SHANGHAI (Reuters) – When Alibaba Group Holding Ltd’s eccentric founder Jack Ma stepped down as CEO two years ago, he declared “the Internet belongs to young people,” and promised that most of the company’s leaders born in the 1960s would soon retreat from management.
On Thursday, that transition at the e-commerce behemoth appeared complete as Ma trumpeted the appointment of a fresh chief executive, Daniel Zhang, born in 1972, as part of a broader reshuffle.
SHANGHAI/HONG KONG (Reuters) – Alibaba Group Holding Ltd (BABA.N: Quote, Profile, Research, Stock Buzz) named a new chief executive on Thursday, as the Chinese ecommerce group’s blistering growth faces headwinds and less-lucrative mobile transactions surpassed those from personal computers for the first time.
Alibaba said Chief Operating Officer Daniel Zhang would on May 10 replace Jonathan Lu, who as the firm’s low-key chief executive of two years was frequently eclipsed by outspoken founder and Executive Chairman Jack Ma. Lu will remain on the board as vice chairman.
BEIJING/SHANGHAI, April 9 (Reuters) – Alibaba Group Holding
Ltd and its finance affiliate accelerated a drive to be
a full-fledged Chinese online financial network, with the launch
on Thursday of an e-commerce tracking stock index and plans for
a June start of an internet bank.
Ant Financial Services Group’s CSI Taojin Big Data 100 Index
is the first of its kind in the mainland, tracking e-commerce
activities to gauge firms’ performance, and marrying the China
internet shopping giant’s data troves with its financial
BEIJING/SHANGHAI, April 9 (Reuters) – Alibaba Group
Holding’s finance arm launched on Thursday an index
that tracks e-commerce activities to gauge firms’ performance,
marrying the China internet shopping giant’s data troves with
its financial services aspirations.
The CSI Taojin Big Data 100 Index, the first in China to tap
e-commerce data, is composed of 100 stocks in sectors such as
household durables, textiles and apparel, food and hospitality,
said Ant Financial Services Group in a statement.
BEIJING, March 12 (Reuters) – China’s Alibaba Group Holding
Ltd, the world’s largest e-commerce firm, has begun
hunting staff in Seattle, home turf of Amazon.com Inc
and Microsoft Corp, focusing on savvy cloud computing
hires as it ramps up U.S. operations.
Three positions were open to people in Seattle, two of which
also allow applications for Alibaba’s Silicon Valley offices,
according to advertisements on LinkedIn Corp’s N> business
networking site in the past week.
HANGZHOU, China, March 4 (Reuters) – Alibaba Group Holding
Ltd is launching a cloud computing hub in Silicon
Valley on Wednesday, the e-commerce giant’s first outside of
China, underscoring its global ambitions in the face of stiff
and entrenched competition.
The new California data center marks the Chinese company’s
latest measured expansion onto American soil, and into a hotly
contested U.S. market now dominated by Amazon.com Inc,
Microsoft Corp and Google Inc.
BEIJING/SHANGHAI (Reuters) – China’s Alibaba Group Holding Ltd is taking a $590 million stake in an obscure domestic smartphone maker as the e-commerce giant tests ways to expand its mobile operating system in a shrinking, cut-throat handset market.
Extending a previously muted push into hardware, Alibaba said on Monday it will buy an unspecified minority stake in smartphone maker Meizu Technology Co. Dwarfed by rivals like Xiaomi Inc [XTC.UL], privately owned Meizu’s slice of China’s smartphone market is estimated by analysts at below 2 percent.
BEIJING/SHANGHAI (Reuters) – Alibaba Group Holding Ltd’s (BABA.N: Quote, Profile, Research) shares fell more than 10 percent early on Thursday, wiping more than $25 billion of market value after third quarter revenue at the Chinese internet giant fell short of analysts’ expectations.
Revenue at the world’s largest e-commerce company rose 40 percent to $4.22 billion in the December quarter, short of the average analyst estimate of $4.45 billion, according to Thomson Reuters I/B/E/S.
SHANGHAI (Reuters) – A China regulator has accused Alibaba Group Holding Ltd (BABA.N: Quote, Profile, Research) of failing to clean up what it called illegal business deals on the e-commerce titan’s platforms, in an unusually strong government criticism of one of the country’s biggest private firms.
The State Administration for Industry and Commerce (SAIC), in a report published on its website on Wednesday, said many products sold on Alibaba’s e-commerce websites and services infringed upon trademarks, were substandard or fake, were banned or endangered public security.
SHANGHAI (Reuters) – China has punished 11 Shanghai officials for failing to prevent a New Year’s Eve stampede that killed 36 people, injured dozens and dented the image of the country’s most cosmopolitan and best-managed city.
Municipal officials involved in the investigation blamed the stampede on government and Communist Party leaders from the Huangpu District, home to the riverfront Bund area where the disaster happened.