prospectus shows Alibaba has 960 million 'digital economy users' in China, including customers of its Ant Financial partnership. The company said its revenue was 410.8 billion yuan ($58.7 billion)for the year to June 30, 2019, and the total assets on its balance sheet were worth 1.01 trillion yuan. Discount Alibaba had been planning to sell the shares earlier this year, but in August postponed the deal as the anti-government protests rocking Hong Kong since June became increasingly violent. However, a person familiar with the transaction said Alibaba was confident it could overcome the negative sentiment in Hong Kong financial markets caused by the demonstrations. Analyst James Cordwell from Atlantic Equities echoes the sentiment and said that an increasing likelihood of a deal in the US-China trade war in the next few weeks helped the company undertake the listing now. He said that while additional supply could weigh on the stock, over the longer run it could help the stock by broadening its investor base. The deal had been initially expected to raise up to $15 billion, but 500 million primary shares will now be sold in the listing. Including a typical "greenshoe", or overallotment option, to sell some extra shares, the sale could raise up to $13.4 billion. A sale of that size would dilute existing shareholders from the company's New York listing by 2.8%, and investors would be able trade shares between the two exchanges. Alibaba's US-listed shares were down 2.7% at $181.94 in morning trade. The Hong Kong shares are expected to be offered at a discount of up to 5% of the US equivalent. At $13.4 billion, Alibaba’s share sale would rank as the world’s largest follow-on share sale targeting an entirely new stock exchange, according to data from Dealogic. Alibaba holds the world record for an initial public offering (IPO) with its $25 billion New York flotation in 2014, but could shortly lose the crown to Saudi Arabia’s Aramco. The oil producer is expected to raise between $20 billion and $40 billion in an IPO expected to price in the coming weeks.

Alibaba launches $13.4 billion Hong Kong listing to fund expansion

It's Raining Gold For China's Retail Behemoth - Alibaba

Gravitas: Alibaba's Mega Sale Breaks Records

Chinese shoppers snapped up food supplements, facial masks and baby milk powder at the world's largest&nbsp;shopping&nbsp;festival, with brands such as&nbsp;L'Oreal&nbsp;and&nbsp;Nestle&nbsp;among the&nbsp;biggest winners, Alibaba data showed.

The Chinese e-commerce giant's annual&nbsp;Singles'&nbsp;Day&nbsp;shopping&nbsp;blitz on Monday&nbsp;brought in a record 268.4 billion yuan ($38.38 billion) in sales, more than six times the amount of online sales made in the United States on Black Friday&nbsp;last year.

It kicked off this year's 24-hour&nbsp;shopping&nbsp;bonanza with a live performance by US&nbsp;pop star Taylor Swift followed by the live-streamed marketing of over 1,000 brands.

Alibaba said on Tuesday&nbsp;that 299 brands surpassed 100 million yuan in gross merchandise value, including LVMH's Givenchy, home appliance manufacturers Dyson and Philips and sportswear maker Under Armour.

Fifteen brands made over 1 billion yuan in sales, it said. These included Huawei Technologies, Apple, Nike, Xiaomi Corp and Fast Retailing's Uniqlo.

Food supplements were the most popular import product, while sales of makeup, diapers and face wash were also strong.

Sales growth for the annual&nbsp;shopping&nbsp;festival this year eased to 26 per cent, the weakest since the event started in 2009, in a reflection of how e-commerce sales in China have been slowing.

Analysts, however, said the growth rate had slightly beaten their expectations, saying that more aggressive promotions, a focus on attracting more customers from rural cities, and even the overall slowing economy might have helped as people sought to buy goods at discounted prices.

Citic Securities had predicted a 20-25 per cent&nbsp;expansion, while Daiwa Capital Markets had an estimate of 23 per cent.

"What's happened is that you've had a lot of consumers this year being a little bit more careful about their purchasing because the economy's slowing down," said Ben Cavender, managing director of consultancy China Market Research Group.

"I think this year especially, people were kind of waiting for&nbsp;Singles'&nbsp;Day&nbsp;and kind of waiting to make some of those medium-sized purchases that they didn't want to pay full price for."

The event has been replicated at home and abroad, with&nbsp;Singles'&nbsp;Day&nbsp;promotions found at rivals such as China's JD.com and Pinduoduo as well as South Korea's 11thStreet and Singapore's Qoo10.

JD.com, which started its sales campaign on November&nbsp;1, said transaction volume exceeded 204.4 billion yuan over the eleven&nbsp;days.

Uniqlo owner Fast Retailing said the online event also boosted visits to its physical stores, of which it has 700 across China, adding that its Heattech thermal underwear and Ultra Light Down jackets were among its most popular items.

Chinese shoppers snapped up food supplements, facial masks and baby milk powder at the world's largest shopping festival, with brands such as L'Oreal and Nestle among the biggest winners, Alibaba data showed.

Chinese shoppers snapped up food supplements, facial masks and baby milk powder at the world's largest shopping festival, with brands such as L'Oreal and Nestle among the biggest winners, Alibaba data showed. The Chinese e-commerce giant's annual Singles' Day shopping blitz on Monday brought in a record 268.4 billion yuan ($38.38 billion) in sales, more than six times the amount of online sales made in the United States on Black Friday last year. It kicked off this year's 24-hour shopping bonanza with a live performance by US pop star Taylor Swift followed by the live-streamed marketing of over 1,000 brands. Alibaba said on Tuesday that 299 brands surpassed 100 million yuan in gross merchandise value, including LVMH's Givenchy, home appliance manufacturers Dyson and Philips and sportswear maker Under Armour. Fifteen brands made over 1 billion yuan in sales, it said. These included Huawei Technologies, Apple, Nike, Xiaomi Corp and Fast Retailing's Uniqlo. Food supplements were the most popular import product, while sales of makeup, diapers and face wash were also strong. Sales growth for the annual shopping festival this year eased to 26 per cent, the weakest since the event started in 2009, in a reflection of how e-commerce sales in China have been slowing. Analysts, however, said the growth rate had slightly beaten their expectations, saying that more aggressive promotions, a focus on attracting more customers from rural cities, and even the overall slowing economy might have helped as people sought to buy goods at discounted prices. Citic Securities had predicted a 20-25 per cent expansion, while Daiwa Capital Markets had an estimate of 23 per cent. "What's happened is that you've had a lot of consumers this year being a little bit more careful about their purchasing because the economy's slowing down," said Ben Cavender, managing director of consultancy China Market Research Group. "I think this year especially, people were kind of waiting for Singles' Day and kind of waiting to make some of those medium-sized purchases that they didn't want to pay full price for." The event has been replicated at home and abroad, with Singles' Day promotions found at rivals such as China's JD.com and Pinduoduo as well as South Korea's 11thStreet and Singapore's Qoo10. JD.com, which started its sales campaign on November 1, said transaction volume exceeded 204.4 billion yuan over the eleven days. Uniqlo owner Fast Retailing said the online event also boosted visits to its physical stores, of which it has 700 across China, adding that its Heattech thermal underwear and Ultra Light Down jackets were among its most popular items.

L'Oreal, Nestle turn out to be the biggest winners at Alibaba's Singles' Day shopping fest

Chinese e-commerce giant Alibaba set a sales record on Singles Day, the world’s largest 24-hour shopping event.

Alibaba's megasale breaks records

Chinese e-commerce giant <a href="https://www.wionews.com/business-economy/chinas-alibaba-invests-33-billion-to-raise-stake-in-logistics-unit-cainiao-260785">Alibaba Group Holdin</a>g Inc on Monday said sales for its annual Singles' Day shopping blitz hit 158.31 billion yuan (£17.69 billion) in its first nine hours, up 25% from 126.72 billion yuan at the same point last year.

Akin to Black Friday and Cyber Monday in the United States, Singles' Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world's biggest online sales event.

Also known as "Double Eleven", the festival's name originates from the calendar date November&nbsp;11, with the four ones of 11/11 signifying being single.

Alibaba netted sales worth $30 billion on its platforms on Singles' Day last year, dwarfing the $7.9 billion US&nbsp;online sales for Cyber Monday. Yet the 27 per cent&nbsp;sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas.

Citic Securities, in a November&nbsp;9 research note, forecast Singles Day sales to grow 20-25 per cent&nbsp;this year, held back partly by slowing overall e-commerce growth in China.

The Chinese retail juggernaut, with a market value of $486 billion, kicked off this year's 24-hour shopping fest with performances by American pop star Taylor Swift and local celebrities such as Jackson Yee.

Sales hit $1 billion in the first minute and eight seconds and reached 84 billion yuan in the first hour, up 22 per cent&nbsp;from last year's early haul of 69 billion yuan.

Singles' Day was among the top trending topics on China's Twitter-like Weibo microblogging platform on Monday morning, with users discussing what they spent their money on.

Alibaba has said it expects over 500 million users to participate in the shopping festival this year, about 100 million more than last year.

This is the first time Alibaba's Singles' Day does not have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman to "start a new life".

It also comes at a crucial time for the company, which is looking to raise up to $15 billion via a share sale in Hong Kong this month.

Alibaba continues to dominate the online shopping industry, but not without competition.

In addition to longtime rival JD.com Inc, it also faces competition from Pinduoduo Inc,&nbsp;which surged in popularity in 2017 by targeting consumers in China's lower-tier cities.

Chinese e-commerce giant Alibaba Group Holding Inc on Monday said sales for its annual Singles' Day shopping blitz hit 158.31 billion yuan (£17.69 billion) in its first nine hours, up 25% from 126.

Chinese e-commerce giant Alibaba Group Holding Inc on Monday said sales for its annual Singles' Day shopping blitz hit 158.31 billion yuan (£17.69 billion) in its first nine hours, up 25% from 126.72 billion yuan at the same point last year. Akin to Black Friday and Cyber Monday in the United States, Singles' Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world's biggest online sales event. Also known as "Double Eleven", the festival's name originates from the calendar date November 11, with the four ones of 11/11 signifying being single. Alibaba netted sales worth $30 billion on its platforms on Singles' Day last year, dwarfing the $7.9 billion US online sales for Cyber Monday. Yet the 27 per cent sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas. Citic Securities, in a November 9 research note, forecast Singles Day sales to grow 20-25 per cent this year, held back partly by slowing overall e-commerce growth in China. The Chinese retail juggernaut, with a market value of $486 billion, kicked off this year's 24-hour shopping fest with performances by American pop star Taylor Swift and local celebrities such as Jackson Yee. Sales hit $1 billion in the first minute and eight seconds and reached 84 billion yuan in the first hour, up 22 per cent from last year's early haul of 69 billion yuan. Singles' Day was among the top trending topics on China's Twitter-like Weibo microblogging platform on Monday morning, with users discussing what they spent their money on. Alibaba has said it expects over 500 million users to participate in the shopping festival this year, about 100 million more than last year. This is the first time Alibaba's Singles' Day does not have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman to "start a new life". It also comes at a crucial time for the company, which is looking to raise up to $15 billion via a share sale in Hong Kong this month. Alibaba continues to dominate the online shopping industry, but not without competition. In addition to longtime rival JD.com Inc, it also faces competition from Pinduoduo Inc, which surged in popularity in 2017 by targeting consumers in China's lower-tier cities.

Alibaba Singles' Day sales hit $1 billion in one minute & eight seconds

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent&nbsp;from 51 per cent.

Alibaba co-founded Cainiao in 2013, with partners including department store owner Intime Group, conglomerate Fosun Group and a handful of logistics companies. The network underpins delivery for Alibaba's e-commerce marketplaces.

Alibaba took control of Cainiao two years ago, bumping up its stake to 51 per cent&nbsp;from 47 per cent&nbsp;at the time, and said it would spend more than 100 billion yuan over five years to build out a global logistics network.

Alibaba said the latest investment would go towards subscribing for newly issued Cainiao shares and an equity interest from an existing shareholder.

It did not provide a breakdown of the acquisition cost for each deal, but its total spending suggests the logistics unit could be worth around $28 billion.

It said other existing Cainiao shareholders also participated in the fundraising.

"Logistics is a key pillar of the Alibaba&nbsp;business&nbsp;operating System. It allows us to offer the best service to customers and to effectively advance our new retail strategy," Alibaba's CEO and chairman, Daniel Zhang, said in an e-mailed statement.

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent from 51 per cent.

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent from 51 per cent. Alibaba co-founded Cainiao in 2013, with partners including department store owner Intime Group, conglomerate Fosun Group and a handful of logistics companies. The network underpins delivery for Alibaba's e-commerce marketplaces. Alibaba took control of Cainiao two years ago, bumping up its stake to 51 per cent from 47 per cent at the time, and said it would spend more than 100 billion yuan over five years to build out a global logistics network. Alibaba said the latest investment would go towards subscribing for newly issued Cainiao shares and an equity interest from an existing shareholder. It did not provide a breakdown of the acquisition cost for each deal, but its total spending suggests the logistics unit could be worth around $28 billion. It said other existing Cainiao shareholders also participated in the fundraising. "Logistics is a key pillar of the Alibaba business operating System. It allows us to offer the best service to customers and to effectively advance our new retail strategy," Alibaba's CEO and chairman, Daniel Zhang, said in an e-mailed statement.

China's Alibaba invests $3.3 billion to raise stake in logistics unit Cainiao

The US&nbsp;government widened its&nbsp;<a href="https://www.wionews.com/videos/us-blacklisted-28-chinese-organisations-involved-in-abuses-against-uighurs-254358">trade&nbsp;blacklist</a>&nbsp;to&nbsp;include&nbsp;some of&nbsp;China's&nbsp;top&nbsp;artificial intelligence&nbsp;startups, punishing Beijing for its <a href="https://www.wionews.com/world/chinas-crackdown-in-xinjiang-for-uighur-refugees-freedom-means-losing-family-251676">treatment of Muslim minorities</a> and ratcheting up tensions&nbsp;ahead&nbsp;of high-level&nbsp;trade&nbsp;talks&nbsp;in Washington this week.

The decision, which drew a sharp rebuke from Beijing, targets 20 Chinese public security bureaus&nbsp;and eight companies including video surveillance firm Hikvision, as well as leaders in facial recognition technology SenseTime Group Ltd and Megvii Technology Ltd.

The action bars the firms from buying components from US&nbsp;companies without US government approval - a potentially crippling move for some of them. It follows the same blueprint&nbsp;used by Washington in its attempt to limit the influence of Huawei Technologies Co Ltd&nbsp;for what it says are national security reasons.

US&nbsp;officials said the action was not tied to this week's resumption of&nbsp;trade&nbsp;talks&nbsp;with China, but it signals no let-up in US&nbsp;President Donald Trump's hard-line stance as the world's two biggest economies seek to end their 15-month<a href="https://www.wionews.com/videos/us-china-trade-war-certain-us-goods-exempted-by-china-250942">&nbsp;trade&nbsp;war.</a>

The Commerce Department said in a filing the "entities have been implicated in human rights violations and abuses in the implementation of&nbsp;China's&nbsp;campaign of repression, mass arbitrary detention, and high-technology surveillance against Uighurs, Kazakhs, and other members of Muslim minority groups."

"The US&nbsp;Government and Department of Commerce cannot and will not tolerate the brutal suppression of ethnic minorities within China," said Secretary of Commerce Wilbur Ross.

China said the United States should stop&nbsp;interfering in its affairs. It will continue to take firm and resolute measures to protect its sovereign security, foreign ministry spokesman Geng Shuang told a regular media briefing without elaborating.

Hikvision, with a market value of about $42 billion, calls itself the world's largest maker of video surveillance gear.

SenseTime, which says it is valued at more than $7.5 billion, is one of the world's most valuable&nbsp;AI&nbsp;unicorns while Megvii, backed by e-commerce giant Alibaba, is valued at around $4 billion and is preparing an IPO to raise at least $500 million in Hong Kong.

The other companies on the list are speech recognition firm iFlytek Co, surveillance equipment maker Zhejiang Dahua Technology, data recovery firm Xiamen Meiya Pico Information Co, facial recognition firm Yitu Technology and Yixin Science and Technology Co.

A US&nbsp;Hikvision spokesman said the company "strongly opposes" the decision and noted that in January it retained a human rights expert and former US&nbsp;ambassador to advise the company on human rights compliance.

"Punishing Hikvision, despite these engagements, will deter global companies from communicating with the US&nbsp;government, hurt Hikvision's US businesses partners and negatively impact the US economy," the company added.

Hikvision also said that it was assessing the potential impact of the&nbsp;blacklisting and was working on contingency plans.

John Honovich, founder of surveillance video research company IPVM, said Hikvision and Dahua both&nbsp;use Intel Corp, Nvidia Corp, Ambarella Inc, Western Digital and Seagate Technology&nbsp;as suppliers and that the impact on the Chinese companies would be "devastating".

The&nbsp;blacklisting of Huawei has hurt many of its US&nbsp;suppliers that depended on the world's largest telecommunications company for revenue and made it difficult for Huawei to sell new products.

Reuters reported in August Hikvision receives nearly 30 per cent&nbsp;of its 50 billion yuan ($7 billion) in revenue from overseas.

SenseTime said in a statement it was deeply disappointed by the US&nbsp;move, that it abides by all relevant laws of the jurisdictions in which its operates and that it has been actively developing an&nbsp;AI&nbsp;code of ethics to ensure its technologies are&nbsp;used responsibly.

Megvii said it strongly objected to being placed on the&nbsp;blacklist&nbsp;and that it required its clients not to weaponize its technology or&nbsp;use it for illegal purposes.

IFlytek said its placement on the&nbsp;blacklist&nbsp;would not affect its daily operations, while Xiamen Meiya said its overseas revenue was less than 1 per cent of total revenue and that most of its suppliers were domestic companies. Dahua said on a conference call it was confident it could easily replace some components and would also seek other solutions to keep servicing clients.

IFlytek fell 2.7 per cent&nbsp;and Xiamen Meiya lost 1.8 per cent&nbsp;on Tuesday as investors factored in their limited exposure to overseas markets and the potential for the US&nbsp;action to speed up restructuring, analysts said.

"China's&nbsp;stock market has become increasingly immune to bad news from the&nbsp;trade&nbsp;war. No more panic selling," said Stephen Huang, vice president of Shanghai&nbsp;See Truth Investment Management.

Hikvision and Dahua were suspended from&nbsp;trade&nbsp;at the companies' behest. US&nbsp;supplier Ambarella fell 12 per cent&nbsp;in after-hours trading on Monday.

In August, the Trump administration also released an interim rule banning federal purchases of telecommunications equipment from five Chinese companies, including Huawei and Hikvision.

<a href="https://www.wionews.com/world/huawei-denies-us-allegations-of-technology-theft-247310">Huawei has repeatedly denied</a> it is controlled by the Chinese government, military or intelligence services and has filed a lawsuit against the US&nbsp;government's restrictions.

The US government widened its trade blacklist to include some of China's top artificial intelligence startups, punishing Beijing for its treatment of Muslim minorities and ratcheting up tensions ahead of high-level trade talks in Washington this week.

The US government widened its trade blacklist to include some of China's top artificial intelligence startups, punishing Beijing for its treatment of Muslim minorities and ratcheting up tensions ahead of high-level trade talks in Washington this week. The decision, which drew a sharp rebuke from Beijing, targets 20 Chinese public security bureaus and eight companies including video surveillance firm Hikvision, as well as leaders in facial recognition technology SenseTime Group Ltd and Megvii Technology Ltd. The action bars the firms from buying components from US companies without US government approval - a potentially crippling move for some of them. It follows the same blueprint used by Washington in its attempt to limit the influence of Huawei Technologies Co Ltd for what it says are national security reasons. US officials said the action was not tied to this week's resumption of trade talks with China, but it signals no let-up in US President Donald Trump's hard-line stance as the world's two biggest economies seek to end their 15-month trade war. The Commerce Department said in a filing the "entities have been implicated in human rights violations and abuses in the implementation of China's campaign of repression, mass arbitrary detention, and high-technology surveillance against Uighurs, Kazakhs, and other members of Muslim minority groups." "The US Government and Department of Commerce cannot and will not tolerate the brutal suppression of ethnic minorities within China," said Secretary of Commerce Wilbur Ross. China said the United States should stop interfering in its affairs. It will continue to take firm and resolute measures to protect its sovereign security, foreign ministry spokesman Geng Shuang told a regular media briefing without elaborating. Hikvision, with a market value of about $42 billion, calls itself the world's largest maker of video surveillance gear. SenseTime, which says it is valued at more than $7.5 billion, is one of the world's most valuable AI unicorns while Megvii, backed by e-commerce giant Alibaba, is valued at around $4 billion and is preparing an IPO to raise at least $500 million in Hong Kong. The other companies on the list are speech recognition firm iFlytek Co, surveillance equipment maker Zhejiang Dahua Technology, data recovery firm Xiamen Meiya Pico Information Co, facial recognition firm Yitu Technology and Yixin Science and Technology Co. A US Hikvision spokesman said the company "strongly opposes" the decision and noted that in January it retained a human rights expert and former US ambassador to advise the company on human rights compliance. "Punishing Hikvision, despite these engagements, will deter global companies from communicating with the US government, hurt Hikvision's US businesses partners and negatively impact the US economy," the company added. Hikvision also said that it was assessing the potential impact of the blacklisting and was working on contingency plans. John Honovich, founder of surveillance video research company IPVM, said Hikvision and Dahua both use Intel Corp, Nvidia Corp, Ambarella Inc, Western Digital and Seagate Technology as suppliers and that the impact on the Chinese companies would be "devastating". The blacklisting of Huawei has hurt many of its US suppliers that depended on the world's largest telecommunications company for revenue and made it difficult for Huawei to sell new products. Reuters reported in August Hikvision receives nearly 30 per cent of its 50 billion yuan ($7 billion) in revenue from overseas. SenseTime said in a statement it was deeply disappointed by the US move, that it abides by all relevant laws of the jurisdictions in which its operates and that it has been actively developing an AI code of ethics to ensure its technologies are used responsibly. Megvii said it strongly objected to being placed on the blacklist and that it required its clients not to weaponize its technology or use it for illegal purposes. IFlytek said its placement on the blacklist would not affect its daily operations, while Xiamen Meiya said its overseas revenue was less than 1 per cent of total revenue and that most of its suppliers were domestic companies. Dahua said on a conference call it was confident it could easily replace some components and would also seek other solutions to keep servicing clients. IFlytek fell 2.7 per cent and Xiamen Meiya lost 1.8 per cent on Tuesday as investors factored in their limited exposure to overseas markets and the potential for the US action to speed up restructuring, analysts said. "China's stock market has become increasingly immune to bad news from the trade war. No more panic selling," said Stephen Huang, vice president of Shanghai See Truth Investment Management. Hikvision and Dahua were suspended from trade at the companies' behest. US supplier Ambarella fell 12 per cent in after-hours trading on Monday. In August, the Trump administration also released an interim rule banning federal purchases of telecommunications equipment from five Chinese companies, including Huawei and Hikvision. Huawei has repeatedly denied it is controlled by the Chinese government, military or intelligence services and has filed a lawsuit against the US government's restrictions.

US expands blacklist to include China's top AI startups ahead of trade talks

China's top technology hub Hangzhou plans to assign government officials to work with 100 private companies including e-commerce giant Alibaba, according to state media reports, in a move likely to raise concerns over the growing role of the state.

China's top technology hub Hangzhou plans to assign government officials to work with 100 private companies including e-commerce giant Alibaba, according to state media reports, in a move likely to raise concerns over the growing role of the state. The step underscores how Chinese government and party authorities are growing more deeply integrated into the private sector, as its economy sputters amid an intensifying trade war with the United States. The city of Hangzhou, home to Alibaba Group Holding Ltd, will designate government officials to work with 100 local companies in the eastern province of Zhejiang, the local government said on its website. The directives, presented as a means to boost the local manufacturing industry, did not name the 100 companies subject to the policy, but state media reports said Alibaba and auto maker Zhejiang Geely Automobile Holdings Ltd would be among the companies. Alibaba said the plan would not interfere with its operations. "We understand this initiative... aims to foster a better business environment in support of Hangzhou-based enterprises. The government representative will function as a bridge to the private sector, and will not interfere with the company's operations," Alibaba said in a statement. Geely did not immediately respond to a request for comment. Chinese law has long required private companies, including foreign entities, to establish formal party organizations. Such groups were once seen as largely symbolic. However, in recent years, foreign executives have said they have come under increasing pressure to allow party representatives more sway over business operations. Domestic companies have strengthened party committees as well. In 2018, dozens of Chinese banks announced changes to their articles of association, granting more power to party committees.

China to send state officials to 100 private firms including Alibaba

The 55-year-old Jack Ma donned a guitar and a rock-star wig to perform Chinese pop songs at his farewell ceremony. Jack Ma performed Chinese pop songs and was seen tearing up as employees enacted skits and sang songs for him. Watch this video to know more.

Jack Ma bid farewell to the Alibaba Group with a rock-star swagger

A tearful Jack Ma formally left Alibaba on Tuesday, donning a guitar and a rock star wig at an event for thousands of employees of the <a href="https://www.wionews.com/world/jack-mas-669-advice-to-alibaba-employees-have-sex-six-times-in-six-days-218815">e-commerce giant he founded 20</a> years ago in a small shared apartment in Hangzhou city in eastern China.

During a four hour celebration in an 80,000-capacity stadium, <a href="https://www.wionews.com/world/watch-jack-ma-vs-elon-musk-tech-tycoons-spar-on-future-of-artificial-intelligence-246400">Alibaba's billionaire executive </a>chairman delivered on his promise of a year ago to hand over to CEO Daniel Zhang.

Costumed performers, some dancing to dubstep music and dressed in traditional Chinese dress, and singers paid tribute to Ma's reputation for dressing up and performing at big events, entering to a parade of floats representing Alibaba divisions such as shopping site Tmall and payment service Ant Financial.

"After tonight I will start a new life. I do believe the world is good, there are so many opportunities, and I love excitement so much, which is why I will retire early," Ma told guests and employees.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/jack-ma-bid-farewell-to-the-alibaba-group-with-a-rock-star-swagger-248987/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Ma was spotted at one point welling up with tears as staff put on skits and sang songs, prompting the topic "Jack Ma has cried" to trend on Chinese social media platform Weibo.

Toward the end of the ceremony, Ma, co-founder Lucy Peng, and CEO of Alibaba's technology committee Wang Jian donned rock star-style leather jackets and wigs to perform Chinese pop songs. They were joined by co-founder Joe Tsai dressed in Marilyn Monroe style white dress and a blonde wig.

Zhang, also clad in rock star garb, then delivered a solo, having earlier said that Alibaba would keep investing in areas such as cloud computing.

Ma's exit comes as Alibaba has grown to become Asia's most valuable listed company, with a market capitalisation of $460 billion. It employs over 100,000 people, and has expanded into financial services, cloud computing and artificial intelligence.

The company also said on Tuesday that it had adopted six new core values, among which one was a pledge to "respect the work-life balance decisions of every individual", marking a step away from Ma's recent comments urging tech company employees to work nights and weekends, which sparked a nationwide debate.

Ma also told attendees that he hoped to see Alibaba shoulder more responsibility to improve society amid the sweeping changes brought about by technologies like big data and 5G.

"It is not easy to be a strong company, but it is more difficult to be a good company," he said. "A strong company is determined by its commercial ability, while a good company is responsible and kind."

A tearful Jack Ma formally left Alibaba on Tuesday, donning a guitar and a rock star wig at an event for thousands of employees of the e-commerce giant he founded 20 years ago in a small shared apartment in Hangzhou city in eastern China.

A tearful Jack Ma formally left Alibaba on Tuesday, donning a guitar and a rock star wig at an event for thousands of employees of the e-commerce giant he founded 20 years ago in a small shared apartment in Hangzhou city in eastern China. During a four hour celebration in an 80,000-capacity stadium, Alibaba's billionaire executive chairman delivered on his promise of a year ago to hand over to CEO Daniel Zhang. Costumed performers, some dancing to dubstep music and dressed in traditional Chinese dress, and singers paid tribute to Ma's reputation for dressing up and performing at big events, entering to a parade of floats representing Alibaba divisions such as shopping site Tmall and payment service Ant Financial. "After tonight I will start a new life. I do believe the world is good, there are so many opportunities, and I love excitement so much, which is why I will retire early," Ma told guests and employees. Watch Video: Ma was spotted at one point welling up with tears as staff put on skits and sang songs, prompting the topic "Jack Ma has cried" to trend on Chinese social media platform Weibo. Toward the end of the ceremony, Ma, co-founder Lucy Peng, and CEO of Alibaba's technology committee Wang Jian donned rock star-style leather jackets and wigs to perform Chinese pop songs. They were joined by co-founder Joe Tsai dressed in Marilyn Monroe style white dress and a blonde wig. Zhang, also clad in rock star garb, then delivered a solo, having earlier said that Alibaba would keep investing in areas such as cloud computing. Ma's exit comes as Alibaba has grown to become Asia's most valuable listed company, with a market capitalisation of $460 billion. It employs over 100,000 people, and has expanded into financial services, cloud computing and artificial intelligence. The company also said on Tuesday that it had adopted six new core values, among which one was a pledge to "respect the work-life balance decisions of every individual", marking a step away from Ma's recent comments urging tech company employees to work nights and weekends, which sparked a nationwide debate. Ma also told attendees that he hoped to see Alibaba shoulder more responsibility to improve society amid the sweeping changes brought about by technologies like big data and 5G. "It is not easy to be a strong company, but it is more difficult to be a good company," he said. "A strong company is determined by its commercial ability, while a good company is responsible and kind."

Jack Ma bids tearful farewell to Alibaba with rock star swagger

Jack Ma steps down next week as chairman of <a href="https://www.wionews.com/world/watch-jack-ma-vs-elon-musk-tech-tycoons-spar-on-future-of-artificial-intelligence-246400">Alibaba</a>, but the start-up he built into an online retail behemoth is expected to keep thriving into a new era thanks to a culture of innovation he helped nurture.

A former English teacher whose often playful image shattered the stereotype of the drab Chinese executive, Ma officially leaves on Tuesday, his 55th birthday.

Ma plans to put his vast fortune -- among China's biggest at $41 billion -- into initiatives serving his first love, education, following the footsteps of a fellow tech innovator he admires, Bill Gates.

The departure of charismatic founders from big tech companies typically causes hand-wringing and wobbling share prices, but not at Alibaba.

The company's operational reins have for a couple of years now been in the hands of a respected team of executives who have kept it on e-commerce's cutting-edge.

Ma was Alibaba's driving force and a frequently irreverent ambassador for the company, known for stunts like a Michael Jackson-inspired dance at an Alibaba anniversary celebration two years ago and starring in his own kung fu short film.

'Gold standard'

He is expected to retain some advisory functions.

But the transition to figures like CEO Daniel Zhang, and co-founder and executive vice-chairman Joseph Tsai -- announced exactly a year ago -- may prove to be the "gold standard" for tech-company succession, said Jeffrey Towson, an equity investor and professor at Peking University.

"He's succeeded at what Steve Jobs, Bill Gates and (Yahoo co-founder) Jerry Yang failed at, which is making themselves redundant," said Towson, who has authored books on China's leading companies.

"He built a really robust culture at Alibaba and they are still just innovating like crazy."

Ma was a cash-strapped Chinese entrepreneur when he convinced friends to give him $60,000 to start Alibaba in the eastern city of Hangzhou in 1999.

With monthly active users of more than 750 million today, Alibaba helped to unlock China's massive consumer power, coincidentally a key objective of the government today as it seeks to fuel domestic demand to lessen the reliance on fickle foreign trade.

Its Taobao and Tmall platforms have helped countless businesses grow.

"(Ma) has been the driving force for the development of China's internet industry and economy. He is (China’s) entrepreneurial godfather," said furniture maker Cheng Huaibao.

Cheng, 30, is one of the millions of small businessmen, often located in so-called "Taobao villages" -- communities whose economies are oriented towards Alibaba's vast market -- who leapt into commerce thanks to the company.

Cheng started making bunk beds in 2010 in eastern Jiangsu province with 10 staff. Today his thriving operation has 100 employees.

"Without Teacher Ma, I wouldn't have come out and started my own business," Cheng said, using a common Chinese term of respect.&nbsp;

Continuing to innovate

There have been criticisms.&nbsp;

Alibaba and its imitators are accused of fostering rampant commercialism and materialism and the selling of counterfeit goods.&nbsp;

Chinese e-commerce today also produces mountains of packaging material, contributing to a rising national garbage problem.

And some of Ma's comments have drawn barbs, including recently dismissing concerns that Chinese workers were toiling excessive hours, as did the news last year that he was a Chinese Communist Party member.

But Alibaba has continued to expand its ecosystem, pushing into cloud computing, entertainment, and a "new retail" concept -- combining online ordering with bricks-and-mortar stores -- while its Alipay finance unit has pioneered cashless digital payments.

Despite slowing Chinese economic growth and the US trade war, earnings have so far remained strong.

Ma, who has established an eponymous charitable organisation, already has launched a range of education initiatives.

Last month he sketched out his mantra going forward during a technology debate in Shanghai with Elon Musk, good-naturedly chiding the US entrepreneur about his obsession with putting a man on Mars.

"We need a hero like you, but we need more heroes like us improving things on Earth," Ma said. 
&nbsp;

Jack Ma steps down next week as chairman of Alibaba, but the start-up he built into an online retail behemoth is expected to keep thriving into a new era thanks to a culture of innovation he helped nurture.

Jack Ma steps down next week as chairman of Alibaba, but the start-up he built into an online retail behemoth is expected to keep thriving into a new era thanks to a culture of innovation he helped nurture. A former English teacher whose often playful image shattered the stereotype of the drab Chinese executive, Ma officially leaves on Tuesday, his 55th birthday. Ma plans to put his vast fortune -- among China's biggest at $41 billion -- into initiatives serving his first love, education, following the footsteps of a fellow tech innovator he admires, Bill Gates. The departure of charismatic founders from big tech companies typically causes hand-wringing and wobbling share prices, but not at Alibaba. The company's operational reins have for a couple of years now been in the hands of a respected team of executives who have kept it on e-commerce's cutting-edge. Ma was Alibaba's driving force and a frequently irreverent ambassador for the company, known for stunts like a Michael Jackson-inspired dance at an Alibaba anniversary celebration two years ago and starring in his own kung fu short film. 'Gold standard' He is expected to retain some advisory functions. But the transition to figures like CEO Daniel Zhang, and co-founder and executive vice-chairman Joseph Tsai -- announced exactly a year ago -- may prove to be the "gold standard" for tech-company succession, said Jeffrey Towson, an equity investor and professor at Peking University. "He's succeeded at what Steve Jobs, Bill Gates and (Yahoo co-founder) Jerry Yang failed at, which is making themselves redundant," said Towson, who has authored books on China's leading companies. "He built a really robust culture at Alibaba and they are still just innovating like crazy." Ma was a cash-strapped Chinese entrepreneur when he convinced friends to give him $60,000 to start Alibaba in the eastern city of Hangzhou in 1999. With monthly active users of more than 750 million today, Alibaba helped to unlock China's massive consumer power, coincidentally a key objective of the government today as it seeks to fuel domestic demand to lessen the reliance on fickle foreign trade. Its Taobao and Tmall platforms have helped countless businesses grow. "(Ma) has been the driving force for the development of China's internet industry and economy. He is (China’s) entrepreneurial godfather," said furniture maker Cheng Huaibao. Cheng, 30, is one of the millions of small businessmen, often located in so-called "Taobao villages" -- communities whose economies are oriented towards Alibaba's vast market -- who leapt into commerce thanks to the company. Cheng started making bunk beds in 2010 in eastern Jiangsu province with 10 staff. Today his thriving operation has 100 employees. "Without Teacher Ma, I wouldn't have come out and started my own business," Cheng said, using a common Chinese term of respect. Continuing to innovate There have been criticisms. Alibaba and its imitators are accused of fostering rampant commercialism and materialism and the selling of counterfeit goods. Chinese e-commerce today also produces mountains of packaging material, contributing to a rising national garbage problem. And some of Ma's comments have drawn barbs, including recently dismissing concerns that Chinese workers were toiling excessive hours, as did the news last year that he was a Chinese Communist Party member. But Alibaba has continued to expand its ecosystem, pushing into cloud computing, entertainment, and a "new retail" concept -- combining online ordering with bricks-and-mortar stores -- while its Alipay finance unit has pioneered cashless digital payments. Despite slowing Chinese economic growth and the US trade war, earnings have so far remained strong. Ma, who has established an eponymous charitable organisation, already has launched a range of education initiatives. Last month he sketched out his mantra going forward during a technology debate in Shanghai with Elon Musk, good-naturedly chiding the US entrepreneur about his obsession with putting a man on Mars. "We need a hero like you, but we need more heroes like us improving things on Earth," Ma said.

Smooth succession: Jack Ma to step down as Alibaba's chairman next week

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.

Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest $700 million for a minority stake in Netease's music streaming arm as it takes on Chinese market leader Tencent Music.

The long-rumoured Kaola deal and the music investment highlight at once a defensive move to keep niche growth players out of the hands of e-commerce rivals such as Pinduoduo and Alibaba's flexibility in adopting new strategies.

Kaola, launched by NetEase in 2015, aggressively targets shoppers in China by offering products from top brands such as Gucci, Shisheido and Burberry, primarily sourcing goods directly from suppliers to resell to consumers.

Its more curated product line up based on popularity ensures it a loyal consumer base of shoppers, whereas Alibaba's Tmall allows a larger range of overseas brands to launch and manage virtual storefronts on its platform, said Ker Zheng, who tracks China's online retail sector at consultancy Azoya.

"Kaola does not have to share user time or basket space with cheaper, non-imported products," said Zheng.

Kaola and Yanxuan, another NetEase-run line of private-label, company-branded goods, accounted for nearly half the gaming company's revenue in the June quarter.

NetEase does not break down sales from Kaola.

Playing defence

The Kaola deal will boost Alibaba's access to wealthy Chinese buyers, who account for more than a third of the luxury goods sector's worldwide revenues, as online sales slow at home.

Online retail sales in China grew 17.8 per cent in the first half of 2019, versus 32.4 per cent a year earlier, government data shows.

The acquisition will also help the tech giant face rising competition from rivals such as Pinduoduo.

In response to competition from Pinduoduo, which offers group-buying deals on household goods, Alibaba has already revamped Juhuasuan, its group-buying service.

It also launched Taobao Xinxuan, a line of private-label, house-brand goods.

"Pinduoduo has a will to move towards international brands or cross-border e-commerce, so in the future, they would definitely want Kaola. For Alibaba, they'd want to prevent this," said Liu Yiming, who tracks China's e-commerce sector at the research division of 36kr.

The investment in NetEase Cloud Music, along with private-equity firm Yunfeng, which is backed by the tech giant's founder Jack Ma, is also a way for Alibaba and NetEase to ally against a common rival,&nbsp;Tencent Holdings.

Tencent Music dominates the Chinese music streaming market with an 83.8% share through three streaming services, according to Quest Mobile and Macquarie Research, but it recently reported the slowest increase in a key growth metric.

It is under investigation by China's antitrust authority in a review that could end exclusive licensing deals it forged with the world's biggest record labels, Bloomberg has reported.

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers. Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest $700 million for a minority stake in Netease's music streaming arm as it takes on Chinese market leader Tencent Music. The long-rumoured Kaola deal and the music investment highlight at once a defensive move to keep niche growth players out of the hands of e-commerce rivals such as Pinduoduo and Alibaba's flexibility in adopting new strategies. Kaola, launched by NetEase in 2015, aggressively targets shoppers in China by offering products from top brands such as Gucci, Shisheido and Burberry, primarily sourcing goods directly from suppliers to resell to consumers. Its more curated product line up based on popularity ensures it a loyal consumer base of shoppers, whereas Alibaba's Tmall allows a larger range of overseas brands to launch and manage virtual storefronts on its platform, said Ker Zheng, who tracks China's online retail sector at consultancy Azoya. "Kaola does not have to share user time or basket space with cheaper, non-imported products," said Zheng. Kaola and Yanxuan, another NetEase-run line of private-label, company-branded goods, accounted for nearly half the gaming company's revenue in the June quarter. NetEase does not break down sales from Kaola. Playing defence The Kaola deal will boost Alibaba's access to wealthy Chinese buyers, who account for more than a third of the luxury goods sector's worldwide revenues, as online sales slow at home. Online retail sales in China grew 17.8 per cent in the first half of 2019, versus 32.4 per cent a year earlier, government data shows. The acquisition will also help the tech giant face rising competition from rivals such as Pinduoduo. In response to competition from Pinduoduo, which offers group-buying deals on household goods, Alibaba has already revamped Juhuasuan, its group-buying service. It also launched Taobao Xinxuan, a line of private-label, house-brand goods. "Pinduoduo has a will to move towards international brands or cross-border e-commerce, so in the future, they would definitely want Kaola. For Alibaba, they'd want to prevent this," said Liu Yiming, who tracks China's e-commerce sector at the research division of 36kr. The investment in NetEase Cloud Music, along with private-equity firm Yunfeng, which is backed by the tech giant's founder Jack Ma, is also a way for Alibaba and NetEase to ally against a common rival, Tencent Holdings. Tencent Music dominates the Chinese music streaming market with an 83.8% share through three streaming services, according to Quest Mobile and Macquarie Research, but it recently reported the slowest increase in a key growth metric. It is under investigation by China's antitrust authority in a review that could end exclusive licensing deals it forged with the world's biggest record labels, Bloomberg has reported.

Alibaba dials up luxury push with $2 billion buys of Netease e-commerce arm

Tesla Inc CEO, Elon Musk, and Alibaba Group Holding Ltd Executive Chairman, Jack Ma, took the stage at a conference in Shanghai on Thursday (August 29) in their first-ever joint appearance, discussing topics ranging from Mars to education to work hours.

Elon Musk and Jack Ma meets for the first time in Shanghai

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