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As many of the country’s tech founders hand over the reins, it’s worth remembering that once start-ups grow to a certain size they need professional managers to take over.
- China’s e-commerce platforms, facing intense domestic competition, are ramping up overseas expansion, according to the Swiss bank
- AI also remains a main theme for Chinese internet companies, although monetisation continues to be a challenge, the bank says
The discount brings the valuation down from US$66 billion during a May 2023 funding round amid tough competition from PDD’s Temu while it also faces political scrutiny in Washington.
Lazada Group CEO James Dong will now also lead Daraz Group and build on the two Alibaba subsidiaries’ ‘extensive collaborations and synergies’.
Ren Lifeng left ByteDance last year and recently registered Shumei Wanwu with nearly US$140,000 in registered capital.
The biggest drags on the MSCI benchmark since the end of September 2023 include Alibaba, Yum China and BYD, which have all been offering big discounts.
With the help of artificial intelligence, merchants on the Taobao and Tmall platforms are expected to improve their services and attract new customers.
Despite their growing popularity, AliExpress and Temu are generally lagging behind the competition in South Korea in terms of fast delivery service and product quality assurance.
Chinese Big Tech firms have jostled for supremacy in a local services market expected to be worth 35 trillion yuan by 2025.
Merchants selling on the short video app Douyin can no longer opt out of the option to instantly refund up to US$211 before receiving returned goods.
The Beijing High People’s Court on Friday ruled that Alibaba ‘abused its market dominance’ and ordered the Taobao and Tmall operator to pay US$141 million in damages.
The two e-commerce giants are taking a leaf out of the playbook of budget online retailer Pinduoduo, which has had that policy in place since 2021.
Alibaba has promoted a younger cohort to lead key Taobao and Tmall operations after the conglomerate’s CEO Eddie Wu took direct control of the e-commerce unit.
Alibaba’s Taobao and cloud units will directly answer to the conglomerate’s CEO, Eddie Wu, as the tech giant seeks to take on budget-focused PDD amid low consumer spending.
PDD-owned Temu has filed a fresh US lawsuit against fast-fashion rival Shein accusing it of illegal and anticompetitive practices as part of a “desperate plan” to sabotage its business.
‘So many issues have emerged, certainly because I mismanaged,’ Richard Liu wrote, as the growth pace of JD.com and competitor Alibaba falls behind budget retailer PDD.
TikTok will buy 75 per cent of Indonesia’s biggest e-commerce platform after a new rule in October effectively forced the social media giant to close its own online shopping service in the country.
In November, Temu accounted for nearly 17 per cent of discount store market share in the US, having seen enormous growth since launching in September 2022.
Parcel deliveries reached a new high of 120 billion items this week, up 8.5 per cent from all of 2022, as e-commerce sees strong third-quarter recovery.
PDD-owned Temu has secured injunctions against some phishing web sites in US, as it continues to battle online impersonators and scammers.
The AI tool is expected to help merchants on Alibaba.com, the e-commerce giant’s international business-to-business wholesale marketplace, automate their client-facing operations to entice more customers overseas.
Temu, a Chinese-owned shopping app targeting US consumers, has become a key factor driving strong revenue growth for its parent PDD, which briefly overtook rival Alibaba in market value.
‘I firmly believe that Alibaba will change and adapt. All great companies are born in winter,’ the founder said.
PDD and Meituan both post bumper increases in third quarter revenues as former captures desire for bargain prices and latter benefits from hotels and travel rebound.
The Chinese leader’s message promoting digital trade and common rules comes as the US is walking back its long-standing commitment to free trade.
Pinduoduo posts job advertisements for algorithm engineers, as it ramps up efforts in generative artificial intelligence.
JD.com CEO Sandy Xu Ran will take over leadership of JD Retail from Xin Lijun, the company announced on Wednesday.
JD.com revenue rose 1.7 per cent to US$34.2 billion in the three months through September amid a price war with Alibaba and PDD.
Two of China’s largest e-commerce platforms have reported growth in sales and order volume during the world’s largest shopping festival, but did not disclose exact sales numbers.
China’s e-commerce giants are counting on bargain-basement prices in their Singles’ Day campaigns to woo consumers who are reluctant to spend in the current uncertain economy.
Taobao owner Alibaba tops the list, but a Greenpeace manager says China’s e-commerce giants ‘still don’t do enough’ and may be ‘bottlenecks for progress’.
