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Jack Ma praised a key rival. A day later, it overtook Alibaba as China's most valuable e-commerce company.

Business Insider

Business Insider · 1y ago

Jack Ma praised a key rival. A day later, it overtook Alibaba as China's most valuable e-commerce company.

Chinese e-commerce company PDD, the parent company of Temu, has surpassed Alibaba as the most valuable e-commerce company in China. This happened a day after Jack Ma praised PDD's strategic decisions and called on Alibaba employees to rise to industry challenges. PDD's market cap is now nearly $185 billion, while Alibaba's market cap is around $184 billion. Alibaba has faced challenges in recent years, including criticism of Chinese regulators and a significant drop in its stock value.

Related News

Chinese billionaire Jack Ma arrives in Nepal

Inshorts · 2y ago

Chinese billionaire Jack Ma arrives in Nepal

Jack Ma, the billionaire Co-Founder of Chinese e-commerce giant Alibaba, has arrived in Nepal's capital city, Kathmandu, from China. He traveled in his private aircraft and is accompanied by a seven-member team. Ma has maintained a low public profile following the cancellation of Ant Group's initial public offerings (IPOs) in Shanghai and Hong Kong. His remarks regarding China's financial regulations had caused dissatisfaction among authorities.

Alibaba founder Jack Ma steps out from shadows with long internal post

Reuters · 1y ago

Alibaba founder Jack Ma steps out from shadows with long internal post

Alibaba co-founder, Jack Ma, has sent a lengthy memo to employees expressing support for the company's restructuring efforts. This suggests that Ma may be taking a more active role after a period of staying out of the spotlight. In the memo, Ma praised the leadership of CEO Eddie Wu and chairman Joe Tsai and highlighted that the company's division into six units has improved decision-making and made Alibaba more customer-focused. The news prompted a 5.5% surge in Alibaba's shares. Ma had previously faced regulatory challenges and criticism, leading to his withdrawal from public life.

Jack Ma's Alibaba briefly loses China e-commerce crown to rival PDD

Livemint

Livemint · 1y ago

Jack Ma's Alibaba briefly loses China e-commerce crown to rival PDD

Alibaba, the dominant player in China's e-commerce industry, briefly lost its top position to Pinduoduo (PDD), an emerging startup. This shift in stock positions signifies the challenges Alibaba has been facing amidst regulatory crackdown and competition. Co-founder Jack Ma has urged the company to adapt and regain momentum. PDD's rapid growth and innovation have posed a formidable challenge to Alibaba's once-dominant position. Wall Street downgraded Alibaba's stock while acknowledging PDD's strong performance. The industry is witnessing a significant shift in the e-commerce landscape in China.

Jack Ma's Alibaba was once China's answer to Silicon Valley giants – but its turnaround plan appears to be in trouble

Business Insider

Business Insider · 1y ago

Jack Ma's Alibaba was once China's answer to Silicon Valley giants – but its turnaround plan appears to be in trouble

Chinese tech giant Alibaba, once crowned Asia's most valuable company, is currently struggling with a restructuring effort, according to insiders and analysts. The company, founded by billionaire Jack Ma, has faced challenges in retaining its status as the top tech firm in the region. Alibaba's restructuring program, announced in 2023, has reportedly encountered obstacles and confusion among employees. Additionally, regulatory pressure and competitors pose further challenges to the company's turnaround plan.

Jack Ma halts plan to sell Alibaba shares after stock tumbles

Livemint

Livemint · 1y ago

Jack Ma halts plan to sell Alibaba shares after stock tumbles

Alibaba founder Jack Ma has reportedly postponed his plans to sell millions of dollars worth of shares after the Chinese e-commerce giant's stock price plummeted. Ma had intended to offload 10 million shares worth around $871 million, but as the stock price fell below his expectations, he has not sold any shares. Alibaba's shares have dropped by over 10% this year. Ma's office stated that he will continue to hold onto his Alibaba stake, believing that the value of the company's businesses will increase.

Alibaba founder Jack Ma steps out from shadows with long internal post

Economic Times

Economic Times · 1y ago

Alibaba founder Jack Ma steps out from shadows with long internal post

Alibaba co-founder Jack Ma has shown his support for the company's restructuring efforts in a memo to employees, potentially indicating a more active role for him in the future. Following the memo, Alibaba's shares in Hong Kong surged 5.5%, the largest increase since February. Ma praised the leadership of Alibaba's CEO and chairman, highlighting the effectiveness of the company's divisional structure implemented a year ago. This memo comes after Ma's public criticism of Chinese regulators and subsequent withdrawal from the public eye. Ma emphasized the importance of innovation and the ability to adapt to the future.

Alibaba Group CEO takes over as chief of domestic ecommerce business

Economic Times

Economic Times · 1y ago

Alibaba Group CEO takes over as chief of domestic ecommerce business

Jack Ma, the CEO of Alibaba Group, taking over as the chief of the company's domestic e-commerce business. This move comes as the company restructures its operations to better align with its strategic goals. Ma's appointment reflects his continued influence within the company and his commitment to driving Alibaba's success in the Chinese market.

China's Xi meets with business leaders, including Alibaba cofounder Jack Ma, to boost economy

Economic Times

Economic Times · 6m ago

China's Xi meets with business leaders, including Alibaba cofounder Jack Ma, to boost economy

Chinese President Xi Jinping met with business leaders, including Alibaba's Jack Ma, to bolster the economy affected by a pandemic, regulatory crackdowns, and a real estate crisis. The meeting also included leaders from CATL, BYD, and Tencent. Xi made significant remarks, though details were sparse. Jack Ma, who had been less visible since criticizing regulators in 2020, attended amid government efforts to revive the economy. The original state media report was later shortened, omitting attendees' names.

Alibaba exec moves to quell staff concern over Jack Ma share sale with internal post

Economic Times

Economic Times · 1y ago

Alibaba exec moves to quell staff concern over Jack Ma share sale with internal post

Alibaba executive Jiang Fang addressed concerns within the company over the recent disclosure of Jack Ma's family trust plan to sell some shares in the company. In an internal post, she explained that the disclosure was a requirement under US securities rules, and it coincided with the release of the company's financial report, leading to a misunderstanding. Jiang also denied rumors of layoffs and reiterated that Ma remains positive about Alibaba, stating that the family trust did not sell any shares.

M&M briefly overtakes Tata Motors, becomes second-largest car company on mcap; hits record high

Money Control

Money Control · 1y ago

M&M briefly overtakes Tata Motors, becomes second-largest car company on mcap; hits record high

Mahindra & Mahindra (M&M) fared well in the stock market on the day of its Investor Day. It briefly overtook Tata Motors to become the second most valuable automobile company in India. M&M shared its plans to introduce new SUVs and electric vehicles, and expand its presence in both domestic and international markets. The company aims to invest around Rs 27,000 crore for growth between FY25-27. Investors have shown optimism towards M&M, leading to a surge in its stock price and positive ratings from brokerage firms like Bank of America Securities.

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