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☆ China has a 'fake gold' problem — locals are getting scammed into buying artificial jewelry
▼ + stars: | 2024-05-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Gold bracelets at a gold jewelry store in the Zhejiang Province of China. Thousands of people in China have been duped into forking out money on "fake gold" — inferior or artificial gold — after trying to purchase so-called "999 gold" online, according to the government. The purest form of gold is commonly referred to as 999 gold, because it has gold content of 99.9%. "Fake gold is becoming a major problem in China as more Chinese are looking to put their savings into gold," said China Market Research Group's Managing Director Shaun Rein. Fake gold gets darker or reveals a greenish color when placed under flame, while pure gold turns brighter on exposure to heat.

Persons: Shaun Rein, Nikos Kavalis, Rein, Taobao, Pinduoduo Organizations: Visual China, Getty, Research, India, World Gold, Metals, ChinaFotoPress Locations: Zhejiang Province, China, scammers, Nantong

☆ Jack Ma is praising Alibaba. Wall Street is more cautious
▼ + stars: | 2024-04-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Alibaba shares got a boost last week from news founder Jack Ma is pleased with the company's turnaround so far. They cut their price target to $100 a share, down from $105 previously, while maintaining an overweight rating. Eddie Wu became CEO of Alibaba in September, and is also acting head of the cloud business. They cut their price target by $1 to $105 a share and maintained their buy rating. They have a price target of $85, and, in contrast to the many buy ratings, rate the stock equal weight.

Persons: Jack Ma, Joe Tsai, Ma, Alex Yao, Tsai, Nicolai Tangen, We've, Eddie Wu, Trudy Dai, Daniel Zhang, Kenneth Fong, Douyin, Nomura, Doubao, Ernie, Qianwen, monetization, Morgan Stanley, Gary Yu, — CNBC's Michael Bloom, Arjun Kharpal Organizations: CNBC, Wall Street, JPMorgan, Norges Bank Investment, Alibaba, Commerce, UBS, PDD Holdings, Norges Bank Investment Management Locations: China, U.S, Taobao, BABA

☆ Alibaba scraps IPO of logistics unit Cainiao, says it will take full ownership
▼ + stars: | 2024-03-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The Alibaba Group company logo is displayed on a screen at the New York Stock Exchange during morning trading on February 14, 2024 in New York City. Alibaba on Tuesday said it was scrapping a planned initial public offering for its smart logistics unit Cainiao, adding to recent woes for the former Chinese tech darling. The shelving of the planned IPO — which would have been a boon to Alibaba, handing it an injection of cash with a key exit deal — comes after deteriorating market conditions in China. In a press release Tuesday, Alibaba said that it was withdrawing its IPO and listing application for Cainiao, and would also buy the remaining shares of the company it does not already currently own. Cainiao, which Alibaba first launched in May 2013, provides warehousing and fulfillment services, last-mile delivery and pick-up posts, and reverse logistics to customers of Alibaba's Taobao and Tmall e-commerce sites.

Persons: —, Alibaba, Joe Tsai Organizations: Alibaba Group, New York Stock Exchange, Investors, Baidu, U.S, Dow Jones Industrial, Tech Locations: New York City, Alibaba, China, U.S, Cainiao, Hong Kong

☆ Alibaba bets on overseas e-commerce unit amid sluggish growth in China
▼ + stars: | 2024-02-20 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +5 min

Costfoto | Nurphoto | Getty ImagesChinese tech giant Alibaba Group is betting on its overseas businesses while domestic consumption growth remains sluggish. James Dong, CEO of Southeast Asian e-commerce giant Lazada Group, was named as Daraz's acting CEO. Dong took over as Lazada Group CEO from Chun Li in June 2022, after running the company's Thailand and Vietnam operations. Intense competitionThe e-commerce business that once propelled Alibaba to success has run into challenges with upstart competitors such as PDD, while consumption growth in China remains sluggish. Alibaba posted 9% year-on-year revenue growth in the third quarter to about $31 billion.

Persons: Eddie Wu, Yinglan Tan, AliExpress, Bjarke Mikkelsen, Jan, James Dong, Lazada, Tan, Alibaba, Zhang, Dong, Chun Li, Li, Pierre, Lucy Peng, PDD Organizations: Nurphoto, Getty, Digital Commerce, Tmall, Tmall Group, Alibaba, Ventures, Lazada, CNBC, Ventures Partners, Alibaba Group, PDD Holdings, Hong Kong, HK Locations: Huangpu District, Shanghai, Taobao, monetization, Alibaba, Pakistan, Asia, China, Thailand, Vietnam, Hong Kong

☆ For some Spring Festival revelers in China, traditional attire adds an element of time travel to celebrations
▼ + stars: | 2024-02-12 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +8 min

For instance, Yu Garden in Shanghai, which hosts a 40-day Spring Festival lantern fair, has become a popular destination for Hanfu fans. The nearby commercial shopping district of Wujiaochang even hosted a Lunar New Year Hanfu parade to attract revelers to the area this year. It too has seen an increase in young tourists wearing traditional attire during visits, according to one local. Embracing traditionA woman wearing Hanfu strolls around the Spring Festival Flower Market in Guangzhou, China, on February 9, 2024. Others say the term “Hanfu” is too narrow, given the fluid sharing of influences among diverse ethnic groups in China.

Persons: they’ve, Taobao, Shanghai's Yu, Yu, influencers, ”, Cai Pa, ” Cai, it’s, Li, John Ricky, Hanfu, she’s Organizations: CNN, CNN — Tourists, Visual China, Getty, CNN Travel Locations: Suzhou, China, Shanghai, Hanfu, Seoul, Yu Garden, Wujiaochang, China’s, Hainan, Haikou, Qilou, Guangzhou, Anhui, gan

☆ A photographer’s fantastical portrait of rural China during Lunar New Year
▼ + stars: | 2024-02-11 | by ( Oscar Holland | ) edition.cnn.com time to read: +6 min

CNN —In photographer Zhang Xiao’s images of the Shehuo festival, an ancient celebration still observed in parts of northern China during the Lunar New Year, rural life comes alive with something altogether more fantastical. (Lunar New Year celebrations usually last more than two weeks, with Shehuo festival taking place on the season’s 15th and final day.) “In some villages, virtually the entire population has been mobilized to produce and sell Shehuo props,” the photographer writes in his book. Shehuo performers reenact a battle between China's Eighth Route Army and Japanese forces from the Second Sino-Japanese War. “People are not focused on how to improve product quality and craftsmanship,” said the photographer, who is currently working on a documentary about life in rural China.

Persons: Zhang Xiao’s, ” Zhang, “, …, ”, Zhang Xiao, —, Zhang, Zhang Xiao “, — Zhang, reenact Organizations: CNN, roosters, dreamworld, UNESCO, Harvard University’s Peabody Museum of Archaeology & Ethnology, Eighth Route Army, Aperture, Peabody Museum Press, Peabody Museum of Archaeology, Ethnology Locations: China, Huanghuayu, Shaanxi, Henan, Huozhuang, Henan province, China’s Shandong, Chengdu, Cambridge , Massachusetts

☆ Alibaba shares jump 4% in premarket trade after it hikes share buyback program by $25 billion
▼ + stars: | 2024-02-07 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Shares of Alibaba jumped in premarket trade, as the company missed market expectations for revenue in the December quarter, but announced it is increasing the size of its share buyback program by $25 billion. U.S.-listed shares in the Chinese e-commerce giant were more than 4% higher in pre-market trade. Here's how Alibaba did in its fiscal third quarter, compared to LSEG estimates:Revenue: 260.35 billion Chinese yuan ($36.6 billion) versus 262.07 billion yuan expected. On top of its structural changes, Alibaba also scrapped the hotly-anticipated spinoff of its cloud computing business last year. More recently, two of Alibaba's co-founders, Jack Ma and Joe Tsai, in January bought shares worth around $200 million in the Chinese e-commerce giant.

Persons: Alibaba, Pinduoduo, Eddie Wu, Daniel Zhang, Alibaba's, Jack Ma, Joe Tsai, Evelyn Cheng Organizations: Revenue, Alibaba Locations: Suqian City, Jiangsu Province, China, premarket, U.S, Beijing

☆ Alibaba, ASML and more: Jefferies reveals its 'highest-conviction' stocks to buy — and one has 118% upside
▼ + stars: | 2024-02-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Investment bank Jefferies has revealed its top stock picks that are exposed to major themes like innovation, new products, and emerging markets. The investment bank forecasts Prudential shares will rise 118% to 18,000 British pence over the next 12 months. The investment bank expects Hong Kong-listed shares of Alibaba to rise to 128 Hong Kong dollars ($17), which implies an 84% upside potential. The investment bank expects shares to rise 57% over the next 12 months. The investment bank believes ASML's current valuation of 33 times forward earnings is too low since it forecasts 49% earnings growth over the next two years.

Persons: Jefferies, Prudential Jefferies, Prudential's, Anil Wadhwani, Eddie Wu, Wu, Alibaba's, Joe Dickerson, Dickerson, — CNBC's Michael Bloom Organizations: Prudential, Jefferies, Hong, U.S, HSBC Jefferies, HSBC, ASML Semiconductor, DexCom Locations: U.K, Asia, China, India, Africa, Hong Kong, Alibaba

☆ First he was a teacher. Then he was China's top tech titan. Now, meet Jack Ma 3.0 — a high-tech farmer.
▼ + stars: | 2024-01-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

Read previewAlibaba cofounder Jack Ma was once the invincible poster boy of Chinese tech. Now, it appears Ma is debuting a refreshed version of himself, in what you just might call Jack Ma 3.0. Jack Ma 1.0: A struggling teacher who wanted in on the tech sceneIt's easy to understand why Ma is so popular in the US and China alike. His first business — China Pages — failed, but he gathered a band of 17 friends in 1999 to set up Alibaba. AdvertisementMa himself cavorted with the biggest names in business, tech, and government globally — from Bill Gates and Softbank CEO Masayoshi Son to then president-elect Donald Trump.

Persons: —, Jack Ma, Michael Jackson, Ma, Ma —, Xi Jinping's, he's, Ma Yun, He's, Brian Wong, Wong, Jack, it's, Alibaba.com, behemoth Goldman Sachs, Alibaba, Charlie Rose, cavorted, Bill Gates, Masayoshi Son, Donald Trump, Supakit Chearavanont, Ma hasn't, SCMP Organizations: Service, Business, Communist Party, Hangzhou Teachers Institute, KFC —, Economic, Big Tech, New York Stock Exchange, Financial Times, Tokyo College, Charoen, China Morning Locations: Beijing, China, Hangzhou, Davos, Switzerland, Alibaba, Asia, Spain, Netherlands, Japan, Thailand, Agriculture

☆ From livestreaming to 'shoppertainment,' Gen Zers lead the way in Singapore's online shopping space
▼ + stars: | 2024-01-15 | by ( Audrey Wan | ) www.cnbc.com time to read: +5 min

Logos of online social media and social networking sites displayed on a smartphone screen on August 01, 2023 in Bath, England. Many social media sites have introduced e-commerce features on their platforms, providing an alternative to popular online shopping sites like Lazada and Shopee. For example, users can purchase directly from TikTok shop or Facebook Marketplace without navigating outside of the application. Creators promoting products can also appeal to Gen Zers' preference for credibility by using livestreaming functions on social media platforms. As Gen Zers are digitally savvy, they rely a lot on social media nano-influencers to guide their purchasing decisions, he said.

Persons: Matt Cardy, Zers, Gen Zers, TikTok, Lawrence Loh, Tracy Loh, Wu Zu, Wu, Loh, millennials, Gen, SMU's Loh, Cristiano Ronaldo, Gen Zs Organizations: Getty, SINGAPORE, Meta, Bain & Company, Research, Social, Facebook, National University of Singapore's, Business, Singapore Management University, SMU, NUS, National University of Singapore Business, CNBC Locations: Bath, England, Singapore, Zers, Southeast Asia

☆ Five-foot Toy Story 3 bear draws the crowds at Costco’s first store in ‘China’s Silicon Valley’
▼ + stars: | 2024-01-13 | by ( Chris Lau | ) edition.cnn.com time to read: +3 min

Costco unveiled its new 44,500-square-meter store in the city often dubbed China’s “Silicon Valley” on Friday, drawing large crowds in search of bargains and imported products. People line up outside the Costco store in Shenzhen, China, during its launch on January 12, 2024. Social media was awash with images of people taking home the giant version of the bear, measuring five feet tall. Lots-o-Huggin' Bear was among the more popular products on offer at the Costco store in Shenzhen during its launch on January 12, 2024. In China, Costco faces intense competition from online shopping platforms, such as Taobao and Pinduoduo, in a market where consumers are accustomed to online retail.

Persons: Costco’s, ” Kim Lin, Lin, ”, Olin Wang Organizations: Hong Kong CNN, Costco, CNN, Social, Sam’s, Walmart Locations: Hong Kong, Shenzhen, China, Shanghai

Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange November 11, 2015. Cloud competition from HuaweiAlibaba has been an industry leader in the cloud business. Alibaba in November blamed U.S. restrictions on chip sales to China for the decision to pull the cloud IPO. Alibaba said its cloud business revenue grew by just 2% year on year in the quarter ended Sept. 30. Those resellers were other companies that had acted as distributors or agents for Alibaba cloud and received commissions.

Persons: Brendan McDermid, It's, Alibaba, hasn't, they're, Duncan Clark, Clark, ”, Jack Ma, Brian Wong, Eddie Wu, Trudy Dai, Daniel Zhang, Yi Zhang, —, Alibaba's, Canalys, BDA's Clark Organizations: Alibaba Group Holding, New York Stock, Reuters, BDA, Alibaba Group, Alibaba, Duncan Clark BDA, Huawei Alibaba, Huawei, Tencent, “ Global Locations: Reuters BEIJING, U.S, China, Beijing, Alibaba

☆ Goldman Sachs loves this sub-sector in China — and names 3 stocks to buy
▼ + stars: | 2023-12-01 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

China e-commerce is one of Goldman's top preferred sub-sectors — and there will be six key themes coming up in 2024, the bank said. The themes are: Consumers' focus on value for money — for which e-commerce platforms are well positioned. Goldman said that despite slowing consumption growth in China, e-commerce and e-commerce advertising is still one of its top preferred sectors — thanks in part to global expansion and attractive valuations. Goldman also expects its global e-commerce arm Temu to continue its growth momentum as a result of its global expansion. Goldman expects its third favored name — Kuaishou — to continue outpacing the industry.

Persons: —, Goldman, Pinduoduo, Temu, Kuaishou, — CNBC's Michael Bloom, Evelyn Cheng Locations: China, U.S, Pinduoduo, China's

☆ Alibaba Cloud suffers second service outage in a month
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsBEIJING, Nov 28 (Reuters) - Alibaba's (9988.HK) cloud service said it suffered a near two-hour long disruption affecting customers in mainland China, Hong Kong and the United States on Monday, its second outage within a month. The impact was mainly felt by several of Alibaba Cloud's database management products, including PostgreSQL, Redis and MySQL editions. "From 09:16 Beijing time (0116 GMT) on November 27, 2023, Alibaba Cloud monitoring detected abnormalities in console and OpenAPI access for database products," Alibaba Cloud said in a statement posted on its websites on Tuesday. "This is hugely damaging to Alibaba Cloud's brand image as a reliable cloud service provider."

Persons: Dado, Alibaba, Feng Ruohang, Yelin Mo, Brenda Goh, Simon Cameron, Moore Organizations: REUTERS, Rights, Huawei, China Telecom, HK, IDC, Thomson Locations: Rights BEIJING, HK, China, Hong Kong, United States, Beijing, Shanghai, Virginia, U.S, East Asia, Southeast Asia, East, North America

☆ Alibaba Health Information Technology to buy AJK Technology for $1.73 bln
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: 1 min

Nov 28 (Reuters) - Investment holding company Alibaba Health Information Technology Ltd (0241.HK) said on Tuesday it would buy entire stake in AJK Technology Holding Ltd from a unit of Alibaba Group Holding (9988.HK) for HK$13.51 billion ($1.73 billion). Alibaba Health would issue 2.56 billion consideration shares at an issue price of HK$4.50 and pay the U.S. dollar equivalent of HK$2 billion in cash to the Alibaba Group unit, Taobao Holding Ltd.AJK Technology is an offshore holding vehicle incorporated under the laws of the Cayman Islands. The completion of the deal is subject to approvals from independent shareholders and the stock exchange. ($1 = 7.7957 Hong Kong dollars)Reporting by John Biju in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: John Biju, Shilpi Majumdar Organizations: Investment, Health, Technology, HK, AJK Technology Holding, Alibaba, Taobao Holding, AJK Technology, Thomson Locations: Cayman Islands, Hong Kong, Bengaluru

The logo of Alibaba's e-commerce apps Taobao and Tmall are displayed on mobile phones, in this illustration picture taken October 27, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsBEIJING, Nov 24 (Reuters) - Alibaba's online shopping platforms Taobao and Tmall cancelled its annual Dec. 12 shopping festival and will instead host another shopping festival called 'year-end good price' in December, according to notices on the platforms' websites on Friday. The dates of the new festival were not included in the notice, which was posted in a help section for platform merchants, and Alibaba did not immediately respond to a request for comment on the change. The 12.12 shopping festival, held annually on Dec. 12 since 2012, was the less-celebrated sister of November's Singles Day sales festival, which traditionally fell on Nov. 11 but has in recent years ballooned into a multi-week event beginning in late October. Reporting by Albee Zhang and Brenda Goh; Editing by Muralikumar Anantharaman and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Tmall, Alibaba, Albee Zhang, Brenda Goh, Muralikumar Anantharaman, Edmund Klamann Organizations: REUTERS, Rights, Thomson Locations: Rights BEIJING

☆ Xiaomi claims a record $3.11 billion in Singles Day sales
▼ + stars: | 2023-11-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

(Photo by Costfoto/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty ImagesBEIJING — Chinese smartphone and consumer electronics company Xiaomi claimed record sales across platforms during the Singles Day shopping festival. For a second-straight year, the two online shopping giants declined to share total figures for the Singles Day shopping festival. That's the same figure JD shared for Singles Day results in 2021. The company also claimed first place in different categories of Chinese brands' smartphone sales across other online shopping platforms. In 2022, during the Covid-19 pandemic, Alibaba had said its Singles Day sales were "in line" with the prior year, which had recorded the equivalent of $84.54 billion GMV at the time.

Persons: Xiaomi, JD.com, JD, Alibaba, Tmall Organizations: Getty, Nurphoto, Apple, HSBC, Bain and Company Locations: YICHANG, CHINA, Yichang, Hubei province, China, BEIJING, Hong Kong, Alibaba, 2023e, 2024e

The world's biggest shopping event happens in China each year - and it's called Singles Day. WHEN DID THE IDEA OF SINGLES DAY ORIGINATE? The idea for Singles Day had originated at China's Nanjing University back in 1993 and was originally called "Bachelor's Day." Cyber Monday immediately follows Black Friday, which falls on the day after the U.S. Thanksgiving Day holiday, the busiest shopping day of the year in the United States. "The presale period of Tmall and particularly on -- in general, the Singles Day, confirms a softer trend versus a year ago," said Estee Lauder CEO Fabrizio Freda last week, adding that the company was more optimistic about the next part of the Singles Day events in November.

Persons: it's, Bain, Jacob Cooke, Pinduoduo, Cooke, Estee Lauder, Nike, JD.com, Fabrizio Freda, Nicolas Hieronimus, Hieronimus, Granth, Aditya Soni, Diane Craft Organizations: China's Nanjing University, Adobe Analytics, U.S, Reuters, Technologies, Cyber, HK, PDD Holdings, Adobe, Bain, HOPE, Nike, Procter & Gamble, Apple, L'Oreal, Thomson Locations: China, United States, Beijing, Greater China, Bengaluru

Data released on Thursday showing a drop in consumer prices to their lowest since the COVID-19 pandemic has increased the doubts in China's economic rebound after some months of indicators showing growth stabilising. China's big online shopping platforms did not release final sales figures for 2022, when analysts said COVID-19 restrictions inhibited spending and consumer confidence. Some indicators point to a slowdown in Singles Day sales. Data provider Syntun estimated e-commerce platforms sold 311 billion yuan of products from Oct. 31 to Nov. 3, a 7.1% decrease year-on-year. For Tan Jiapeng, a 35-year-old office worker in Beijing, his only Singles Day purchase so far has been a Descente winter jacket, an "essential purchase" for the winter.

Persons: Florence Lo, Jason Yu, Kantar, COVID, Bain, Jacob Cooke, Nomura, Tan Jiapeng, Tan, Casey Hall, Sophie Yu, Marius Zaharia Organizations: REUTERS, Rights, HK, PDD Holdings, Company, Technologies, Thomson Locations: Rights BEIJING, China, Beijing

☆ Singles Day: China’s e-commerce giants try to lure reluctant consumers with ‘truly low’ prices
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Laura He | ) edition.cnn.com time to read: +6 min

The Singles Day festival, also known as “Double 11,” was created by Alibaba in 2009 and has turned into a weeks-long shopping bonanza in China. To lure them, e-commerce platforms are offering rock bottom prices this Singles Day. “While the government is looking for solid consumption growth, consumer spending is hampered by both lower household income growth and weak consumer confidence,” said Louis Kuijs, chief Asia economist at S&P Global Ratings. This is a real downgrade in consumption,” the user said, adding she hadn’t yet spent any money during the current Singles Day. “Some promotions are fake,” said another user under the name “Nyanko.” “Merchants have raised prices before cutting them for Singles Day.

Persons: ”, Alibaba, Alibaba’s, JD.com’s, Pinduoduo’s, ” “, Alicia Yap, Zhejiang province Hu Xiaofei, Louis Kuijs, ” Kuijs, Jacob Cooke, “, ” Cooke, Cooke, John Donahoe, Lululemon Organizations: Hong Kong CNN, Companies, Citi, “, China’s, Technologies, Bain and Company, Pinduoduo, Nike, . Company, Starbucks Locations: China, Hong Kong, Beijing, Jinhua, Zhejiang province, Asia

A woman looks at a new iPhone 15 Pro and a Huawei Mate 60 Pro as Apple's new iPhone 15 officially goes on sale across China, at an Apple store in Shanghai, China September 22, 2023. Research firm Canalys estimated that overall smartphone sales in China fell 3% in July-September from a year earlier as consumers bought fewer smartphones as an economic recovery was choppy. On the other hand, analysts estimate that Huawei's China smartphone sales grew strongly in the quarter. Apple said on Thursday that its overall sales in China dipped 2.5% but it blamed tough Mac computer and iPad sales for that. Aggressive discounting on the iPhone 15 series in the run up to the annual Singles Day shopping festival by major Chinese online retailers is also encouraging demand.

Persons: Aly, Tim Cook, Apple, Cook, Canalys, Apple's, Huawei's, Yuvraj Malik, Bengaluru ， Stephen Nellis, Yelin, Arsheeya Bajwa, Harshita Varghese, Sayantani Ghosh, Gerry Doyle Organizations: Huawei, Apple, REUTERS, Huawei Technologies, Reuters, Research, HK, Taobao, Pro Max, Qualcomm, Thomson Locations: China, Shanghai, Bengaluru ，, San Francisco, Yelin Mo, Beijing, Bengaluru

Alibaba's Taobao and Tmall Group did not respond to a request for comment. This year's Singles Day event is also the first since Alibaba Group split into six business units. This view is supported by recent polls on social media where the majority of respondents said Singles Day was no longer necessary. Meara He, a 21-year-old student from Wenzhou, says she often shops using Douyin live-streams and this year, "doesn't care" about Singles Day as much. "In the past I would wait for Double 11 (Singles Day) and do some shopping, but this time I just plan to buy products that I need," she said.

Persons: Alibaba, Pinduoduo, Josh Gardner, Alibaba's, Ashley Dudarenok, AlixPartners, Douyin, Melody Zhao, Casey, Sophie Yu, Brenda Goh Organizations: PDD Holdings, Kungfu, Tmall, Administration, Market, ByteDance, Alibaba, Suisse, Industry, Hua Gui Food Group, Casey Hall, Thomson Locations: SHANGHAI, HK, China, Wenzhou, Shanghai, Beijing

People look at the new iPhone 15 Pro as Apple's new iPhone 15 officially goes on sale across China at an Apple store in Shanghai, China September 22, 2023. Analysts say the iPhone 15 has not been selling as well in China as its predecessor. Counterpoint Research said last week that iPhone 15 sales in China were down 4.5% versus the iPhone 14 in the first 17 days after its market launch. The 512 GB iPhone 15 Pro Max, which has a 11,999 yuan price tag in Apple's store, can be bought for 10,698 yuan on Alibaba's e-commerce platform Taobao. The e-commerce platform iPhone 15 discounts were first reported by The Economic Observer weekly newspaper on Monday.

Persons: Aly, Alibaba, Sophie Yu, Brenda Goh, Alexander Smith Organizations: Apple, REUTERS, Rights, PDD Holdings, HK, Counterpoint Research, Reuters, Economic Observer, Shanghai, Thomson Locations: China, Shanghai, Rights BEIJING

SHANGHAI, Oct 23 (Reuters) - E-commerce giant Alibaba Group (9988.HK) said it will be offering huge discounts as it gears up for its annual Singles Day shopping extravaganza - an indication that Chinese consumer confidence remains at a low ebb. The event - which begins on Tuesday and despite its name now stretches over several weeks - will offer over 80 million products at their lowest prices this year, it said in a statement. Tmall will also compare prices on products in real time with other e-commerce platforms in China and tag products with the lowest price, it said. Alibaba did not disclose how much in subsidies and coupons it plans to offer in total this year but added that Taobao and Tmall had committed an "unprecedented" amount of investment. The company last year did not announce the sales tally for the event for the first time, saying only that the total amount was in line with 2021.

Persons: Alibaba, Tmall, Xi Jinping, Brenda Goh, Edwina Gibbs Organizations: Alibaba, HK, Communist Party, Thomson Locations: SHANGHAI, China

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