Alibaba bets on overseas e-commerce unit amid sluggish growth in China
Chinese tech giant Alibaba Group is betting on its overseas businesses while domestic consumption growth remains sluggish.
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Chinese tech giant Alibaba Group is betting on its overseas businesses while domestic consumption growth remains sluggish.
HONG KONG -- Alibaba Group Holding is "not in a hurry" to proceed with initial public offerings of Cainiao Smart Logistics and brick-and-mortar chain Freshippo, Chairman Joe Tsai said in an earnings call on Wednesday night, citing challenging market conditions.
TOKYO/NEW YORK/HONG KONG -- As Chinese tech companies struggle with an economic slump and fall behind in artificial intelligence, U.S. corporations now account for nearly half of global stock market value, the highest level of concentration in two decades.
This is CNBC's live blog covering Asia-Pacific markets.
Alibaba co-founders Jack Ma and Joe Tsai have acquired shares worth hundreds of millions of dollars on the open market, according to a regulatory filing and The New York Times, sending the company's stock up around 7% in Tuesday morning trading.