Alibaba’s financial services spin-off, Ant Financial, is said to have acquired a sizable stake in Vietnamese e-wallet eMonkey, according to Reuters.
Just as Alibaba celebrated their new record of $38.4 billion in GMV on the Singles’ Day shopping festival, rumors questioning the integrity of those numbers surfaced and circulated on Chinese social media platforms.
On October 25, the stock price of Pinduoduo, a new Chinese e-commerce star, soared by 12.62% to $39.38, reaching an all-time high.
At Alibaba’s 20th anniversary celebration in Hangzhou, China, founder Jack Ma stepped down as chairman.
Alibaba Group has delayed its much-awaited listing in Hong Kong that could help the company to rake in up to $15 billion.
Pinduoduo has been a lone bright spot in what has been a very difficult time for Chinese ADRs listed in the US.
Retail giant Tmall Global launched its first English-language website to attract more merchants and businesses from around the world to join China’s largest cross-border online shopping platform.
Daraz Group and its parent organization Rocket Internet SE have both announced today that the Chinese e-commerce giant Alibaba Group has acquired Daraz. Alibaba Group acquired the entire share capital from Rocket Internet for an undisclosed amount, making Daraz Group an wholly owned subsidiary under Jack Ma's empire.