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Alibaba Group Acquires SCMP for HK$2.06 billion

Alibaba Group has entered into a definite agreement to acquire the South China Morning Post (SCMP). The agreement also includes acquisition of the magazine, recruitment, outdoor media, events & conferences, education and digital media businesses of SCMP Group Limited (SEHK: 0583). Alibaba has agreed to pay HK$2.06 billion (US$266 million) for SCMP Group for the SCMP and all other media ... Read More »

Alibaba Launches Entrepreneur-focused Funds

Alibaba Group has officially launched its Entrepreneur Funds in Hong Kong and Taiwan. These funds are a non-profit initiative designed to nurture companies in the start-up, growth and expansion phases. Apart from financial support, the funds will also help entrepreneurs access resources offered by Alibaba’s ecosystem including e-commerce, logistics, mobile platforms to cloud computing and financial services. Cindy Chow, a ... Read More »

Yelp Wins Major Lawsuit over Authenticity of its Reviews

Yelp Inc won a lawsuit by shareholders saying they were  misled about the authenticity and quality of its reviews, and whether Yelp manipulated those reviews to favor paying advertisers. District Judge Jon Tigar in San Francisco said reasonable investors would understand that not all Yelp reviews are real, particularly given the company’s admission that its technology to screen user-generated content ... Read More »

Alibaba Launches Online Platform SMILE for Indian SMEs

Indicating the importance it attaches to the Indian market, Alibaba Group Holding Ltd, which operates wholesale trading platform Alibaba.com, has launched an online platform, SMILE, exclusively for Indian small and medium enterprises (SMEs). SMILE, which stands for Small and Medium Industries Leveraging Export, will provide Indian SMEs access to global business trading counterparts as well as one-stop trading solutions including ... Read More »

Tencent’s WeBank is Seeking to Raise US$1bn

WeBank, the online finance operation that is owned and operated by Chinese tech giant Tencent Holdings, will seek to raise as much as $1 billion in an effort to boost its lending business and also its ancillary financial services. WeBank is a relative newcomer on the lending scene, as it began operations at the beginning of 2015, and plans are ... Read More »

Alibaba Group Generated USD14.3 Billion of GMV on 2015 11.11 Global Shopping Festival

Alibaba Group Holding Limited (NYSE: BABA) today announced that USD14.3 billion (RMB91.2 billion) of gross merchandise volume (“GMV”) was settled through Alipay on Alibaba’s retail marketplaces on November 11, 2015, making the 2015 11.11 Global Shopping Festival the largest shopping day in history. Mobile GMV settled through Alipay accounted for 68.7 percent of total GMV. Total mobile GMV increased by ... Read More »

Baidu, Citic Bank Plan to Set Up Direct Bank

Chinese search company Baidu Inc. and China Citic Bank Corp. are planning to set up a direct bank, which would offer investment products and loans online.  The move marks the Internet company’s latest push to better compete against its rivals in the rapidly growing space for online financial services. China’s Internet companies are competing to offer users online financial services ... Read More »

China:  Exhibit Industry Reforms

China’s State Council move ahead with exhibition reforms China’s State Council has approved the establishment of an inter-ministerial conference for exhibition industry. The working group will have the goal of determining reforms of China’s exhibition industry. The group’s brief is to reinforce the establishment and implementation of the sector’s development strategy, plans, policies and regulations. The group will be chaired ... Read More »

Alibaba Rolls-out Another U.S. Data Centre

Aliyun, the Alibaba Group’s cloud computing arm, announced that they have established their second data centre in Silicon Valley. The new data centre will address the growing demand of cloud computing services on the U.S. West Coast. The data centre has also been designed to manage the increasing sophistication of big data requirements. On the same day that it opened ... Read More »

Alibaba Seeks to Become ‘Gateway to China’ with European Offices

Alibaba will open so-called “embassies” in Italy, France and Germany, with a view to positioning the company as the “gateway to China” for European merchants. Companies ranging from clothing group Zara to luxury brand Burberry have opened stores on Tmall, Alibaba’s eBay-like platform aimed at attracting brand-name sellers. However, Alibaba’s reputation for being unable to fight fakes and counterfeit goods has kept some ... Read More »

Alibaba Breaks Online Shopping Records on China’s Singles’ Day

Buyers clicked on Alibaba’s shopping websites in unprecedented numbers during China’s e-commerce extravaganza of Singles’ Day, ensuring the company breezed past last year’s record sales by lunchtime. As of Tuesday afternoon online sales for China’s biggest e-commerce company punched through last year’s Rmb36.2bn and generated 165m orders, according to data displayed on a massive screen in Alibaba’s central auditorium. Alibaba has turned the ... Read More »

New Online Marketplace Launched to Connect Asian Buyers and Suppliers

Pan Asian Exchange, a new online B2B marketplace in Asia, was launched on September 22. The platform offers business buyers and suppliers customs clearance help, logistics, regulatory and financial service support across seven countries in Asia – the Philippines, Hong Kong, Taiwan, Singapore, Malaysia, China and Macao. The Pan Asian Exchange, or PAE, connects more than 4,000 small and medium-sized ... Read More »

Tencent to Invest Big in Cloud Computing

Tencent Holdings has said that it will invest more than US$1.5 billion over the next five years in its cloud-computing business. This will include construction and operation of data centres in China, Hong Kong and North America, and also to recruit new talent and promote cloud services through marketing campaigns. Tencent operates data centres that house servers and other equipment, ... Read More »

Cainiao and United States Postal Service Sign MoU to Increase Cross-Border Logistics Services

Cainiao, the logistics affiliate of Alibaba Group Holding Limited, and the United States Postal Service (USPS) today signed a Memorandum of Understanding (MoU) to develop new international shipping solutions and enhance the logistics-service experience for both sellers and buyers involved in cross-border e-commerce. Through the MOU, Cainiao and the USPS agreed to work together to speed delivery of merchandise sold ... Read More »