Corporate China's star was just days away from seeing his Ant Group list on the stock market in a record $37 billion deal, when he chose to launch a blistering public attack on the country's financial system.
Alibaba is in talks to raise its stake in a Chinese courier company with an aim to become the top shareholder, sources said, as it accelerates consolidation in the world's largest express delivery market.
Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, plans a Hong Kong float as soon as this year and targets a valuation of more than $200 billion, said two sources with knowledge of the matter.
Chinese retailer Alibaba Group Holding Ltd’s sales for its 24-hour Singles’ Day shopping blitz hit a record $38.4 billion, more than U.S. rival Amazon.com Inc’s haul last quarter from online store sales.
Alibaba Group Holding on Monday said sales for its annual Singles’ Day shopping blitz hit 158.31 billion yuan ($22.63 billion) in its first nine hours, up 25% from 126.72 billion yuan at the same point last year.
Few people are better placed to suggest how fashion, luxury and beauty brands can reach Chinese consumers than Christina Fontana, director of fashion & luxury Europe for Alibaba, the world's biggest e-commerce company.