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☆ Alibaba shares sink after it shelves IPO plans for two units
▼ + stars: | 2024-02-08 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shares in Alibaba sank as much as 7% in Hong Kong on Thursday, after the Chinese tech giant reported disappointing sales figures and announced it would suspend listings plans for two of its units. The news comes at a tough time for the tech giant. In December, the company reshuffled its top ranks after the stellar performance of a competitor caused a stir at Alibaba. The company’s announcement of a $25 billion share repurchase program, which it said demonstrated its confidence in its business and cash flow outlook, also failed to ignite interest among investors. Alibaba shares in New York closed 5.9% lower on Wednesday.

Persons: Joseph Tsai, ”, Alibaba, Jack Ma, PDD, Alicia Yap, Ma, —, Laura Organizations: Hong Kong CNN —, Cainiao, Reuters, Refinitiv, ” Citi Locations: China, Hong Kong, Alibaba, New York

"Investors had hoped to receive separate shares of the cloud business in hopes the segment could achieve a higher multiple in the public markets due to its growth potential." The company then appointed Eddie Wu, one of Alibaba Group's co-founders and long-time lieutenant of former chief Jack Ma, as both CEO of Alibaba and the cloud business. Instead the group would focus on growing the cloud business and providing investment for its AI drivers, he said. [1/2]3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. Alibaba International Digital Commerce, a business that includes platforms such as Lazada and AliExpress, however reported a 53% rise in revenues, with retail revenue up 73% year-on-year.

Persons: Cainiao, Thomas Hayes, Alibaba's, Daniel Zhang, Eddie Wu, Alibaba Group's, Jack Ma, Zhang, Joseph Tsai, Tsai, Wu, Dado Ruvic, Alibaba, Akash Sriram, Brenda Goh, Sam Holmes, Arun Koyyur, Jane Merriman Organizations: Alibaba, HK, Tencent Holdings, Alibaba's, Investors, Analysts, Cloud Intelligence Group, REUTERS, Alibaba Group Holdings, PDD Holdings, Digital Commerce, Casey Hall, Thomson Locations: U.S, China, Hong Kong, Alibaba's U.S, Bengaluru, Shanghai

Alibaba Group's Hong Kong shares closed down 10%, their biggest single-day drop in more than a year. Some analysts said keeping the cloud unit could assist Alibaba's AI push. But (it) also points to the increasing importance of retaining the cloud unit given the surging demand for AI computing in China," said US Tiger Research analyst Bo Pei. Alibaba reported second-quarter revenue of 224.79 billion yuan ($31.01 billion), in line with the 224.32 billion expected by analysts, LSEG data showed. The company also said it will press ahead with a listing of Alibaba's logistics arm, Cainiao, which applied for a Hong Kong initial public offering in September.

Persons: Group's, Jon Withaar, Alibaba, Joseph Tsai, Aly, Jack Ma, Kenneth Fong, Bo Pei, Eddie Wu, Daniel Zhang, Vey, Sern Ling, Donny Kwok, Josh Ye, Casey Hall, Gu Li, Yelin, Ankur Banerjee, Anne Marie Roantree, Brenda Goh, Muralikumar Anantharaman Organizations: HK, Pictet Asset Management, Tencent Holdings, Artificial Intelligence, REUTERS, UBS, Tiger Research, Union Bancaire, Hong, Thomson Locations: HONG KONG, China, Hong Kong, Asia, U.S, Singapore, Washington, Hangzhou, Shanghai, Alibaba, Union, Yelin Mo, Beijing

☆ Alibaba extends losses to $26 billion in market value after the company announces big reversal of spin-off plans
▼ + stars: | 2023-11-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Alibaba has lost $26 billion in market cap since Thursday, after it shelved plans to spin off its cloud business. Executives said they needed to "reset" strategy, and pointed to US restrictions on chip sales to China. AdvertisementAlibaba walked back plans to spin off its $11 billion cloud business this week, sending shares of the Chinese tech giant lower for a second day on Friday. AdvertisementThe spin-off for its Cloud Intelligence Group had been planned as part of a widespread overhaul of the Alibaba empire. "We believe that a full spin-off of Cloud Intelligence Group may not achieve the intended effect of shareholder value enhancement," the company said.

Persons: Alibaba, —, Joseph Tsai, Eddie Wu, Wu, Tsai, Biden, it's, Jack Ma Organizations: Service, Bloomberg, Biden Administration, Tencent Holdings, JD, Nvidia, Cloud Intelligence Group, Cloud Intelligence Locations: China

The drop, potentially its biggest one-day fall in more than a year, wiped about $20 billion off the Chinese tech giant's market value. It was the first market reaction in Asia since the stunning strategy reversal was announced late on Thursday. "The cancellation of a full spin-off of AliCloud is a negative surprise," said Nomura analyst Shi Jialong in a note. The company said it will press ahead with a listing of Alibaba's logistics arm, Cainiao, which applied for a Hong Kong initial public offering in September. Reporting By Donny Kwok and Josh Ye in Hong Kong, Casey Hall and Gu Li in Shanghai; Writing by Anne Marie Roantree and Brenda Goh; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Group's, Nomura, Shi Jialong, Alibaba, Jack Ma, Kenneth Fong, Joseph Tsai, Bo Pei, Eddie Wu, Donny Kwok, Josh Ye, Casey Hall, Gu Li, Anne Marie Roantree, Brenda Goh, Muralikumar Organizations: Artificial Intelligence, REUTERS, Hong, Tencent Holdings, HK, UBS, Tiger Research, Thomson Locations: Shanghai, China, HONG KONG, SHANGHAI, HK, Hong Kong, Asia, AliCloud, Washington, U.S, Hangzhou, Alibaba

☆ Shares of Alibaba tumble over 3% after outgoing CEO unexpectedly quits cloud business
▼ + stars: | 2023-09-11 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The move comes months after Alibaba said in June that Zhang was departing as chairman and CEO of Alibaba Group to focus on the cloud intelligence unit. Stock Chart Icon Stock chart iconIn a surprise leadership reshuffle in June, Alibaba announced that Zhang was bowing out as both CEO and chairman on Sept. 10 to focus on the cloud intelligence business. Zhang was Alibaba Group CEO since 2015 and the group chairman since 2019. He has also been chairman and CEO of the Alibaba Cloud Intelligence Group since 2022. "The board of our Company expresses its deepest appreciation to Mr. Zhang for his contributions to Alibaba Group over the past 16 years," Alibaba said in the Sunday statement.

Persons: Daniel Zhang Yong, Daniel Zhang, Alibaba, Zhang, Eddie Wu, Wu, Joseph Tsai Organizations: Alibaba, Fund, Visual China, Getty, Alibaba Group, Cloud Intelligence Group, Company Locations: Lanzhou, Gansu Province, China, Hong Kong

SHANGHAI, Sept 10 (Reuters) - China's Alibaba Group (9988.HK) said on Sunday that Daniel Zhang will step down from its cloud business, in a surprise move just two months after the company announced he would leave his roles as group CEO and chairman to focus on the cloud unit. Zhang had previously been concurrently serving in three roles, heading the group as well as its cloud unit. As scheduled, he handed over the role of group CEO to Eddie Wu on Sunday, who will also take charge of the cloud business after Zhang's departure, the company said in a statement. "Following careful consideration, the Alibaba board respected and accepted Daniel's decision and appointed Eddie as acting chairman and CEO of Cloud Intelligence Group, effectively immediately." Zhang will continue to contribute to Alibaba by "channeling his expertise differently," the letter added, saying that Alibaba will invest $1 billion in a technology fund that Zhang would establish.

Persons: Daniel Zhang, Zhang, Eddie Wu, Alibaba, Daniel, Joseph Tsai, Eddie, Brenda Goh, Hugh Lawson, Sharon Singleton Organizations: HK, Sunday, Cloud Intelligence Group, Reuters, Thomson Locations: SHANGHAI

☆ Alibaba’s Boss Steps Aside
▼ + stars: | 2023-09-10 | by ( John Koblin | More About John Koblin | ) www.nytimes.com time to read: +1 min

Daniel Zhang, the departing chief executive and chairman of the Chinese tech giant Alibaba, has stepped down as head of the tech company’s cloud division, a position he held for mere months. The company announced in June that Mr. Zhang would give up the chairman role this month to Joseph Tsai, a co-founder of Alibaba, and that Eddie Yongming Wu, another founder, would became the chief executive. But Mr. Zhang had been widely expected to continue to lead Alibaba’s cloud computing division, a position he assumed in March as part of a broad restructuring that he unveiled for the company that month. The news that Mr. Zhang would also step down from the company’s cloud division was earlier reported by both Bloomberg and Reuters. Mr. Zhang’s standing at Alibaba became uncertain after the company announcement in June that he would be replaced by two key members of the tech giant’s old guard.

Persons: Daniel Zhang, Zhang, Joseph Tsai, Eddie Yongming Wu, Zhang’s Organizations: Bloomberg, Reuters Locations: Alibaba

REUTERS/Dado Ruvic/Illustration/File PhotoAug 10 (Reuters) - China's Alibaba Group Holding (9988.HK) reported its strongest quarterly revenue growth in almost two years on Thursday, boosted by a mid-year shopping festival that attracted bargain hunting consumers amid a sober economic environment. The Chinese e-commerce giant posted first-quarter revenue of 234.16 billion yuan ($32.29 billion), up 14% from the prior-year quarter which was hit by strict pandemic lockdowns. The figurebeat analysts' estimates of 224.92 billion yuan, according to Refinitiv data. Regulatory concern has eased for China's tech giants, including Alibaba, this year, with Chinese authorities keen to boost private sector confidence. (1 Chinese yuan renminbi = $0.1387)Reporting by Yuvraj Malik in Bengaluru; Editing by Shounak Dasgupta and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Joseph Tsai, Yuvraj Malik, Shounak Dasgupta, Sharon Singleton Organizations: REUTERS, HK, Cloud Intelligence Group, Tmall, PDD Holdings, Thomson Locations: U.S, China, Alibaba, Bengaluru

The CEO role will be handed over to Eddie Yongming Wu, chairman of Alibaba's Taobao and Tmall Group, while Executive Vice Chairman Joseph Tsai will take over Zhang as chairman. "The idea or expectation that one person could manage the business' crown jewel Cloud and at the same time manage the entire Alibaba Group is an unreasonable expectation." "It would be inappropriate for me to continue serving as chairman and CEO of both companies at the same time during the spin-off process." Alibaba thanked Zhang for his "extraordinary leadership in navigating unprecedented uncertainties affecting the company's business over the past few years." Wu, who co-founded Alibaba alongside Ma and Tsai over two decades ago, will continue to concurrently serve as chairman of Taobao and Tmall Group, Alibaba said.

Persons: Zhang, Joseph Tsai, Alibaba, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Daniel, Brian Wong, Jack Ma, Joe, Eddie, Eric Chen, Wu, Ma, Tsai, Alipay, Jacob Cooke, Cooke, China's, J, Michael Evans, Abinaya, Brenda Goh, Scott Murdoch, Anne Marie Roantree, Josh Ye, Muralikumar Anantharaman, Christopher Cushing Organizations: Alibaba, HK, Tmall, Reuters, Cloud Intelligence Group, Analysts, Alibaba Health, Technologies, Thomson Locations: SHANGHAI, China, Hong Kong, Shanghai, Beijing, Japan, Spain, Australia, Thailand, Tokyo, Taobao, Bengaluru, Sydney

☆ Alibaba appoints Joseph Tsai, Eddie Wu to succeed Daniel Zhang as chairman and CEO
▼ + stars: | 2023-06-20 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Joseph Tsai, executive vice chairman and cofounder of Alibaba Group, will succeed Daniel Zhang as chairman, according to an announcement by the Chinese tech giant on Tuesday. Eddie Wu, chairman of Alibaba’s e-commerce platform Taobao and Tmall Group, will succeed Zhang as chief executive officer and replace him on the company’s board of directors. Following the transition, Zhang will continue to serve as the chairman and CEO of Alibaba’s cloud unit. “I am grateful for the trust of the Alibaba Group board of directors and am honored to succeed Daniel as Alibaba’s CEO,” he said. Zhang was appointed by Alibaba as CEO in May 2015, eight years after he joined the company.

Persons: Hong Kong CNN — Joseph Tsai, Daniel Zhang, Jack Ma, Eddie Wu, Zhang, ” Zhang, Wu, “, Daniel, ”, Alibaba, Ma, Masa Son Organizations: Hong Kong CNN, Alibaba, Alibaba’s, Tmall, Alibaba Cloud Intelligence Group, Ant Group, Alibaba Group, University of Hong Kong, University of Tokyo Locations: Hong Kong, Beijing, Japan, China

☆ Alibaba Says Its Chairman, Daniel Zhang, Will Step Down in September
▼ + stars: | 2023-06-20 | by ( Chang Che | ) www.nytimes.com time to read: +1 min

In a major overhaul at the top of the company, Alibaba Group, China’s leading e-commerce giant, announced on Tuesday that Daniel Zhang would relinquish his role as chairman and chief executive of the company. Mr. Zhang said he would continue to serve as chief executive of Alibaba’s cloud computing division. Joseph Tsai, an Alibaba veteran who is the company’s executive vice chairman, will succeed Mr. Zhang as chairman and as a member of Alibaba’s board of directors. The leader of Alibaba’s e-commerce division, Eddie Yongming Wu, will succeed Mr. Zhang as chief executive, the company added. He will continue to lead both of those platforms as Alibaba’s chief executive.

Persons: Daniel Zhang, Zhang, Joseph Tsai, Alibaba’s, Eddie Yongming Wu, Wu, Alibaba Organizations: Alibaba, Tmall, Alibaba’s

June 21 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The one-year loan prime rate (LPR) was cut to 3.55% and the five-year LPR was cut to 4.20%. The yuan has been trading through 7.00 per dollar every day since May 18, and is now approaching 7.20/dollar. On the Chinese corporate front, investors are digesting the news of changes at the top of e-commerce giant Alibaba Group (9988.HK). The main global event for markets on Wednesday is likely to be Fed Chair Powell's semi-annual testimony to the House Financial Affairs Committee.

Persons: Jamie McGeever, Jerome Powell, Kazuo Ueda, weren't, Daniel Zhang, Eddie Yongming Wu, Joseph Tsai, Deepa Babington Organizations: Federal, Bank of, The Bank of Japan, People's Bank of China, Investors, Alibaba, HK, House Financial, Committee, Thomson, Reuters Locations: Asia, Japan

☆ List of FTX Backers Expands to Include Kraft Group, Other Family Offices
▼ + stars: | 2023-01-11 | by ( Andrew Scurria | ) www.wsj.com time to read: 1 min

FTX raised equity capital before its collapse from Robert Kraft‘s Kraft Group and entertainment giant Endeavor Group Holdings Inc., among other newly-identified backers who now face the loss of their investments in the once-highflying exchange. The crypto firm’s chapter 11 administrators disclosed a new roster of its financial backers that listed affiliates of Kraft Group and entertainment giant Endeavor as holding common and preferred stock. FTX also disclosed that it raised capital from affiliates of investment offices including Daniel Och‘s Willoughby Capital LLC and Blue Pool Capital, a Hong-Kong office backed by Alibaba Group co-founder Joseph Tsai, according to the shareholder list, filed in bankruptcy court on Tuesday.

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