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☆ China's Singles Day shopping festival is more than halfway over. Here's how consumers are spending
▼ + stars: | 2024-11-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

China's e-commerce giants stopped reporting Singles Day GMV in 2022 during the pandemic. Singles Day GMV this year as of Oct. 30 was 845 billion yuan ($119.1 billion), according to research firm Syntun. Subsidies boost appliancesHelping boost sales this Singles Day are China's subsidies for trade-ins of home appliances, launched in late July. They predict 4% to 5% growth in Singles Day GMV, with sales in the home appliance category supported by the trade-in program. "Something that kind of came out of nowhere, into all of a sudden really, really big numbers."

Persons: Alibaba, Jacob Cooke, JD's, ByteDance's Douyin, Cooke, Louis Vuitton, we've, UOB Kay Hian, JD.com, Dave Xie, Oliver Wyman, Xie, There's, Liang, Chiikawa, Taobao, Tmall Organizations: Visual China, Getty, Alibaba, Technologies, CNBC, Louis Locations: Lianyungang, Jiangsu Province, China, BEIJING, Asia, Alibaba, British

☆ Banks and the federal government point fingers as Americans lose billions to online scams
▼ + stars: | 2024-11-03 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +4 min

The American Bankers Association is urging federal action on online financial fraud. Banks and the federal government are in a similar situation, pointing to each other to solve the problem of online financial scams. For its part, the government wants banks to take on more responsibility, and more consistently refund their customers who fall victim to online scams. According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams. He also said that the government should create "financial crimes intelligence centers."

Persons: Banks, ABA's, —, It's, Rob Nichols, Nichols, Forbes, JP Organizations: American Bankers Association, Service, Federal Trade Commission, Consumer Financial Protection Bureau, JP Morgan, Bank of America, FTC Locations: Wells Fargo, Texas

☆ I tried Starbucks' green and pink 'Wicked'-themed drinks. I can't stop thinking about the one without coffee.
▼ + stars: | 2024-10-31 | by ( Jamie Davis Smith | ) www.businessinsider.com time to read: +1 min

Starbucks released two limited-time drinks in honor of the upcoming "Wicked" movie. Go to newsletter preferences Thanks for signing up! AdvertisementWith the new "Wicked" movie coming out in November, it's a great time to be a fan of the Broadway musical. When I heard that Starbucks released green and pink drinks inspired by Elphaba and Glinda, I knew I had to try them. Related Video US vs India Starbucks | Food WarsThe drinks are only available for a limited time, so I rushed to my nearest Starbucks.

Persons: —, it's, Barbie, Stanley, Béis, Elphaba Organizations: Starbucks, Service, India Starbucks, Food Locations: Target

☆ Alibaba and more: Fund manager gets bullish on 3 China tech stocks — expecting one to double
▼ + stars: | 2024-10-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Hsu, founder and chairman of Rayliant Global Advisors, told CNBC's Pro Talks that Alibaba , JD.com , and Pinduoduo are among his top picks. If signs of consumption growth return to China, he suggested the stock could climb to $200 per share or double from current levels. BABA 1Y line Hsu said he views JD.com similarly to Alibaba, with his preference between the two mainly driven by valuation metrics. PDD Pinduoduo underperformed the broader Chinese stock market this year and has fallen by 14% so far this year. Baidu Not all Chinese technology stocks are equally attractive.

Persons: Jason Hsu, Hsu, CNBC's, BABA, CNBC's Tanvir Gill, JD.com, They've, —, Evelyn Cheng Organizations: Rayliant Global Advisors, Baidu, Alibaba's, Wall Street, China Equity ETF, Google Locations: China, Beijing, Alibaba's New York

☆ Alibaba's international arm says its new AI translation tool beats Google and ChatGPT
▼ + stars: | 2024-10-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese e-commerce giant Alibaba 's international arm on Wednesday launched an updated version of its artificial intelligence-powered translation tool that, it says, is better than products offered by Google, DeepL and ChatGPT. Alibaba's fast-growing international unit released the AI translation product as an update to one unveiled about a year ago, which it says already has 500,000 merchant users. Sellers based in one country can use the translation tool to create product pages in the language of the target market. Large language models power artificial intelligence applications such as OpenAI's ChatGPT, which can also translate text. Alibaba's translation tool is based on its own model called Qwen.

Persons: Marco MT, Sellers, Kaifu Zhang Organizations: Alibaba, Google, Flores, Alibaba International Digital Commerce Group, CNBC Locations: China, BEIJING

☆ China's luxury market has been in a slump, and we're about to find out how bad it really is
▼ + stars: | 2024-10-15 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

China's luxury market could face its worst quarter in four years, amid aggressive stimulus measures. AdvertisementLuxury brand investors are bracing to see if China's aggressive stimulus measures could be enough to pull its faltering luxury market out of the woods. While Beijing's recent moves to inject liquidity and lower interest rates have sparked some hope in pulling Chinese shoppers out of their spending slump, experts are skeptical of an immediate revival of China's luxury market. Related storiesWhile China's poor economic growth had deterred luxury spending for some, others continued their luxury shopping sprees — outside China. AdvertisementAlthough the outlook for China's luxury market remains bleak in the short run, Jefferies analysts are expecting a recovery as soon as 2025, Reuters reported.

Persons: bellwether, —, Markus Hansen, LVMH, Patrice Nordey, Trajectry, Nordey, Marc Jacobs, Hermès Organizations: Service, Burberry, Reuters, CNBC, Jefferies Locations: China, Asia, Japan, Paris, Shanghai, LVMH

☆ There’s too much negativity about the stock market. Focus on these 3 positives instead
▼ + stars: | 2024-10-06 | by ( Jim Cramer | ) www.cnbc.com time to read: +10 min

After all of these years, after all of the rather incredible rallies and gains in the stock market from so many groups, the typical morning still starts with a bevy of negativity. We hear about OpenAI and its brilliant $167 billion valuation , but we don't see any stock available to public-market investors. I have been furious at myself for thinking the Chinese government couldn't do anything about the country's struggling stock market. The Chinese stock market has been rallying nicely since the stimulus announcements. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: —, Elon Musk, he's, isn't, Carl Quintanilla, David Tepper, holler, That's, that's, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Federal Reserve, Walmart, Fed, SpaceX, Nike, Walgreens, CVS Health, Club, GE Healthcare, Wynn Resorts, Chinese Communist Party, Apple, PDD Holdings, JD.com, Baidu, Diamondback Energy, Exxon Mobil, CNBC, New York Stock Exchange, Getty Locations: U.S, China, —, New York City

☆ Young Chinese are looking for dupes and cheaper substitutes for everything from Hermès to travel
▼ + stars: | 2024-09-30 | by ( Huileng Tan | Matthew Loh | ) www.businessinsider.com time to read: +9 min

Chinese consumers are opting for affordable alternatives across various categories to save money. The trend, known as pingti, is driven by economic challenges and is popular among young people. Consumers are finding cheaper substitutes for luxury goods, everyday items, and even healthcare. It's now become a trend in China to save on nearly every consumer category, from luxury goods to everyday consumables to travel, with cheaper substitutes. A Bank of America survey of 1,052 adult Chinese consumers showed weakening consumer sentiment, with 30% of respondents planning to spend more — down from 45% in June.

Persons: —, It's, Bobbi Brown, Estée Lauder, MingYii Lai, it's, Lindy, Hermes Lindy, Lai, Ruth Jin, Xiaohongshu Cleo Xie, they've, She's, Xie, Jin, Yves Saint Laurent, Keith, she's Organizations: Service, Daxue Consulting, Bottega, Prada, University, Dai, PPI, Bank of America Locations: China, Xiaohongshu, Beijing, Ili, Xinjiang, Provence, France, Xishuangbanna, Laos, Myanmar, Bangkok, Thailand, Chengdu, Europe, Asia

☆ A self-taught engineer at Google shares the 8 best Google programming courses you can access for free
▼ + stars: | 2024-09-24 | by ( Tess Martinelli | ) www.businessinsider.com time to read: +7 min

Many new programmers who start in Gaba's shoes turn to free YouTube videos or their pricey counterpart, programming courses. "I started learning programming very late in my life, around 25, and I was completely confused at the time," Gaba told Business Insider. In the search for alternative resources, Gaba discovered ways to access Google's programming courses for free. AdvertisementAuditing a Google programming course allows you to enroll without receiving credit or a certification. Gaba recommends Google's Machine Learning Crash Course as a great way to dabble in machine learning without being overwhelmed by every algorithm out there.

Persons: —, Sahil Gaba, Gaba, SQL Gaba, GitHub Gaba, It's, Tess Martinelli Organizations: Service, Google, Business, Gaba, Amazon, Trade, Linux, SQL, Big Tech, Cybersecurity Locations: tmartinelli

☆ China seeks a homegrown alternative to Nvidia — these are some of the companies to watch
▼ + stars: | 2024-09-17 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

This has renewed focus on China's homegrown efforts to rival Nvidia and create semiconductors that can underpin the world's second-largest economy's own AI industry. Huawei then sells these chips as a part of servers that go into data centers to train AI models. Alibaba and BaiduAlibaba and Baidu both buy Nvidia chips but they are also designing their own semiconductors for AI processes. Inference is the process that follows the training of AI models, as it refers to the actual application of AI in the real world, such as a chatbot responding to user queries. Moore ThreadsMoore Threads, founded in 2020, is developing GPUs designed to train large AI models.

Persons: Paul Triolo, Albright Stonebridge, Baidu Alibaba, Wei Sun, Moore, KUAE, ByteDance Organizations: Istock, Getty, Nvidia, CNBC, Huawei Huawei, Huawei, Wall, Alibaba, Baidu, Counterpoint Research, Biren, Technologies, China Morning, Cambricon Technologies, U.S, Sequoia, GGV Locations: China, U.S, Beijing, Washington, Shenzhen, Biren's

☆ Alibaba’s Taobao shopping app launches AI-powered English version in Singapore, jumps to first place in Apple’s App Store
▼ + stars: | 2024-09-13 | by ( Sonia Heng | In Sonia-Heng | ) www.cnbc.com time to read: +3 min

In this article BABA Follow your favorite stocks CREATE FREE ACCOUNTThe logo of Alibaba's e-commerce app Taobao is displayed next to mobile phones displaying the app, in this illustration picture taken October 25, 2023. Reuters | Florence LoSingapore — Chinese e-commerce giant Alibaba 's Taobao shopping app topped the Apple App Store charts in Singapore after releasing an English version on Tuesday — thanks to translations powered by artificial intelligence. That's according to Sensor Tower, a market intelligence firm whose data shows Taobao shot to first place in Apple's Singapore App Store across all categories, as of Sept. 11. As early as last year, Singaporean Taobao users had previously made guides on how to purchase clothes, furniture and lifestyle items from Taobao. These video guides were posted on the ByteDance-owned TikTok platform, another Chinese app.

Persons: Florence Lo, Alibaba, Bain, David Zehner Organizations: Reuters, Company, Asia, South Korean, Bain, CNBC Locations: Florence, Florence Lo Singapore, Singapore, Apple's Singapore, China, AliExpress, Malaysia, Asia Pacific, Singapore's

☆ Bill Gates-backed startup says a global gold rush for buried hydrogen is picking up momentum
▼ + stars: | 2024-09-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

Geologic hydrogen — sometimes known as white, gold or natural hydrogen — refers to hydrogen gas that is found in its natural form beneath Earth's surface. Pete Johnson, CEO and co-founder of Koloma, told CNBC that geologic hydrogen is fundamentally an exploration and production business. A primary energy source, such as coal, oil, wind or solar, refers to a natural energy source that has not been altered or converted. It's within this context that momentum has been growing over the potential of geologic hydrogen. Ellis said that just a small percentage of geologic hydrogen recovery might well be enough to supply all the projected demand for 200 years.

Persons: Bill Gates, Jeff Bezos, Pete Johnson, Koloma, Ray Dalio, Virgin Group's Richard Branson, Alibaba's Jack Ma, Koloma Koloma's Johnson, there's, Johnson, Alex Halada, Geoffrey Ellis, Ellis Organizations: Geological Agency of, Ministry of Energy, Mineral Resources, Nurphoto, Getty, CNBC, Khosla Ventures, Fund, United Airlines, Breakthrough Energy Ventures, Bridgewater Associates, Rystad Energy, Afp, Energy Resources Program, . Geological Survey Locations: Pute Jaya, Morowali Regency, Central Sulawesi Province, Indonesia, U.S, Denver , Colorado, Canada, Australia, France, Spain, Colombia, South Korea, Russia, Ukraine, Germany

☆ Elon Musk took a jab at Taylor Swift after she endorsed Kamala Harris — and now China's Swifties are up in arms
▼ + stars: | 2024-09-11 | by ( Cheryl Teh | Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Taylor Swift , post-debate, issued a ringing endorsement of Harris on Instagram. "What a ridiculous joke," read a top comment from a Taylor Swift fan blog based in Jiangsu. You don't have even the slightest bit of respect for women," read a post from another Taylor Swift blog based out of Tianjin. "You've always been so, so warm and supportive," Swift told her Chinese fans during the performance. Musk and representatives for Swift did not immediately respond to Business Insider's requests for comment sent outside regular business hours.

Persons: —, Elon Musk, China's, Kamala Harris, Donald Trump, Taylor Swift, Harris, Sen, JD Vance, Trump's, Taylor, Musk, China's Swifties, Swift, You've, Ma Organizations: Service, Business, SpaceX, Swift, Weibo Locations: Instagram, Jiangsu, Tianjin, China

☆ Stocks making the biggest moves before the open: Apple, Oracle, Boot Barn, Mission Produce and more
▼ + stars: | 2024-09-10 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Mission Produce — The avocado producer surged 21.6% after reporting revenue for the fiscal third quarter jumped 24% from a year ago. The company reported sales of $324 million, compared with $261.4 million in the same three-month period one year before. Boot Barn — Shares rose 6% after the Western-style retailer provided an update on its recent performance ahead of a Piper Sandler Growth Frontiers Conference presentation. Boot Barn announced preliminary consolidated same-store sales growth of 4% in its fiscal second quarter. Johnson Controls International — Shares rose nearly 2% after JPMorgan upgraded the stock to buy from neutral.

Persons: Piper Sandler, LSEG . Patterson, Alibaba, Morgan Stanley, Wells Fargo, —, Samantha Subin, Sean Conlon, Lisa Kailai Han, Jesse Pound, Yun Li, Scott Schnipper Organizations: Growers, Oracle, LSEG, Apple, Hewlett Packard Enterprise, Juniper Networks, Revenue, UTI Energy, Hong, Reuters, Johnson, JPMorgan, Anheuser, Busch Inbev SA, Equity Locations: California, U.S, Alibaba —, China, Hong Kong, Shanghai, Shenzhen, Wells

☆ Alibaba shares rise after it completes three-year regulatory overhaul
▼ + stars: | 2024-08-30 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Alibaba has completed a three-year regulatory "rectification" process following an antitrust fine it received on charges of monopolistic practices in 2021, China's market regulator said on Friday. In 2021, China's SAMR fined Alibaba 18.23 billion yuan ($2.6 billion) as part of an anti-monopoly investigation into the tech giant. Jefferies analysts said in a note Friday that the conclusion of the regulatory process was a "positive" for the company, which "highlights this is a new start and ensures compliance in operations." Ant Group itself also underwent a regulator-supervised rectification process, with most of the major issues resolved by last year. Regulatory concerns have been an overhang on the Alibaba stock, which has fallen more than 70% from its peak in 2020.

Persons: Alibaba, China's SAMR, Jefferies, Jack Ma, —, Christine Wang Organizations: China's, Administration, Market, Alibaba, Ant Group, Ant Locations: Beijing, China

☆ Cramer's Lighting Round: 'Steer clear' of Albemarle
▼ + stars: | 2024-08-12 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Aflac's year-to-date stock performance. Stock Chart Icon Stock chart icon Elevance Health's year-to-date stock performance. Stock Chart Icon Stock chart icon Albemarle's year-to-date stock performnace. Stock Chart Icon Stock chart icon Snap's year-to-date stock performance. Stock Chart Icon Stock chart icon Alibaba's year-to-date stock performance.

Persons: Chubb, Elevance, I'm, it's, there's Organizations: Elevance, United Health Locations: Albemarle, China

☆ China stocks escaped much of the latest sell-off. Signals for whether to buy
▼ + stars: | 2024-08-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

The latest global market volatility has reinforced China's status as a distinct market, even if its growth has slowed recently. While U.S. tech stocks plunged and Japanese stocks swung wildly in a historic two days of price action , Chinese stocks suffered less . The investors remained net buyers of Chinese stocks for the third quarter so far as of Aug. 6, the data showed. Finally, the low correlation of the China stock market with the U.S. stock market could provide investors with diversification benefits." Chinese stocks, especially those traded on the mainland, have historically been less correlated to global market moves due to Beijing's capital controls and other restrictions.

Persons: Matt Wacher, William Yuen, Invesco, That's, Steven Sun, Paul Christopher, Morningstar's Wacher, it's, Wacher Organizations: Nasdaq, Nikkei, Morningstar Investment Management, U.S, HSBC, Technology, Shanghai —, Bank of, Federal Reserve, Treasury, HSBC Qianhai Securities, National Bureau, Statistics, Wells, Wells Fargo Investment Institute, Index Locations: Asia, U.S, Shanghai, China, Pacific, EPFR, Hong Kong, Bank of China, Wells Fargo

☆ The luxury outlook in China just keeps getting worse
▼ + stars: | 2024-07-25 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

Consumer spending in China has been improving "more moderately than before COVID-19," Luca Solca, a luxury goods analyst at Bernstein, told Business Insider. In its most recent quarter, Burberry's Chinese sales revenue declined 21% from last year. Massive discounts and online shoppingTo try to boost sales, luxury brands have given massive discounts to Chinese consumers. Luxury goods are still popular with wealthy Chinese shoppers — just not in China. Not all luxury brands are feeling the heat in China.

Persons: —, LVMH, Jean, Jacques Guiony, Luca Solca, Bernstein, Solca, Hugo Boss, Richemont, Cartier, Versace, Marc Jacobs, Damien Yeo, Yeo, TD Cowen, Guiony, Hermès Organizations: Service, Gucci, Business, Consumer, Swatch, Asia, Brands, Balenciaga, Bloomberg, Burberry, Fitch Solutions Locations: Asia, China, China , Hong Kong, Macau, Asia Pacific, Japan

☆ It looks like the party's over for luxury goods in China
▼ + stars: | 2024-07-17 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Read previewHugo Boss, Burberry, Richemont, and Swatch have all called out slumping sales in China this week as consumers cut back on luxury spending. Swiss watch group Swatch said it expects the Chinese market "to remain challenging for the entire luxury goods industry until the end of the year." But much of this spending has been overseas, and sales in China have fallen for some of the world's biggest luxury brands. AdvertisementBefore the pandemic, about two-thirds of Chinese luxury spending occurred outside mainland China, plummeting to less than 10% in 2021 and 2022 because of travel restrictions, according to data from Bain. The consultancy said that this started to rebound in 2023 with the return of overseas tourism, with an estimated 30% of luxury spending taking place outside mainland China.

Persons: —, Hugo Boss, Burberry, Gerry Murphy, they've, Bain, Luca Solca, Vacheron Constantin, Marc Jacobs, Versace, Richemont Organizations: Service, Swatch, Business, Bain & Company, Richemont, Cartier, Burberry, Financial Times, Bain, Prada, The Financial Times, Luxury Summit Locations: China, Swiss, Americas, Hong Kong, Macau, Japan, South Korean, East

☆ Cramer's Lightning Round: KKR is 'the foremost'
▼ + stars: | 2024-07-08 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon KKR's year-to-date stock performance. Stock Chart Icon Stock chart icon Ferguson's year-to-date stock performance. Stock Chart Icon Stock chart icon Petroleo Brasileiro's year-to-date stock performance. Stock Chart Icon Stock chart icon Alliance Resource Partners' year-to-date stock performance. Stock Chart Icon Stock chart icon Alibaba's year-to-date stock performance.

Persons: Ferguson, Petroleo, It's, I've, I'm Organizations: KKR, Petroleo, Partners, Resource Partners

☆ BlackRock directors keep seats at six funds in proxy battle with Saba
▼ + stars: | 2024-06-25 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

"Based on the preliminary results from last week's shareholder meetings, it is clear that shareholders have rejected both Saba's nominees and its efforts to displace BlackRock as investment advisor to the Funds," BlackRock said in a statement. Saba, run by prominent investor Boaz Weinstein, and BlackRock, the world's biggest asset management company with more than $10 trillion in assets under management, have been locked in battle for months over the future of 10 BlackRock closed end funds. Saba wants investors to elect its nominees to the BlackRock funds' boards and fire BlackRock as manager at some of them. Some $1.4 billion in value could be unlocked at the funds by cutting the funds' discount to their net asset value, he has said. The 10 BlackRock funds jointly oversee roughly $10 billion in assets.

Persons: Brendan McDermid, BlackRock, Boaz Weinstein, Saba, Weinstein, Svea Herbst, Bayliss, Josie Kao Organizations: REUTERS, BlackRock, Saba Capital Management, Services, BIGZ, ISS, Svea, Thomson Locations: BlackRock, New York City, U.S, Saba

☆ China's Alibaba is courting European and U.S. small businesses as it goes global
▼ + stars: | 2024-06-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Alibaba.com is a platform run by the Chinese e-commerce company of the same name that focuses on overseas business customers. BEIJING — Chinese e-commerce giant Alibaba is ramping up its global expansion with new services aimed at attracting small businesses in the U.S. and Europe. The platform is part of Alibaba's fast-growing international business, which also sells directly to consumers overseas through sites such as AliExpress. While consumers in China have long enjoyed delivery tracking and favorable return policies, small businesses buying from cross-border e-commerce platforms have not, due to the added complexity of international trade. He noted an increasing trend of fragmentation in supply chains, and said a growing number of local businesses, whether in cosmetics or the autos industry, need to buy globally in order to protect profit margins.

Persons: Alibaba.com, China —, Kuo Zhang Locations: BEIJING, U.S, Europe, China

☆ China’s growing e-commerce market is creating a new set of winners
▼ + stars: | 2024-06-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

"Improving domestic ecommerce market share should lead to better monetization eventually," Yao said. The investment firm expects Douyin to match PDD's market share of 21% next year, and surpass it by reaching 22% in 2026. Tencent's WeChat Video Account platform is expected to retain about 2% to 3% of GMV market share through 2026, the Goldman analysis said. The video streaming platform last month reported e-commerce GMV grew by 28.2% year-on-year in the first quarter to 288.1 billion yuan ($40,55 billion). The firm forecasts Kuaishou's e-commerce GMV revenue will grow by 25% this year, although livestreaming revenue — which has accounted for about a third of total revenue — is expected to drop due to a high base.

Persons: James Yang, Bain, Joe Tsai, Emily Tan, Yang, Alibaba, Goldman Sachs, Ronald Keung, David Ma, China's, Morgan Stanley, Eddy Wang, Kenneth Fong, JD, David Beckham, Alex Yao, monetization, Yao, Tmall's GMV, Douyin, Alibaba's, Tencent's, Goldman, Sophie Huang, — CNBC's Michael Bloom Organizations: Bain and Company, PDD Holdings, Goldman, UBS, JPMorgan China, ByteDance, Hong Locations: China, Hong Kong, Asia, U.S, Alibaba, 2Q24, 2Q24E

☆ How Temu parent PDD dethroned Alibaba to become China's most valuable e-commerce company
▼ + stars: | 2024-05-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

PDD's value-for-money positioning and growth of its Temu marketplace has helped the company lead China's e-commerce arena, analysts said, making it the country's most valuable company in the segment. PDD Holdings reported stellar first-quarter results on Wednesday last week, sending its shares surging as much as 7.5%, and driving its market-cap past that of rival Alibaba Group . PDD shares have more than doubled in value — up 109% — in the past year, according to LSEG data. PDD, which also owns Chinese discount shopping app Pinduoduo has a market-cap of about $208 billion, compared with Alibaba's $196 billion, according to LSEG data. The market has "now more than priced in" the two key concerns – domestic competition and U.S.-China tensions – which were behind our earlier downgrade on PDD in March, said Keung.

Persons: Morningstar, Chelsey Tam, PDD, Goldman Sachs, Temu, Ronald Keung Organizations: PDD Holdings, Alibaba, Morningstar Locations: China

☆ Alibaba's global arm signs David Beckham as international e-commerce brand ambassador
▼ + stars: | 2024-05-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Alibaba's international e-commerce platform AliExpress is a UEFA Euro 2024 sponsor and has signed David Beckham as its global brand ambassador. BEIJING — Soccer star David Beckham will promote Alibaba 's international e-commerce platform, AliExpress, in its biggest global brand ambassador partnership to date, the business unit announced Monday. AliExpress, which did not disclose how much it was paying Beckham to be its global brand ambassador, has joined several Chinese companies in sponsoring the UEFA European soccer championship that kicks off in mid-June. "AliExpress is helping fans get even closer to UEFA EURO 2024™ this summer, by offering them great prizes as the action takes place on the pitch," Beckham said in his only statement in the press release. Beckham's company, DRJB Holdings, said in its latest available filing it made 72.6 million pounds ($92.5 million) in revenue in 2022.

Persons: David Beckham, Alibaba, Beckham Organizations: UEFA, BEIJING — Soccer, PDD Holdings, DRJB Holdings Locations: BEIJING, China, UEFA European

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