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

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

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

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:

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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

Jack Ma believes artificial intelligence poses no threat to humanity, but <a href="https://www.wionews.com/world/elon-musk-tries-off-hand-humour-again-compares-queen-elizabeth-ii-to-teletubbies-240678">Elon Musk</a> called that "famous last words" as the billionaire tech tycoons faced off Thursday in an occasionally animated debate on futurism in Shanghai.

The <a href="https://www.wionews.com/world/jack-mas-669-advice-to-alibaba-employees-have-sex-six-times-in-six-days-218815">Chinese co-founder of Alibaba</a> and the maverick industrialist behind <a href="https://www.wionews.com/world/elon-musk-tries-off-hand-humour-again-compares-queen-elizabeth-ii-to-teletubbies-240678">Tesla and SpaceX</a> frequently pulled pained expressions and raised eyebrows as they kicked off an AI conference with a dialogue that challenged attendees to keep up, veering from technology to Mars, death, and jobs.

However, the hot topic in the hour-long talk was AI, which has provoked increasing concern among scientists such as late British cosmologist Stephen Hawking who warned that it will eventually turn on and "annihilate" humanity.

"Computers may be clever, but human beings are much smarter," Ma said. "We invented the computer -- I've never seen the computer invent a human being."&nbsp;

While insisting that he is "not a tech guy," the e-commerce mogul added,&nbsp;"I think AI can help us understand humans better. I don't think it's a threat."&nbsp;

Musk countered,&nbsp;"I don't know man, that's like, famous last words."&nbsp;

Watch: Artificial Intelligence Influences Dating Apps

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He said the "rate of advancement of computers, in general, is insane", sketching out a vision in which super-fast, artificially intelligent devices eventually tire of dealing with dumb, slow humans.

"The computer will just get impatient if nothing else. It will be like talking to a tree," Musk said.

Mankind's hope lies in "going along for the ride" by harnessing some of that computing power, Musk said, as he offered an unabashed plug for his Neuralink Corporation.

Neuralink aims to develop implantable brain-machine interface devices, which conjures images of "The Matrix", whose characters download software to their brains that instantly turns them into martial arts masters.

"Right now we are already a cyborg because we are so well-integrated with our phones and our computers," said Musk, 48.

"The phone is like an extension of yourself. If you forget your phone, its like a missing limb."

But humanity will also have more leisure time in the future as AI takes on much of the burden of transporting, feeding, and thinking for earthlings, said Ma.

"People could work as little as three days a week, four hours a day with the help of technology advances," he said.

Ma, 54, who steps down next month as head of <a href="https://www.wionews.com/world/12-hours-a-day-6-days-a-week-work-schedule-blessing-for-youngsters-jack-ma-210791">Alibaba Group</a>, questioned Musk's push to develop spacecraft that could help us colonise Mars.

"We need a hero like you, but we need more heroes like us improving things on earth," Ma said.

Musk countered that we must master interplanetary travel in case the earth becomes uninhabitable.

Scientists like Hawking have said the same, citing the risk of nuclear war, a devastating virus, global warming or asteroid collision.

But not to worry: both agreed that human mortality is a good thing as each generation brings new ideas to the global challenges we face.

"It's great to die," Ma said, with Musk adding: "That's probably true." &nbsp;

Jack Ma believes artificial intelligence poses no threat to humanity, but Elon Musk called that "famous last words" as the billionaire tech tycoons faced off Thursday in an occasionally animated debate on futurism in Shanghai.

Jack Ma believes artificial intelligence poses no threat to humanity, but Elon Musk called that "famous last words" as the billionaire tech tycoons faced off Thursday in an occasionally animated debate on futurism in Shanghai. The Chinese co-founder of Alibaba and the maverick industrialist behind Tesla and SpaceX frequently pulled pained expressions and raised eyebrows as they kicked off an AI conference with a dialogue that challenged attendees to keep up, veering from technology to Mars, death, and jobs. However, the hot topic in the hour-long talk was AI, which has provoked increasing concern among scientists such as late British cosmologist Stephen Hawking who warned that it will eventually turn on and "annihilate" humanity. "Computers may be clever, but human beings are much smarter," Ma said. "We invented the computer -- I've never seen the computer invent a human being." While insisting that he is "not a tech guy," the e-commerce mogul added, "I think AI can help us understand humans better. I don't think it's a threat." Musk countered, "I don't know man, that's like, famous last words." Watch: Artificial Intelligence Influences Dating Apps × He said the "rate of advancement of computers, in general, is insane", sketching out a vision in which super-fast, artificially intelligent devices eventually tire of dealing with dumb, slow humans. "The computer will just get impatient if nothing else. It will be like talking to a tree," Musk said. Mankind's hope lies in "going along for the ride" by harnessing some of that computing power, Musk said, as he offered an unabashed plug for his Neuralink Corporation. Neuralink aims to develop implantable brain-machine interface devices, which conjures images of "The Matrix", whose characters download software to their brains that instantly turns them into martial arts masters. "Right now we are already a cyborg because we are so well-integrated with our phones and our computers," said Musk, 48. "The phone is like an extension of yourself. If you forget your phone, its like a missing limb." But humanity will also have more leisure time in the future as AI takes on much of the burden of transporting, feeding, and thinking for earthlings, said Ma. "People could work as little as three days a week, four hours a day with the help of technology advances," he said. Ma, 54, who steps down next month as head of Alibaba Group, questioned Musk's push to develop spacecraft that could help us colonise Mars. "We need a hero like you, but we need more heroes like us improving things on earth," Ma said. Musk countered that we must master interplanetary travel in case the earth becomes uninhabitable. Scientists like Hawking have said the same, citing the risk of nuclear war, a devastating virus, global warming or asteroid collision. But not to worry: both agreed that human mortality is a good thing as each generation brings new ideas to the global challenges we face. "It's great to die," Ma said, with Musk adding: "That's probably true."

Watch: Jack Ma vs Elon Musk — Tech tycoons spar on future of Artificial Intelligence

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

Alibaba is considering raising as much as $20 billion through a listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion floats in New York.

The deal, the biggest follow-on share sale in seven years globally, would give Alibaba a war chest to keep investing in technology - a priority for China as growth flags and as the world's second-largest economy faces a mounting trade spat with the United States.

The e-commerce giant is working with financial advisers on the offering and is aiming to file an application confidentially in Hong Kong as early as the second half of 2019, three people said on condition of anonymity as the plans are not public yet.

They cautioned that many details were not clear, including the final planned size. One person with direct knowledge said it was more likely to be between $10 billion and $15 billion.

At $20 billion, Alibaba's deal would be the sixth-biggest follow-on share sale ever, Refinitiv data shows, ranking behind NTT's 1987 $36.8 billion sale, crisis-era offerings of $24.4 billion and $22.5 billion from the Royal Bank of Scotland and Lloyds Banking Group, as well as the $20.7 billion raised by US&nbsp;insurer AIG in 2012.

A spokesman for Alibaba declined to comment. SoftBank Group, Alibaba's largest investor, did not immediately respond to a request for comment.

The Japanese tech investor has a 28.8% stake, worth $115.7 billion, in Alibaba after it sold a small part of its original holding via derivatives to fund its acquisition of chip designer ARM in a transaction that completes next month.

SoftBank founder and CEO Masayoshi Son is a close friend of <a href="https://www.wionews.com/world/jack-mas-669-advice-to-alibaba-employees-have-sex-six-times-in-six-days-218815">Alibaba founder Jack Ma.</a> Bloomberg was the first to report the plan for a Hong Kong listing.

ADDED LIQUIDITY

Since its US listing, Alibaba has nearly doubled in size to become the largest-listed Chinese company with a market value of more than $400 billion.

A Hong Kong listing would give mainland investors their first direct access to one of China's biggest success stories, via the stock connect trading link between Hong Kong, Shanghai and Shenzhen.

It would also give the company an extra pocket of liquidity and potentially a better valuation if the household name became a favourite among retail investors in Hong Kong.

A Hong Kong-based analyst said while Alibaba is not in need of cash, the listing could help it improve its access to loans from Asian banks. "It means closer access to Chinese investors, and maybe Chinese investors are more bullish than the global investors in Alibaba," the analyst added.

Rival Tencent, which is listed in Hong Kong, is trading at 26 times its expected earnings compared with Alibaba's 22 times in New York, according to Refinitiv data.

A Hong Kong listing for Alibaba would come as its 54-year-old founder prepares to step down as chairman in September, handing over the mantle to CEO Daniel Zhang.

The company is also expanding into new sectors including cloud computing division and Hema, its chain of brick-and-mortar supermarkets as growth in its core e-commerce business slows.

The listing would provide Alibaba with additional capital to fund its new and expensive initiatives, said James Hull, founder of Hull capital and co-host of the China Tech investor podcast.

"Alibaba has strong and growing free cash flow, but they're also pursuing cash-hungry new initiatives," he added.

HOMECOMING

An Alibaba float would be seen in Hong Kong as a victory after the city lost the tech giant's initial public offering to New York because it then rules precluded it accepting Alibaba's governance structure, where a self-selecting group of senior managers control the majority of board appointments.

Hong Kong amended its rules last year to make it easier for "innovative companies" listed in New York or London to carry out a secondary listing in Hong Kong, as part of a broader shakeup of the city's listing regime.

The new rules allow already-listed companies based in greater China, whose original float was before Dec. 15, 2017, to list in the city even if their current weighted voting rights structures contravene Hong Kong's rules for primary listings.

Such companies can also apply confidentially for a listing, as Alibaba is expected to do.

Early last year, when Hong Kong was preparing to allow dual-class share listings, Alibaba founder Jack Ma had said that the company would "seriously consider" a listing on its exchange.

So far, no company has used the new secondary listing rules to raise funds in Hong Kong.

A spokesman for HKEX declined to comment on news of Alibaba's listing plans in Hong Kong.&nbsp;

Alibaba is considering raising as much as $20 billion through a listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion floats in New York.

Alibaba is considering raising as much as $20 billion through a listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion floats in New York. The deal, the biggest follow-on share sale in seven years globally, would give Alibaba a war chest to keep investing in technology - a priority for China as growth flags and as the world's second-largest economy faces a mounting trade spat with the United States. The e-commerce giant is working with financial advisers on the offering and is aiming to file an application confidentially in Hong Kong as early as the second half of 2019, three people said on condition of anonymity as the plans are not public yet. They cautioned that many details were not clear, including the final planned size. One person with direct knowledge said it was more likely to be between $10 billion and $15 billion. At $20 billion, Alibaba's deal would be the sixth-biggest follow-on share sale ever, Refinitiv data shows, ranking behind NTT's 1987 $36.8 billion sale, crisis-era offerings of $24.4 billion and $22.5 billion from the Royal Bank of Scotland and Lloyds Banking Group, as well as the $20.7 billion raised by US insurer AIG in 2012. A spokesman for Alibaba declined to comment. SoftBank Group, Alibaba's largest investor, did not immediately respond to a request for comment. The Japanese tech investor has a 28.8% stake, worth $115.7 billion, in Alibaba after it sold a small part of its original holding via derivatives to fund its acquisition of chip designer ARM in a transaction that completes next month. SoftBank founder and CEO Masayoshi Son is a close friend of Alibaba founder Jack Ma. Bloomberg was the first to report the plan for a Hong Kong listing. ADDED LIQUIDITY Since its US listing, Alibaba has nearly doubled in size to become the largest-listed Chinese company with a market value of more than $400 billion. A Hong Kong listing would give mainland investors their first direct access to one of China's biggest success stories, via the stock connect trading link between Hong Kong, Shanghai and Shenzhen. It would also give the company an extra pocket of liquidity and potentially a better valuation if the household name became a favourite among retail investors in Hong Kong. A Hong Kong-based analyst said while Alibaba is not in need of cash, the listing could help it improve its access to loans from Asian banks. "It means closer access to Chinese investors, and maybe Chinese investors are more bullish than the global investors in Alibaba," the analyst added. Rival Tencent, which is listed in Hong Kong, is trading at 26 times its expected earnings compared with Alibaba's 22 times in New York, according to Refinitiv data. A Hong Kong listing for Alibaba would come as its 54-year-old founder prepares to step down as chairman in September, handing over the mantle to CEO Daniel Zhang. The company is also expanding into new sectors including cloud computing division and Hema, its chain of brick-and-mortar supermarkets as growth in its core e-commerce business slows. The listing would provide Alibaba with additional capital to fund its new and expensive initiatives, said James Hull, founder of Hull capital and co-host of the China Tech investor podcast. "Alibaba has strong and growing free cash flow, but they're also pursuing cash-hungry new initiatives," he added. HOMECOMING An Alibaba float would be seen in Hong Kong as a victory after the city lost the tech giant's initial public offering to New York because it then rules precluded it accepting Alibaba's governance structure, where a self-selecting group of senior managers control the majority of board appointments. Hong Kong amended its rules last year to make it easier for "innovative companies" listed in New York or London to carry out a secondary listing in Hong Kong, as part of a broader shakeup of the city's listing regime. The new rules allow already-listed companies based in greater China, whose original float was before Dec. 15, 2017, to list in the city even if their current weighted voting rights structures contravene Hong Kong's rules for primary listings. Such companies can also apply confidentially for a listing, as Alibaba is expected to do. Early last year, when Hong Kong was preparing to allow dual-class share listings, Alibaba founder Jack Ma had said that the company would "seriously consider" a listing on its exchange. So far, no company has used the new secondary listing rules to raise funds in Hong Kong. A spokesman for HKEX declined to comment on news of Alibaba's listing plans in Hong Kong.

Alibaba plans $20 billion in Hong Kong listing, biggest follow-on sale in seven years

Alibaba founder Jack Ma who had recently said that overtime work culture in<a href="https://www.wionews.com/world/12-hours-a-day-6-days-a-week-work-schedule-blessing-for-youngsters-jack-ma-210791"> China was a "huge blessing"</a> surprised everyone when he declared on China's social media handle weibo that with "996 work culture" an employee should also follow the "669" mantra that is having sex six days a week.

Ma's latest comment created a social media storm in China. According to Ma's “669” rule employees should have sex for six days, sex six times, with emphasis on duration.

“At work, we emphasise the spirit of ‘996’. In life, we should follow ‘669,’“ Jack Ma said. "I personally think that being able to work 996 is a huge blessing," he had said.

"Many companies and many people don't have the opportunity to work 996," Ma said, adding, "If you don't work 996 when you are young, when can you ever work 996?"

Ma's latest comment on sex six times in six days was even posted on the company's official weibo account even as several Chinese social media users did not particularly like his latest mantra.

Ma, a former English teacher had co-founded Alibaba in 1999 which has now become a unicorn creating a new benchmark in e-commerce with only Amazon as its competitor. Alibaba was able to beat back Amazon in China making it an invincible giant at home.

"In this world, everyone wants success, wants a nice life, wants to be respected," Ma had said.

"Compared to them, up to this day, I still feel lucky, I don't regret (working 12 hour days), I would never change this part of me," he said.

Alibaba founder Jack Ma who had recently said that overtime work culture in China was a "huge blessing" surprised everyone when he declared on China's social media handle weibo that with "996 work culture" an employee should also follow the "669" mantra that is having sex six days a week.

Alibaba founder Jack Ma who had recently said that overtime work culture in China was a "huge blessing" surprised everyone when he declared on China's social media handle weibo that with "996 work culture" an employee should also follow the "669" mantra that is having sex six days a week. Ma's latest comment created a social media storm in China. According to Ma's “669” rule employees should have sex for six days, sex six times, with emphasis on duration. “At work, we emphasise the spirit of ‘996’. In life, we should follow ‘669,’“ Jack Ma said. "I personally think that being able to work 996 is a huge blessing," he had said. "Many companies and many people don't have the opportunity to work 996," Ma said, adding, "If you don't work 996 when you are young, when can you ever work 996?" Ma's latest comment on sex six times in six days was even posted on the company's official weibo account even as several Chinese social media users did not particularly like his latest mantra. Ma, a former English teacher had co-founded Alibaba in 1999 which has now become a unicorn creating a new benchmark in e-commerce with only Amazon as its competitor. Alibaba was able to beat back Amazon in China making it an invincible giant at home. "In this world, everyone wants success, wants a nice life, wants to be respected," Ma had said. "Compared to them, up to this day, I still feel lucky, I don't regret (working 12 hour days), I would never change this part of me," he said.

Jack Ma's '669' advice to Alibaba employees: Have sex six times in six days

Alibaba Group founder and billionaire Jack Ma has defended the gruelling overtime work culture at many of China's tech companies, calling it a "huge blessing" for young workers.

WION Gravitas: Alibaba founder Jack Ma defends overtime work culture

Alibaba Group founder and billionaire Jack Ma has defended the gruelling overtime work culture at many of China's tech companies, calling it a "huge blessing" for young workers.

The e-commerce magnate weighed into a debate about work-life balance and the overtime hours demanded by some companies as the sector slows after years of breakneck growth.

In a speech to Alibaba employees, Ma defended the industry's '996' work schedule, which refers to the 9am to 9pm workday, six days a week.

"I personally think that being able to work 996 is a huge blessing," he said in remarks posted on the company's WeChat account.

"Many companies and many people don't have the opportunity to work 996," Ma said. "If you don't work 996 when you are young, when can you ever work 996?"

The issue has fuelled an online debate and protests on some coding platforms, where workers have swapped examples of excessive overtime demands at some companies.

Ma, a former English teacher who co-founded Alibaba in 1999 and has become one of China's richest people, said he and early employees regularly worked long hours.

"In this world, everyone wants success, wants a nice life, wants to be respected," Ma said.

"Let me ask everyone, if you don't put out more time and energy than others, how can you achieve the success you want?"

Ma referred to the tech industry today where some people are without jobs, or working at companies in search of revenue or facing closure.

"Compared to them, up to this day, I still feel lucky, I don't regret (working 12 hour days), I would never change this part of me," he said.

This month activists on Microsoft's GitHub, the online code repository site, launched a project titled "996.ICU" where tech workers listed Alibaba among the companies ranked as having some of the worst working conditions.

On Thursday, an opinion piece published in a state newspaper argued that 996 violated China's Labour Law, which stipulates that average work hours cannot exceed 40 hours a week.

"Creating a corporate culture of 'encouraged overtime' will not only not help a business' core competitiveness, it might inhibit and damage a company's ability to innovate," the unnamed author wrote in the People's Daily.

Alibaba Group founder and billionaire Jack Ma has defended the gruelling overtime work culture at many of China's tech companies, calling it a "huge blessing" for young workers. The e-commerce magnate weighed into a debate about work-life balance and the overtime hours demanded by some companies as the sector slows after years of breakneck growth. In a speech to Alibaba employees, Ma defended the industry's '996' work schedule, which refers to the 9am to 9pm workday, six days a week. "I personally think that being able to work 996 is a huge blessing," he said in remarks posted on the company's WeChat account. "Many companies and many people don't have the opportunity to work 996," Ma said. "If you don't work 996 when you are young, when can you ever work 996?" The issue has fuelled an online debate and protests on some coding platforms, where workers have swapped examples of excessive overtime demands at some companies. Ma, a former English teacher who co-founded Alibaba in 1999 and has become one of China's richest people, said he and early employees regularly worked long hours. "In this world, everyone wants success, wants a nice life, wants to be respected," Ma said. "Let me ask everyone, if you don't put out more time and energy than others, how can you achieve the success you want?" Ma referred to the tech industry today where some people are without jobs, or working at companies in search of revenue or facing closure. "Compared to them, up to this day, I still feel lucky, I don't regret (working 12 hour days), I would never change this part of me," he said. This month activists on Microsoft's GitHub, the online code repository site, launched a project titled "996.ICU" where tech workers listed Alibaba among the companies ranked as having some of the worst working conditions. On Thursday, an opinion piece published in a state newspaper argued that 996 violated China's Labour Law, which stipulates that average work hours cannot exceed 40 hours a week. "Creating a corporate culture of 'encouraged overtime' will not only not help a business' core competitiveness, it might inhibit and damage a company's ability to innovate," the unnamed author wrote in the People's Daily.

12-hours a day, 6 days a week work schedule blessing for youngsters: Jack Ma

Watch: WION Gravitas, 27th November, 2018

WION Gravitas: Alibaba founder Jack Ma belongs to Communist party

Jack Ma, the head of e-commerce giant Alibaba Group Holding Ltd and China’s best-known capitalist, is a Communist Party member, the official Party newspaper said on Monday, debunking a public assumption the billionaire was politically unattached.

The People’s Daily revealed Ma’s Party membership in a list of 100 people it said had helped drive the country “reform and opening up” process. Ma is China’s richest man with a fortune of $35.8 billion, according to Forbes.

It was unclear why the paper chose to mention Ma’s affiliation now but it comes amid a push by Beijing to bring the country’s private enterprises more in line with Party values, especially in the technology sector that has grown rapidly, driven by the successes of private firms.

Ma, who announced in September he would step down as Alibaba chairman next year, is China’s highest-profile business leader. He has acted as an adviser to political leaders in Asia and Europe and fostered big ambitions in the United States.

He has driven Alibaba to become a $390 billion giant, which dominates China’s online retail market, stretches from logistics to social media, and has spawned a separate fintech empire around popular payment platform Alipay.

Ma’s political affiliation came as a surprise to many.

Jack Ma, the head of e-commerce giant Alibaba Group Holding Ltd and China’s best-known capitalist, is a Communist Party member, the official Party newspaper said on Monday, debunking a public assumption the billionaire was politically unattached.

Jack Ma, the head of e-commerce giant Alibaba Group Holding Ltd and China’s best-known capitalist, is a Communist Party member, the official Party newspaper said on Monday, debunking a public assumption the billionaire was politically unattached. The People’s Daily revealed Ma’s Party membership in a list of 100 people it said had helped drive the country “reform and opening up” process. Ma is China’s richest man with a fortune of $35.8 billion, according to Forbes. It was unclear why the paper chose to mention Ma’s affiliation now but it comes amid a push by Beijing to bring the country’s private enterprises more in line with Party values, especially in the technology sector that has grown rapidly, driven by the successes of private firms. Ma, who announced in September he would step down as Alibaba chairman next year, is China’s highest-profile business leader. He has acted as an adviser to political leaders in Asia and Europe and fostered big ambitions in the United States. He has driven Alibaba to become a $390 billion giant, which dominates China’s online retail market, stretches from logistics to social media, and has spawned a separate fintech empire around popular payment platform Alipay. Ma’s political affiliation came as a surprise to many.

Jack Ma, China's richest man, is Communist Party member: China state paper

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan ($9.92 billion) in the <a href="http://www.wionews.com/world/chinas-24-hour-online-shopping-binge-nears-16-billion-23970">first hour</a> of its annual Singles' Day on Sunday, up roughly 21 percent from last year's early haul of 57 billion yuan.

Singles' Day is the world's biggest online sales event and last year netted Alibaba 168 billion yuan ($24.15 billion) in total sales.

A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions are recorded for items that have been put on hold.

Alibaba kicks off the annual event with a gala, which this year featured U.S. singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance.

It's expected to be the company's final November sale event with founder and chairman Jack Ma at the helm. Current chief executive Daniel Zhang will take over as chairman next year, the company said in September.

While sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United States.

Earlier this month, Alibaba revised down its full-year revenue forecast, sending a chill through investors, as it said sales of big-ticket items would be impacted.

To compensate, the company will take in less income from its platforms in the near term in order to retain brands and new buyers, it said.

This year, Alibaba said there were around 180,000 brands participating in Singles' Day, and as of 10 a.m. on Sunday sales were close to $20 billion. ($1 = 6.9553 yuan)

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan ($9.92 billion) in the first hour of its annual Singles' Day on Sunday, up roughly 21 percent from last year's early haul of 57 billion yuan.

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan ($9.92 billion) in the first hour of its annual Singles' Day on Sunday, up roughly 21 percent from last year's early haul of 57 billion yuan. Singles' Day is the world's biggest online sales event and last year netted Alibaba 168 billion yuan ($24.15 billion) in total sales. A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions are recorded for items that have been put on hold. Alibaba kicks off the annual event with a gala, which this year featured U.S. singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance. It's expected to be the company's final November sale event with founder and chairman Jack Ma at the helm. Current chief executive Daniel Zhang will take over as chairman next year, the company said in September. While sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United States. Earlier this month, Alibaba revised down its full-year revenue forecast, sending a chill through investors, as it said sales of big-ticket items would be impacted. To compensate, the company will take in less income from its platforms in the near term in order to retain brands and new buyers, it said. This year, Alibaba said there were around 180,000 brands participating in Singles' Day, and as of 10 a.m. on Sunday sales were close to $20 billion. ($1 = 6.9553 yuan)

China: Singles' Day sales hit $10 billion in first hour

The US-China trade war is the "stupidest thing in the world," <a href="http://www.wionews.com/business-economy/full-blown-us-china-trade-war-will-slow-global-growth-by-less-than-1-imf-170313">Alibaba e-commerce tycoon Jack Ma declared </a>at an import fair that China opened Monday partly to counter foreign criticism of its trade policies.

Ma, who recently took back an earlier pledge to create a million jobs in the US - blaming the trade war launched by Donald Trump - made the comments in a panel discussion at the massive expo in Shanghai.

"(The) trade war is the most stupidest thing in this world," the Alibaba founder said, without mentioning Trump by name.

"Trade is to form ... peace. Trade is to communicate...nobody can stop free trade."

President Xi Jinping opened the China International Import Expo earlier Monday with a vague pledge to widen access to his country's economy, as Beijing faces growing impatience from trading partners.

But he also delivered a veiled rebuke to Trumpism, decrying "protectionism", "isolationism" and "the law of the jungle".

Ma, the billionaire owner of China's largest online shopping portal, made the headline-grabbing job-creation promise to Trump last year, when Beijing was still courting the then-newly elected president.&nbsp;

But Ma told official news agency Xinhua in September that the trade war had "destroyed the premise the promise was made on."&nbsp;

Anger over the trade surpluses that China enjoys has triggered growing foreign criticism and the worsening commercial conflict with Washington, which has seen both sides impose punitive tariffs on hundreds of billions of dollars worth of goods.

Beijing has touted the first annual import expo as a sign of its willingness to take in more imports and thereby reduce the surpluses.

Ma, who announced in September that he would step aside in a year's time to focus on philanthropy, said China's plans to remake itself as an importing nation would provoke resistance from vested interests.

"For my understanding, it's the greatest challenge for China. It’s a great opportunity for the world," he said.

The shift will "fundamentally change ... the whole infrastructure of business and (the) ecosystem. It’s going to be a huge pain to a lot of businesses, but it’s also going to be a good opportunity for a lot of consumers."

The US-China trade war is the "stupidest thing in the world," Alibaba e-commerce tycoon Jack Ma declared at an import fair that China opened Monday partly to counter foreign criticism of its trade policies.

The US-China trade war is the "stupidest thing in the world," Alibaba e-commerce tycoon Jack Ma declared at an import fair that China opened Monday partly to counter foreign criticism of its trade policies. Ma, who recently took back an earlier pledge to create a million jobs in the US - blaming the trade war launched by Donald Trump - made the comments in a panel discussion at the massive expo in Shanghai. "(The) trade war is the most stupidest thing in this world," the Alibaba founder said, without mentioning Trump by name. "Trade is to form ... peace. Trade is to communicate...nobody can stop free trade." President Xi Jinping opened the China International Import Expo earlier Monday with a vague pledge to widen access to his country's economy, as Beijing faces growing impatience from trading partners. But he also delivered a veiled rebuke to Trumpism, decrying "protectionism", "isolationism" and "the law of the jungle". Ma, the billionaire owner of China's largest online shopping portal, made the headline-grabbing job-creation promise to Trump last year, when Beijing was still courting the then-newly elected president. But Ma told official news agency Xinhua in September that the trade war had "destroyed the premise the promise was made on." Anger over the trade surpluses that China enjoys has triggered growing foreign criticism and the worsening commercial conflict with Washington, which has seen both sides impose punitive tariffs on hundreds of billions of dollars worth of goods. Beijing has touted the first annual import expo as a sign of its willingness to take in more imports and thereby reduce the surpluses. Ma, who announced in September that he would step aside in a year's time to focus on philanthropy, said China's plans to remake itself as an importing nation would provoke resistance from vested interests. "For my understanding, it's the greatest challenge for China. It’s a great opportunity for the world," he said. The shift will "fundamentally change ... the whole infrastructure of business and (the) ecosystem. It’s going to be a huge pain to a lot of businesses, but it’s also going to be a good opportunity for a lot of consumers."

Trade war stupidest thing in the world: Alibaba founder Jack Ma

China's e-commerce giant Alibaba announced Friday that its annual revenue rose 58 per cent year-on-year to 250.3 billion yuan (approx. 39.3 billion US&nbspdollars) for the fiscal year ending March 2018, a record high since its IPO in New York in 2014.

The increase was mainly driven by the rapid growth of its commerce retail business, cloud computing business as well as consolidation of newly acquired businesses.

Alibaba also announced its fourth-quarter results. Its revenue rose 61 per cent to 61.9 billion yuan (9.73 billion US&nbspdollars) in the quarter ending March, an increase of 61 per cent year-on-year. The core e-commerce business contributed 51.29 billion yuan (approx. 8.18 billion US&nbspdollars) to the revenue, which increased 62 per cent.

Meanwhile, its net profit decreased 29 per cent year-on-year to 7.6 billion yuan (approx. 1.2 billion US&nbspdollars) in the quarter, primarily due to non-recurring disposal gains from sales of certain investments in the same quarter of 2017.

The annual active users in its China retail marketplaces had reached 552 million by March, and the number of new annual active consumers in the quarter was the highest since its IPO.

In addition, the financial report showed, that together with its global partners, Alipay had been providing services to around 870 million active users around the world by March 31. It is the first time Alipay has published the number of active users worldwide.

Based on the predictability of full-year growth in fiscal 2019, along with the potential for investment in technology as well as new retail sectors over the past year, Alibaba expects an overall revenue growth of over 60 per cent in next fiscal year.

Its revenue rose 61% to 61.9 billion yuan (9.73 billion US dollars) in the quarter ending March

China's e-commerce giant Alibaba announced Friday that its annual revenue rose 58 per cent year-on-year to 250.3 billion yuan (approx. 39.3 billion US&nbspdollars) for the fiscal year ending March 2018, a record high since its IPO in New York in 2014. The increase was mainly driven by the rapid growth of its commerce retail business, cloud computing business as well as consolidation of newly acquired businesses. Alibaba also announced its fourth-quarter results. Its revenue rose 61 per cent to 61.9 billion yuan (9.73 billion US&nbspdollars) in the quarter ending March, an increase of 61 per cent year-on-year. The core e-commerce business contributed 51.29 billion yuan (approx. 8.18 billion US&nbspdollars) to the revenue, which increased 62 per cent. Meanwhile, its net profit decreased 29 per cent year-on-year to 7.6 billion yuan (approx. 1.2 billion US&nbspdollars) in the quarter, primarily due to non-recurring disposal gains from sales of certain investments in the same quarter of 2017. The annual active users in its China retail marketplaces had reached 552 million by March, and the number of new annual active consumers in the quarter was the highest since its IPO. In addition, the financial report showed, that together with its global partners, Alipay had been providing services to around 870 million active users around the world by March 31. It is the first time Alipay has published the number of active users worldwide. Based on the predictability of full-year growth in fiscal 2019, along with the potential for investment in technology as well as new retail sectors over the past year, Alibaba expects an overall revenue growth of over 60 per cent in next fiscal year.

Alibaba records 58% increase in revenue last fiscal

&quot;Artificial intelligence and robots will kill many jobs.&quot;&nbsp;

It&#39;s a depressingly blunt statement for anyone to make, but even more so as it is the prediction of Jack Ma, CEO of the Chinese online sales giant Alibaba.&nbsp;

The rise of AI -- its huge potential and fears over its potentially negative consequences -- is just one of the big issues discussed at the World Economic Forum in Davos, along with breaches of personal data and fake news.

But it is probably artificial intelligence and the ability of machines to not only interact with but manipulate human beings that raises the most suspicion.&nbsp;

Aware of growing governmental and public distrust, the giants of tech are trying to address the issues.

&quot;Technology should always give people new opportunities, not remove them,&quot; Ma said.

But when IBM President Ginni Rometty admits that &quot;100 percent of jobs will be somehow affected by technology,&quot; it might be a tough sell.

It&#39;s not just about jobs.

&quot;People want to trust technology, as long as they know who is behind it,&quot; said Neelie Kroes, now a member of the Open Data Institute, after having been for years the European commissioner in charge of digital issues.&nbsp;

In recent months, US-based Uber, which connects individuals with drivers through an application, found itself in the hot seat after several murders perpetrated by its chauffeurs, notably in the United States and in Lebanon.

&quot;You have to remember that the rating of a driver evaluates his driving but cannot predict if he is a serial killer,&quot; Uber director Dara Khosrowshahi told a panel at this week&#39;s economic gathering in the Swiss resort of Davos.

&quot;In this situation, who is responsible, the individual or the platform?&quot; wondered Rachel Botsman, an expert on the issue and author of the book &quot;Who Can We Trust?&quot;

Uber is the best-known example of a fast-growing company with a bruised reputation: accused of bad working conditions and sexual harassment it has faced chaotic legal proceedings and massive data piracy, which have sapped the firm.

&quot;For a long time, the answer of many digital companies has been to say: we are only the software, the platform, but technology now penetrates every aspect of our lives, our trades, our homes, our relationships,&quot; said Zvika Krieger, who leads digital projects for the World Economic Forum, the organiser of the Davos meeting.

&quot;Our response is no longer audible,&quot; he said.

&nbsp;&#39;Too slow&#39; 
&nbsp;&nbsp;

In Davos, there was also concern about Internet giants hoovering up huge amounts of personal data, sometimes illegally and sometimes sharing it with authorities.

&quot;The danger is that we are too slow and that the world is destroying us while we are still asking who really owns our data,&quot; said German Chancellor Angela Merkel during her Davos speech.

In the same way, attitudes towards social networks and search engines are changing.&nbsp;

&quot;The main question is whether Facebook and Google are technology companies or editorial companies, it is a question that remains unresolved,&quot; said Martin Sorrell, CEO of the British advertising giant WPP.&nbsp;

Amid the mistrust, Davos heard unique proposals from the digital world, which mostly rejects too much oversight by governments, believing it would stifle innovation.

Marc Benioff, the outspoken CEO and founder of Salesforce, a major cloud services company, called plainly for more regulation of the sector.

&quot;We&#39;re the same as any other industry,&quot; Benioff told CNBC in Davos.

Much like &quot;financial services, consumer product goods, food -- in technology, the government&#39;s going to have to be involved,&quot; he said.

Observers hailed what they saw as a change of heart by the titans of tech.

&quot;Regulatory authorities in Europe have been complaining for years that big digital companies are not responding when they&#39;re called,&quot; said WEF&#39;s Zvika Krieger.

&quot;Let&#39;s say they&#39;re picking up the phone now.&quot;

The rise of AI -- its huge potential and fears over its potentially negative consequences -- is just one of the big issues discussed at the World Economic Forum in Davos, along with breaches of personal data and fake news.

"Artificial intelligence and robots will kill many jobs." It's a depressingly blunt statement for anyone to make, but even more so as it is the prediction of Jack Ma, CEO of the Chinese online sales giant Alibaba. The rise of AI -- its huge potential and fears over its potentially negative consequences -- is just one of the big issues discussed at the World Economic Forum in Davos, along with breaches of personal data and fake news. But it is probably artificial intelligence and the ability of machines to not only interact with but manipulate human beings that raises the most suspicion. Aware of growing governmental and public distrust, the giants of tech are trying to address the issues. "Technology should always give people new opportunities, not remove them," Ma said. But when IBM President Ginni Rometty admits that "100 percent of jobs will be somehow affected by technology," it might be a tough sell. It's not just about jobs. "People want to trust technology, as long as they know who is behind it," said Neelie Kroes, now a member of the Open Data Institute, after having been for years the European commissioner in charge of digital issues. In recent months, US-based Uber, which connects individuals with drivers through an application, found itself in the hot seat after several murders perpetrated by its chauffeurs, notably in the United States and in Lebanon. "You have to remember that the rating of a driver evaluates his driving but cannot predict if he is a serial killer," Uber director Dara Khosrowshahi told a panel at this week's economic gathering in the Swiss resort of Davos. "In this situation, who is responsible, the individual or the platform?" wondered Rachel Botsman, an expert on the issue and author of the book "Who Can We Trust?" Uber is the best-known example of a fast-growing company with a bruised reputation: accused of bad working conditions and sexual harassment it has faced chaotic legal proceedings and massive data piracy, which have sapped the firm. "For a long time, the answer of many digital companies has been to say: we are only the software, the platform, but technology now penetrates every aspect of our lives, our trades, our homes, our relationships," said Zvika Krieger, who leads digital projects for the World Economic Forum, the organiser of the Davos meeting. "Our response is no longer audible," he said. 'Too slow' In Davos, there was also concern about Internet giants hoovering up huge amounts of personal data, sometimes illegally and sometimes sharing it with authorities. "The danger is that we are too slow and that the world is destroying us while we are still asking who really owns our data," said German Chancellor Angela Merkel during her Davos speech. In the same way, attitudes towards social networks and search engines are changing. "The main question is whether Facebook and Google are technology companies or editorial companies, it is a question that remains unresolved," said Martin Sorrell, CEO of the British advertising giant WPP. Amid the mistrust, Davos heard unique proposals from the digital world, which mostly rejects too much oversight by governments, believing it would stifle innovation. Marc Benioff, the outspoken CEO and founder of Salesforce, a major cloud services company, called plainly for more regulation of the sector. "We're the same as any other industry," Benioff told CNBC in Davos. Much like "financial services, consumer product goods, food -- in technology, the government's going to have to be involved," he said. Observers hailed what they saw as a change of heart by the titans of tech. "Regulatory authorities in Europe have been complaining for years that big digital companies are not responding when they're called," said WEF's Zvika Krieger. "Let's say they're picking up the phone now."

'Job-killing' robots, Artificial intelligence under scrutiny in Davos

With e-commerce growing, Chinese giant Alibaba&#39;s chief Jack Ma on Wednesday predicted the future will be about &#39;made on the internet&#39; and not labels like &#39;made in China&#39; or &#39;made in America&#39;.

Speaking at a session at the World Economic Forum (WEF) on &#39;Enabling e-commerce: Small enterprises, global players&#39;, Ma said in the future, every young person and small business will be able to buy, sell, pay and travel globally.

&quot;This is the trend - no one can stop it,&quot; he said.

The session discussed how e-commerce could give small businesses access to global markets that were once reserved for multinationals, yet just 7 per cent of global e-commerce trade takes place across borders.

It explored how new digital policies could break down barriers to international e-commerce and support the next generation of entrepreneurs to rise.

Jack Ma said that even without a perfect logistics system, payments system or blockchain, e-commerce has grown remarkably.

Alibaba would be the 21st largest economy in the world if it were a country, he said. Imagine what will happen when those challenges are solved, he added.

In the same session, WTO Director-General Roberto Azevedo said governments still have rules and regulations that apply to 20th century trade.

&quot;That&#39;s going to disappear,&quot; he averred.

Jack Ma predicted that in the future there will be no &#39;made in China&#39;, &#39;made in America&#39;, or &#39;made in Peru&#39;.

&quot;It&#39;s going to be &#39;made on the internet&#39;,&quot; he said.

The Alibaba founder was speaking at a session at the World Economic Forum on 'Enabling e-commerce: Small enterprises, global players'.

With e-commerce growing, Chinese giant Alibaba's chief Jack Ma on Wednesday predicted the future will be about 'made on the internet' and not labels like 'made in China' or 'made in America'. Speaking at a session at the World Economic Forum (WEF) on 'Enabling e-commerce: Small enterprises, global players', Ma said in the future, every young person and small business will be able to buy, sell, pay and travel globally. "This is the trend - no one can stop it," he said. The session discussed how e-commerce could give small businesses access to global markets that were once reserved for multinationals, yet just 7 per cent of global e-commerce trade takes place across borders. It explored how new digital policies could break down barriers to international e-commerce and support the next generation of entrepreneurs to rise. Jack Ma said that even without a perfect logistics system, payments system or blockchain, e-commerce has grown remarkably. Alibaba would be the 21st largest economy in the world if it were a country, he said. Imagine what will happen when those challenges are solved, he added. In the same session, WTO Director-General Roberto Azevedo said governments still have rules and regulations that apply to 20th century trade. "That's going to disappear," he averred. Jack Ma predicted that in the future there will be no 'made in China', 'made in America', or 'made in Peru'. "It's going to be 'made on the internet'," he said.

Forget 'made in China', future will be about 'made on Internet': Jack Ma in Davos

It hasn&rsquo;t been a week since <a href="http://www.wionews.com/world/amazon-founder-jeff-bezos-becomes-the-richest-man-with-105bn-worth-29065">Amazon founder Jeff Bezos</a> was named the world&rsquo;s richest when experts started speculating Bezos&rsquo; chances of becoming the world&rsquo;s first trillionaire.

To be honest, Bezos and his Microsoft counterpart, Bill Gates, emerge as the top contenders, as of now.

Bezos is currently worth a whopping $105 bn, thanks to the skyrocketing value of Amazon shares which were reported to have grown by over 60% in the past and by 6.6% in just five days of trading in 2018.&nbsp;

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Bezos now stands ahead of Microsoft&#39;s Bill Gates who&#39;s worth $93.3 billion and stands second on the list (WION)
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While Microsoft&rsquo;s Bill Gates (closely) chases Bezos to becoming the world&#39;s richest man again, experts suggest Gates&#39; actual worth to be somewhere near a gigantic $150 bn -- if one takes into account a large chunk of his wealth given away in charity.

Oxfam&rsquo;s report published around the same time last year predicted the possibility of the world getting its first trillionaire in the next 25 years.&nbsp;

Keeping in mind the pace at which the Gates and the Bezos empire continue to grow, both appear as the top runners in the race to become the first trillionaire.

Twenty-five years hence, Gates would be 86 while his Amazon rival will be 78 years old.

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Microsoft&rsquo;s Bill Gates closely chases Bezos on road to retaining the top billionaire spot again. (Getty)
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Others in the run

If Bitcoin trading can materialize the quintessential &lsquo;rags to riches&rsquo; tale for the man next door, imagine what fortune its secret founder could be sitting on.&nbsp;

The mystery founder of the cryptocurrency certainly qualifies as the one to own assets worth a trillion dollars in the future.

Satoshi Nakamoto, the mystery man behind the birth of Bitcoin, may stand a chance to become the world&rsquo;s first trillionaire.

Although Nakamoto is estimated to be sitting on close to $17 billion at present, Nakamoto is likely to rocket up to becoming a trillionaire in years to come -- keeping in view that Bitcoin&#39;s value rose by close to 1800% in past. 
&nbsp; 
Thinking of Nakamoto as the world&rsquo;s first trillionaire would not be preposterous. Who could have really imagined Bitcoin&#39;s value to having soared the way it did the previous year? And who can say for certain that the trend won&rsquo;t repeat itself with a greater intensity in the future?

Bitcoin once amounted to one USD, it then rose to $200 and now equals to a whopping 13777 USD.

As of now, nobody really knows if Nakamoto is actually a living being or a group of people. What we do know is that Nakamoto sits on a whopping 1 million Bitcoins, all untouched so far.&nbsp;

A look at Forbes&#39; list of top billionaires suggests Facebook&#39;s Mark Zuckerberg, Google&#39;s co-founder Larry Page and Alibaba&#39;s Jack Ma to hold immense potential to make to the top of the billionaire list soon and emerge as the ultimate trillionaire.&nbsp;

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With $72.4 bn, Mark Zuckerberg stands 5th on the list. (AFP)
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All said and done, anticipation and speculation will have its course of ebb and flow; wealth is subject to change, suddenly and unexpectedly.

When tycoons like Bill Gates and Steve Jobs started their careers over four decades back, who could have ever imagined anything like Bitcoin, right?&nbsp;

The years to come will see magnificent strides in the field of technology, and as entrepreneurs explore newer, uncharted territories -- Jeff Bezos&#39; obsession with space travel and his founding of Blue Origin (a spaceflight manufacturing company) is not unknown -- the run-up to becoming the first trillionaire will only become more interesting, exciting with newer participants joining the run.&nbsp;

In a nutshell, as a Guardian report sums it up, &quot;it may or may not be Jeff Bezos, but when the world does produce its first trillionaire, there is every likelihood that many of us will not simply be admiring, envying or resenting him &ndash; we will also be ruled by him.&quot;

Bezos is currently worth a whopping $105 bn, thanks to the skyrocketing value of Amazon shares

It hasn’t been a week since Amazon founder Jeff Bezos was named the world’s richest when experts started speculating Bezos’ chances of becoming the world’s first trillionaire. To be honest, Bezos and his Microsoft counterpart, Bill Gates, emerge as the top contenders, as of now. Bezos is currently worth a whopping $105 bn, thanks to the skyrocketing value of Amazon shares which were reported to have grown by over 60% in the past and by 6.6% in just five days of trading in 2018. Bezos now stands ahead of Microsoft's Bill Gates who's worth $93.3 billion and stands second on the list (WION) × While Microsoft’s Bill Gates (closely) chases Bezos to becoming the world's richest man again, experts suggest Gates' actual worth to be somewhere near a gigantic $150 bn -- if one takes into account a large chunk of his wealth given away in charity. Oxfam’s report published around the same time last year predicted the possibility of the world getting its first trillionaire in the next 25 years. Keeping in mind the pace at which the Gates and the Bezos empire continue to grow, both appear as the top runners in the race to become the first trillionaire. Twenty-five years hence, Gates would be 86 while his Amazon rival will be 78 years old. Microsoft’s Bill Gates closely chases Bezos on road to retaining the top billionaire spot again. (Getty) × Others in the run If Bitcoin trading can materialize the quintessential ‘rags to riches’ tale for the man next door, imagine what fortune its secret founder could be sitting on. The mystery founder of the cryptocurrency certainly qualifies as the one to own assets worth a trillion dollars in the future. Satoshi Nakamoto, the mystery man behind the birth of Bitcoin, may stand a chance to become the world’s first trillionaire. Although Nakamoto is estimated to be sitting on close to $17 billion at present, Nakamoto is likely to rocket up to becoming a trillionaire in years to come -- keeping in view that Bitcoin's value rose by close to 1800% in past. Thinking of Nakamoto as the world’s first trillionaire would not be preposterous. Who could have really imagined Bitcoin's value to having soared the way it did the previous year? And who can say for certain that the trend won’t repeat itself with a greater intensity in the future? Bitcoin once amounted to one USD, it then rose to $200 and now equals to a whopping 13777 USD. As of now, nobody really knows if Nakamoto is actually a living being or a group of people. What we do know is that Nakamoto sits on a whopping 1 million Bitcoins, all untouched so far. A look at Forbes' list of top billionaires suggests Facebook's Mark Zuckerberg, Google's co-founder Larry Page and Alibaba's Jack Ma to hold immense potential to make to the top of the billionaire list soon and emerge as the ultimate trillionaire. With $72.4 bn, Mark Zuckerberg stands 5th on the list. (AFP) × All said and done, anticipation and speculation will have its course of ebb and flow; wealth is subject to change, suddenly and unexpectedly. When tycoons like Bill Gates and Steve Jobs started their careers over four decades back, who could have ever imagined anything like Bitcoin, right? The years to come will see magnificent strides in the field of technology, and as entrepreneurs explore newer, uncharted territories -- Jeff Bezos' obsession with space travel and his founding of Blue Origin (a spaceflight manufacturing company) is not unknown -- the run-up to becoming the first trillionaire will only become more interesting, exciting with newer participants joining the run. In a nutshell, as a Guardian report sums it up, "it may or may not be Jeff Bezos, but when the world does produce its first trillionaire, there is every likelihood that many of us will not simply be admiring, envying or resenting him – we will also be ruled by him."

Forget Bitcoin millionaires; Bezos, Gates may become trillionaires

Alibaba, the Chinese e-commerce giant, said on Saturday its Singles&#39;&nbsp;Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world&rsquo;s biggest shopping event.

Once a celebration for China&rsquo;s lonely hearts, Singles&#39;&nbsp;Day has become an annual 24-hour buying frenzy that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China&rsquo;s consumers.

As tills shut midnight on Saturday, Alibaba&rsquo;s live sales ticker registered 168.3 billion yuan, up 39 percent from 120.7 billion yuan last year. The dollar figure was up more steeply due to the strength of the yuan against the greenback this year.

The event began soon after a star-studded event in Shanghai late on Friday. As midnight hit, a deluge of pre-orders helped drive a <a href="http://www.wionews.com/world/chinas-24-hour-online-shopping-binge-nears-16-billion-23970">billion dollars of sales on Alibaba&rsquo;s platforms in the first two minutes and $10 billion in just over an hour</a>.

&ldquo;In terms of scale it just dwarfs any other event out there,&rdquo; said Ben Cavender, Shanghai-based principal at China Market Research Group.

At just past the halfway mark, the headline gross merchandise volume swept past last year&rsquo;s dollar total just shy of $18 billion. Shortly afterwards, sales surpassed the 2016 total in the local currency.

The event gets shoppers around China scouting for bargains and loading up their online shopping carts, while delivery men - and robots - brace for an estimated 1.5 billion parcels expected over the next six days.

&ldquo;This is a big event for China, for the Chinese economy,&rdquo; Joseph Tsai, Alibaba&rsquo;s co-founder and vice chairman, said. &ldquo;On Singles&rsquo; Day, shopping is a sport, it&rsquo;s entertainment.&rdquo;

Tsai said rising disposable incomes of China&rsquo;s &ldquo;over 300 million middle-class consumers&rdquo; was helping drive the company&rsquo;s online sales - and would continue. &ldquo;This powerful group is propelling the consumption of China,&rdquo; he said.

The final total - more than the GDP of Iceland or Cameroon - leaves other shopping days in the shade. Cyber Monday in the United States saw $3.45 billion in online sales last year.

Investors closely watch the headline number, though some analysts say the way it is calculated is too opaque. The U.S. Securities and Exchange Commission launched a probe into Alibaba&rsquo;s accounting practices in 2016, including into its Singles&rsquo; Day data. That investigation is as yet unresolved.

Last year, the sales number rose by nearly a third at the eighth iteration of the event - though that was slower than the 60 percent increase logged in 2015.

Slower growth

At Alibaba&rsquo;s Friday night gala, the company&rsquo;s co-founder and chairman, Jack Ma, hosted guests including the actress Nicole Kidman, singer Pharrell Williams and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing.

The excitement around the shopping blitz, however, masks the challenges facing China&rsquo;s online retailers such as Alibaba and JD.com Inc, which are having to spend more to compete for shoppers in a broader economy where growth is slowing.

&ldquo;A lot of the lower hanging fruit has been picked and there&rsquo;s increased competition for a share of consumer spending,&rdquo; said Matthew Crabbe, Asia Pacific research director at Mintel. The sale did though beat his forecast of 20 percent growth.

Online retailers were being forced to push offline as well as overseas to attract new shoppers, and the overall online retail market was close to &ldquo;saturation&rdquo;, raising questions about whether current rapid growth could be sustained.

&ldquo;They&rsquo;re having to spill over out of the purely online realm into the wider consumer market,&rdquo; Crabbe said.

This has sparked deals to buy bricks-and-mortar stores in China, and overseas tie-ups, especially in Southeast Asia. Technology, too, has been key, with virtual reality dressing rooms and live fashion shows to attract shoppers.

Alibaba also said it had turned 100,000 physical shops around China into &ldquo;smart stores&rdquo; for this year&rsquo;s event. Goods perused by people at the stores, but then bought and paid for on Alibaba&rsquo;s platforms, were added towards the sales total.

China Market Research Group&rsquo;s Cavender said brands were also increasingly making smaller price cuts to avoid &ldquo;margins getting killed&rdquo;, and were often asking for deposits in advance. In previous years, prices were often halved.

Fu Wenyue, a 23-year-old dresser in Shanghai, said offers this year were smaller but more &ldquo;personalized&rdquo; as brands used big data to hone their targets. Fu spent 4,000 yuan on clothes, cosmetics and kitchen utensils in pre-event sales, and kept shopping on the day.

&ldquo;In actual fact, I think I spent even more than I did last year,&rdquo; she said.

Alibaba, the Chinese e-commerce giant, said on Saturday its Singles'?Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world?s biggest shopping event

Alibaba, the Chinese e-commerce giant, said on Saturday its Singles' Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world’s biggest shopping event. Once a celebration for China’s lonely hearts, Singles' Day has become an annual 24-hour buying frenzy that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China’s consumers. As tills shut midnight on Saturday, Alibaba’s live sales ticker registered 168.3 billion yuan, up 39 percent from 120.7 billion yuan last year. The dollar figure was up more steeply due to the strength of the yuan against the greenback this year. The event began soon after a star-studded event in Shanghai late on Friday. As midnight hit, a deluge of pre-orders helped drive a billion dollars of sales on Alibaba’s platforms in the first two minutes and $10 billion in just over an hour. “In terms of scale it just dwarfs any other event out there,” said Ben Cavender, Shanghai-based principal at China Market Research Group. At just past the halfway mark, the headline gross merchandise volume swept past last year’s dollar total just shy of $18 billion. Shortly afterwards, sales surpassed the 2016 total in the local currency. The event gets shoppers around China scouting for bargains and loading up their online shopping carts, while delivery men - and robots - brace for an estimated 1.5 billion parcels expected over the next six days. “This is a big event for China, for the Chinese economy,” Joseph Tsai, Alibaba’s co-founder and vice chairman, said. “On Singles’ Day, shopping is a sport, it’s entertainment.” Tsai said rising disposable incomes of China’s “over 300 million middle-class consumers” was helping drive the company’s online sales - and would continue. “This powerful group is propelling the consumption of China,” he said. The final total - more than the GDP of Iceland or Cameroon - leaves other shopping days in the shade. Cyber Monday in the United States saw $3.45 billion in online sales last year. Investors closely watch the headline number, though some analysts say the way it is calculated is too opaque. The U.S. Securities and Exchange Commission launched a probe into Alibaba’s accounting practices in 2016, including into its Singles’ Day data. That investigation is as yet unresolved. Last year, the sales number rose by nearly a third at the eighth iteration of the event - though that was slower than the 60 percent increase logged in 2015. Slower growth At Alibaba’s Friday night gala, the company’s co-founder and chairman, Jack Ma, hosted guests including the actress Nicole Kidman, singer Pharrell Williams and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing. The excitement around the shopping blitz, however, masks the challenges facing China’s online retailers such as Alibaba and JD.com Inc, which are having to spend more to compete for shoppers in a broader economy where growth is slowing. “A lot of the lower hanging fruit has been picked and there’s increased competition for a share of consumer spending,” said Matthew Crabbe, Asia Pacific research director at Mintel. The sale did though beat his forecast of 20 percent growth. Online retailers were being forced to push offline as well as overseas to attract new shoppers, and the overall online retail market was close to “saturation”, raising questions about whether current rapid growth could be sustained. “They’re having to spill over out of the purely online realm into the wider consumer market,” Crabbe said. This has sparked deals to buy bricks-and-mortar stores in China, and overseas tie-ups, especially in Southeast Asia. Technology, too, has been key, with virtual reality dressing rooms and live fashion shows to attract shoppers. Alibaba also said it had turned 100,000 physical shops around China into “smart stores” for this year’s event. Goods perused by people at the stores, but then bought and paid for on Alibaba’s platforms, were added towards the sales total. China Market Research Group’s Cavender said brands were also increasingly making smaller price cuts to avoid “margins getting killed”, and were often asking for deposits in advance. In previous years, prices were often halved. Fu Wenyue, a 23-year-old dresser in Shanghai, said offers this year were smaller but more “personalized” as brands used big data to hone their targets. Fu spent 4,000 yuan on clothes, cosmetics and kitchen utensils in pre-event sales, and kept shopping on the day. “In actual fact, I think I spent even more than I did last year,” she said.

China shopping festival smashes record with $25 billion haul

Hollywood filmmaker Steven Spielberg&#39;s Amblin Partners and Chinese billionaire Jack Ma&#39;s Alibaba Pictures Group Ltd announced on Sunday that they will co-produce and finance films for global and Chinese audiences.&nbsp;

The companies also said in their joint statement that they would also collaborate on the marketing, distribution and merchandising of Amblin Partner films in China. Alibaba Pictures will also acquire a minority stake in Amblin Partners as per the terms of the partnership.

Spielberg briefed the press in Beijing, promising they would &quot;bring more of China to America, and bring some more of America to China.&quot;

&quot;Some of the stories I&#39;m hoping Jack and I can tell in this new partnership between Amblin Partners and Alibaba Pictures will be able to bring Chinese-themed stories to the American audience, and we can do co-productions between our company and your company,&quot; the filmmaker said.

&quot;I heard a lot of people say the movie industries are dead. I think that&#39;s a lack of imagination. All the cinemas in the future are going to be changed because of technology. So people will definitely have all kinds of experiences watching movies,&quot; Ma said at the briefing.

The Spielberg-backed Alibaba Pictures, formerly known as ChinaVision Media Group Ltd, has not released any films so far but has several projects in the pipeline. It ventured into Hollywood in 2015 with its stake in &#39;Mission: Impossible - Rogue Nation&#39;, and also invested in this year&#39;s blockbusters - &#39;Star Trek Beyond&#39; and &#39;Teenage Mutant Ninja Turtles: Out of the Shadows&#39;.

There is a huge market for Hollywood films in China and industry watchers forecast that the country will soon surpass the United States as the world&#39;s biggest movie market, Reuters reports.&nbsp;

Major Chinese companies, including the Wanda Group conglomerate, are keen on acquiring US entertainment companies and want to bring more Western films and movie-making prowess into China. &#39;Warcraft&#39;--- which released this year --- was a box office flop in the US, was one of the highest-grossing films in China, scooping up hundreds of millions of dollars in the country.

In January, Wanda paid $3.5 billion for a controlling stake in US film studio Legendary Entertainment. The group has also since said it would start co-investing in global blockbusters next year. The conglomerate, which is operated by China&#39;s richest man, Wang Jianlin, will also market films for Sony Pictures and co-finance a few upcoming movie releases of Sony Corp&#39;s film unit in China.

(WION with inputs from Reuters)

Industry watchers expect China to soon surpass the United States as the world's biggest movie market

Hollywood filmmaker Steven Spielberg's Amblin Partners and Chinese billionaire Jack Ma's Alibaba Pictures Group Ltd announced on Sunday that they will co-produce and finance films for global and Chinese audiences. The companies also said in their joint statement that they would also collaborate on the marketing, distribution and merchandising of Amblin Partner films in China. Alibaba Pictures will also acquire a minority stake in Amblin Partners as per the terms of the partnership. Spielberg briefed the press in Beijing, promising they would "bring more of China to America, and bring some more of America to China." "Some of the stories I'm hoping Jack and I can tell in this new partnership between Amblin Partners and Alibaba Pictures will be able to bring Chinese-themed stories to the American audience, and we can do co-productions between our company and your company," the filmmaker said. "I heard a lot of people say the movie industries are dead. I think that's a lack of imagination. All the cinemas in the future are going to be changed because of technology. So people will definitely have all kinds of experiences watching movies," Ma said at the briefing. The Spielberg-backed Alibaba Pictures, formerly known as ChinaVision Media Group Ltd, has not released any films so far but has several projects in the pipeline. It ventured into Hollywood in 2015 with its stake in 'Mission: Impossible - Rogue Nation', and also invested in this year's blockbusters - 'Star Trek Beyond' and 'Teenage Mutant Ninja Turtles: Out of the Shadows'. There is a huge market for Hollywood films in China and industry watchers forecast that the country will soon surpass the United States as the world's biggest movie market, Reuters reports. Major Chinese companies, including the Wanda Group conglomerate, are keen on acquiring US entertainment companies and want to bring more Western films and movie-making prowess into China. 'Warcraft'--- which released this year --- was a box office flop in the US, was one of the highest-grossing films in China, scooping up hundreds of millions of dollars in the country. In January, Wanda paid $3.5 billion for a controlling stake in US film studio Legendary Entertainment. The group has also since said it would start co-investing in global blockbusters next year. The conglomerate, which is operated by China's richest man, Wang Jianlin, will also market films for Sony Pictures and co-finance a few upcoming movie releases of Sony Corp's film unit in China. (WION with inputs from Reuters)

Steven Spielberg, Jack Ma to co-produce films for global, Chinese audiences

Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday that it expects to nearly double its transaction volumes by 2020, signalling it still expects rampant growth as Executive Chairman Jack Ma pledged to intensify a crackdown on fake goods. 
 
At an investor conference at its headquarters in Hangzhou, Zhejiang province, Alibaba said it expects to record 6 trillion yuan ($912 billion) in gross merchandise volume (GMV) in fiscal 2020, nearly double 3.09 trillion yuan in fiscal 2016. 
 
Echoing that growth, Ma said Alibaba expects to have 2 billion consumers on its books by 2036, up from 423 million active buyers in 2016. 
 
Addressing concerns about the company&#39;s efforts to remove counterfeit products from its online platforms, Ma said Alibaba will do &quot;anything to stop the fake products&quot;. The company has been dogged for years by accusations that its shopping platforms were conduits for counterfeiters. 
 
&quot;I promise you guys that counterfeits, fake products, and intellectual property theft - we are more and more confident than ever that we can solve the problem,&quot; he said.

Executive Chairman Jack Ma was even more hopeful long term, stating they'd have 2 billion annual consumers by 2036

Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday that it expects to nearly double its transaction volumes by 2020, signalling it still expects rampant growth as Executive Chairman Jack Ma pledged to intensify a crackdown on fake goods. At an investor conference at its headquarters in Hangzhou, Zhejiang province, Alibaba said it expects to record 6 trillion yuan ($912 billion) in gross merchandise volume (GMV) in fiscal 2020, nearly double 3.09 trillion yuan in fiscal 2016. Echoing that growth, Ma said Alibaba expects to have 2 billion consumers on its books by 2036, up from 423 million active buyers in 2016. Addressing concerns about the company's efforts to remove counterfeit products from its online platforms, Ma said Alibaba will do "anything to stop the fake products". The company has been dogged for years by accusations that its shopping platforms were conduits for counterfeiters. "I promise you guys that counterfeits, fake products, and intellectual property theft - we are more and more confident than ever that we can solve the problem," he said.

Alibaba expects to record $912 billion by 2020, even amid concerns it sells counterfeit products

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