The second annual “Taobao Maker Festival” (淘宝造物节) is currently underway in Hangzhou and Taipei. Speaking at the event, Alibaba Group Holding Ltd. (NYSE: BABA) CEO Daniel Zhang (张勇) opened up on the future for the Taobao platform as a multimedia destination and brand-development platform.
A Beijing-based user brought a lawsuit against 58.com (NYSE: WUBA), China’s leading classifieds conglomerate. The case is currently being tried at the People’s Court of Haidian District in Beijing.
Alibaba Group (NYSE: BABA), parent company of used- and new-goods site Taobao and the stuff app Xianyu, continues to shell out billions on the Southeast Asian online shop Lazada.Yesterday, Hangzhou-based Alibaba Group (e-commerce, cloud services and entertainment) announced it would be upping its stake in Lazada from 51 to 83 percent by investing $1 billion U.S. in the business. The deal valued Lazada at $3.2 billion U.S..
Temp job site Doumi.com and auto site Guazi.com belong to 58.com. The two sites were in the news recently for an innovative summer program for students and a new distribution center respectively.
With sister site Tmall.com taking over in terms of gross products moved, and used goods transactions being shuffled off to the mobile platform Xianyu, the future for Alibaba’s (NYSE: BABA) venerable used-and-new platform Taobao seems increasingly symbolic rather than practical. One prominent Taobao client is however China’s legal system, which has found in the platform a valuable third-party infrastructure for the selling off of seized goods. The Xinhua...
Online used-goods platform Kumai, launched by e-commerce giant JD.com in February, will shut down. Already, the homepage is blank. JD.com said the decision to close Kumai was taken due to a “business transition.”
The used-goods auction platform Xianyu, long considered a footnote to b-to-b behemoth Taobao, is beginning to spread its wings. With mid-2016 expansion into property, used autos and “valuables” (antiquities and jewelry) showing early success, Xianyu now announced the opening its first offline “experience outlet” for used cars in Hangzhou.
Alibaba Group released its financial results for Q4 and full FY2016/17 to end-March 2017. As for Tencent, which reported earnings earlier this week, all indications were extremely positive for the e-commerce and entertainment giant, as Alibaba’s revenue grew by 56 percent to RMB 158 billion ($22 billion U.S.) in FY2016/17 from FY2015/16, driven by expansion into new sectors.
The planned IPO by Alibaba’s (NYSE: BABA) fintech affiliate Ant Financial has been put on hold until at the least the end of 2018, and even 2019, according to the Financial Times. The move is being held up by the Chinese government, which has to approve all foreign listings of Chinese payments companies.
China’s Ant Financial, the digital payment arm of e-commerce giant Alibaba (NYSE: BABA), announced that its mobile payment services platform Alipay will be expanding into the U.S..