SHANGHAI–Jack Ma, founder of e-commerce giant Alibaba, is China’s richest person with a fortune of nearly US$20 billion, as billionaires increase despite a slowdown in the country’s economy, Forbes magazine said Tuesday. The number of Chinese billionaires surged to 242 this year from 168 in 2013, Forbes said in its annual “China Rich List”, which ranks the wealthy. Ma’s personal wealth ballooned to US$19.5 billion from US$7.1 billion last year after his company’s record breaking initial public offering (IPO) on the New York Stock Exchange in September, according to the magazine.
Apple’s (AAPL) CEO Tim Cook sat down for a 30-minute talk at The Wall Street Journal Live technology conference and spoke about Apple Pay, iPhone, iPod and partnering with Chinese e-commerce provider Alibaba. On the subject of Apple Pay, Cook said he understands why retailers are looking to cut the costs of credit and debit cards by establishing their own payment service. But he also said that he believes customers will only use these retailers if they offer the right payment options.
You probably know the name Jack Ma. The man is, after all, the chairman and founder of Chinese ecommerce giant Alibaba, and his word carries some serious weight in Asian tech circles. What you may not know is that Jack Ma occasionally blogs. I’ve translated his latest piece below, as I think it’s something that everyone should consider, especially those of you working long hours trying to get startups off the ground.
China’s Alibaba Group has decided to power app searches for its mobile operating system using technology from U.S.-based Quixey, a company in which it invested. Quixey, which runs a mobile app by the same name, made the announcement on Friday, a year after it received funding from Alibaba, the Chinese e-commerce giant perhaps best known for its huge IPO on the New York Stock Exchange last month.
Alibaba’s mutual fund Yuebao garnered a lot of attention when it first launched last summer, and at first, it grew extremely fast. But by this July, it had begun to stagnate, and now according to the latest numbers, investment in Yuebao is actually dropping. Back in July, Yuebao held RMB 574 billion (US$92 billion) in assets, making it the fourth-largest money market fund in the world. But this past Friday, Tianhong Asset Management Co. (which manages Yuebao’s funds and which is also owned by Alibaba) announced Yuebao’s latest numbers: RMB 534 billion (US$87 billion).
If you earn a living off of your own online web store, Alibaba wants your business. The Chinese ecommerce behemoth is partnering with Bigcommerce, a service provider for online retailers, to help international web vendors source products from Alibaba.com, the company’s flagship business-to-business marketplace.
BEIJING: Chinese e-commerce firm Alibaba Group Holding Ltd said on Thursday it has changed the name of its Alipay financial services affiliate to Ant Financial Services Group as it steps up its push into the financial services industry. Alibaba has been aggressively offering new financial services around Alipay, including a money market fund for consumers, a mobile payment app and even a new private bank that was approved by the Chinese government in September.
Quixey , the US-based search engine for apps that Alibaba (NYSE:BABA) invested $50 million into, announced today it has partnered with the Chinese ecommerce titan to launch deep mobile search in China. That means a few things: first, Quixey will now take over mobile search on YunOS, the Alibaba-made Android skin that comes installed on millions of phones sold in China. YunOS will act as a sort of pilot program before Quixey expands to two other Alibaba properties, and possibly much further if it succeeds.
US retailer Costco is entering China today for the first time. But the membership-only warehouse store is not opening any physical shops in the country. Instead it’s partnering with Alibaba’s Tmall marketplace to open a storefront for shoppers in mainland China. It’s targeting an ecommerce market in China that’s worth an estimated US$275 billion this year. The new Costco Tmall store sells a selection of the retail giant’s foods and household items. Today’s announcement points out that with help from “Alibaba’s expertise in big data, Costco will carefully select the most suitable products and brands for its consumers in China.”
TAIPEI–Asian tech giants are fast-rivaling their Western counterparts, with Taiwan’s Hon Hai (鴻海) Precision Industry Co. an example of that rising power, according to an article posted on the Forbes website. “Call them copycats if you want, but the Asian tech giants from South Korea, Taiwan and China are fast becoming the new Ciscos and IBMs of the world,” according to the article published Oct. 5.
The hope of replicating Amazon and eBay’s success in China seemed a near impossibility. Less than one percent of China’s population was online. China’s logistics infrastructure was primitive. China’s finance sector was dominated by inefficient state-run banks slow to embrace online payment systems. And, perhaps most importantly, buyers and sellers who didn’t know one another simply didn’t trust each other enough to transact online. The barriers to consumer ecommerce in China seemed insurmountable.
By now you know that Alibaba is big. Like, third biggest internet company in the world big. With the champagne bottles emptied following its historic IPO, expectations are high that Alibaba will move quickly and forcefully into a phase of global expansion . But what does that mean for startups in Southeast Asia? Alibaba is no stranger to investing. According to The Wall Street Journal , Alibaba has been atypically active in 2014, joining in funding rounds totalling over US$1 billion.
The ringing of the morning bell of NYSE on 19th September by Aibaba Group Holding Ltd. (NYSE:BABA), the Chinese e-commerce giant marked the launch of biggest Initial Public Offering (IPO) in US history. The company raised $21.8 billion on the first day of its trade increasing its market capital value to $231 billion and putting it among the top 20 biggest companies by market cap in the US. Alibaba far beat out its tech peers like Facebook Inc. (NASDAQ:FB) whose first day earning was $16 billion and Google Inc. (NASDAQ:GOOGL) whose 2004 IPO launch just raised $1.67 billion.
Media have been opining and hyping Alibaba’s USD21.8 billion IPO impact on the global Internet ecosystem and how the company plans to invest its new wealth. Unlike most IPOs, many early investors in Alibaba will have no lock-up period and they can sell their shares today. Though CEO Jack Ma pledged that customers are more important than investors to Alibaba’s growth, this uncommon nod towards investors may instead be a bellwether to how insiders view Alibaba’s future.
NEW YORK: The Dow on Friday (Sep 19) notched its third straight record high in mixed Wall Street trade as shares of Chinese Internet company Alibaba soared following a record initial public offering. The Dow Jones Industrial Average advanced 13.75 points (0.08 per cent) to close at 17,279.74. The S&P 500 finished down 0.96 of a point (0.05 per cent) at 2,010.40, narrowly missing a record high a day after setting one. The tech-rich Nasdaq Composite Index fell 13.64 (0.30 per cent) to 4,579.79.
15 years after first starting up, China’s top ecommerce company, Alibaba (NYSE:BABA), today listed on the New York Stock Exchange in a huge, record-breaking IPO. After earlier pegging its shares at $68 a piece, Alibaba actually debuted – just over two hours after markets opened – at $92.70 per share. The shares nearly hit $100 in the opening few minutes before settling down to $94 at the time of publishing.
With trading starting on the New York Stock Exchange later on Friday, the share sale will raise $21.8bn, making it one of the largest flotations ever. It values Alibaba, which accounts for 80% of all online retail sales in China, at $167.6bn. That value surpasses such corporate titans as Walt Disney and Boeing. The final amount raised from the sale could change, depending on the final allotment allocation.
Alibaba will be the third-biggest internet company in the world by market cap if analysts’ estimates hold up. It will surpass both US ecommerce giant Amazon and Chinese rival Tencent. Chinese companies take up four of the top 10 spots and make up three of the top six. Baidu (NASDAQ:BIDU) sits at number six, while JD (NASDAQ:JD) rounds out the top 10. Google (NASDAQ:GOOGL) leads by a long shot with nearly twice the market cap as runner up Facebook (NASDAQ:FB).
In the run-up to Alibaba’s earth-shaking IPO, the ecommerce titan has been all but silent during its customary “quiet period.” But 2014 as a whole has been a busy year for the firm. Alibaba has invested in or bought outright multiple companies both at home and abroad, spending so much money that some have referred to 2014 thus far as Alibaba’s “bachelor party.”
Alibaba Group Holding Ltd. plans to stop taking orders early from investors for its highly-anticipated initial public offering, according to media reports on Friday, citing people familiar with knowledge of the matter. The Chinese e-commerce giant reportedly has sufficient demand to sell all the stock in the IPO at the high end of its current price range and therefore, plans to start closing the order books early.