However, when their e-commerce rivals like Alibaba’s Taobao and JD.com were boasting about their inflated GMV numbers during the shopping festival, Pinduoduo took another approach.
China’s 2019 11.11 Global Shopping Festival has once again set new records in terms of GMV.
Alibaba’s annual 11.11 Global Shopping Festival has only just begun and it has already generated $12.0 billion in GMV (84 billion yuan) during the first hour since the event kicked off at midnight.
On November 8, Alibaba Group announced an additional investment of roughly $3.3 billion to increase its equity stake in the logistics company Cainiao they launched in 2013.
Alibaba Group saw a robust total revenue growth of 40% year-on-year and a rise in mobile MAUs (monthly active users) to 785 million.
Alibaba Group might be eyeing a public listing in Hong Kong as early as November to raise up to $15 billion, people familiar with the matter said on October 30.
Episode 54 of TechBuzz China is about the rise of the influencer and idol economies in China, which is a major trend that has created an entirely new ecosystem online.
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.
The Paper has learned from the team of Xiaohongshu (aka Red) that the app has been re-launched in several Android app stores.
Chinese real estate e-commerce platform Fangduoduo has filed its IPO prospectus with the SEC in anticipation of a public offering on the NASDAQ under the ticker “DUO” on October 9.
Chinese e-commerce behemoth Alibaba announced on October 9 that the company will stop selling e-cigarette components in the US.
Starbucks took another step toward evolving the digital customer experience for customers in China by cooperating with Alibaba and launching a smart speaker capable of ordering coffee delivery by voice.
The case regarding where NetEase’s cross-border e-commerce platform Kaola will end up has been closed, as Alibaba acquired the branch for $2 billion.
On August 21, Pinduoduo, an innovative and fast growing “new e-commerce” platform and one of the leading Chinese e-commerce players, announced its unaudited financial results for the second quarter that ended June 30, 2019.
Alibaba Group announced its financial results for the first quarter of the 2020 fiscal year ended June 30, 2019. The Chinese tech behemoth had a strong quarter across the board, beating estimates on revenue and earnings despite the uncertain market conditions due to the US-China trade tensions.