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☆ Alipay and WeChat Pay now accept Visa and Mastercard for all payments in China
▼ + stars: | 2023-07-21 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The move marks a revival of efforts by Alipay and WeChat Pay to accept foreign credit cards after they provided some limited access in late 2019. WeChat Pay is officially known as Weixin Pay in China. Alipay and WeChat Pay are dominant in digital payment services, accounting for a combined 91% market share. In 2019, Alipay and WeChat started allowing the use of foreign credit cards on their apps as Chinese regulators eased restrictions. A week later, an executive from Tencent said at a forum that the company would open wider its WeChat Pay system to international card organizations, such as Visa, starting in July.

Persons: Alipay, WeChat, ” Dennis Chang, Tencent, ”, Chen Qiru Organizations: Hong Kong CNN —, Mastercard, Ant Group, Visa, Club, Discover, World, Hangzhou, Alibaba, JCB, Greater China, “, Tencent Financial Technology, ”, People’s Bank of Locations: Hong Kong, China, Beijing, Chengdu, Hangzhou, Tianjin, People’s Bank of China

☆ China Evergrande: Company posts losses of $81 billion over two years
▼ + stars: | 2023-07-18 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The company reported losses attributable to shareholders of 476 billion yuan ($66 billion) and 106 billion yuan ($15 billion) for 2021 and 2022, respectively, according to a Monday stock exchange filing. Combined net losses for the two years amounted to 582 billion yuan ($81 billion). Evergrande has been undergoing a major debt restructuring since late 2021, which was ordered by the government. Its debt restructuring could also set an important precedent for global investors dealing with similar cases involving Chinese developers. For years, real estate was a pillar of growth for China’s economy.

Persons: Evergrande, Stringer, headcount, Xu Jiayin Organizations: Hong Kong CNN — Evergrande, Bloomberg, Getty Locations: Hong Kong, That’s, Beijing

☆ China GDP: Economy grows 6.3% in Q2 compared with low base
▼ + stars: | 2023-07-16 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —China’s economy expanded by 6.3% in the second quarter from a year ago because of a low base, with momentum slowing following a strong reopening in the first quarter. Compared to the first quarter, gross domestic product grew just 0.8% from April to June, according to data from the National Bureau of Statistics (NBS). Last year, harsh Covid-19 lockdowns wreaked havoc in the world’s second largest economy, including in the financial hub of Shanghai. The economy rebounded strongly In the first quarter after the lifting of pandemic restrictions, with GDP growing at 4.5%. Youth unemployment hit another record high, with the jobless rate for those ages 16 to 24 reaching 21.3% in June.

Organizations: Hong Kong CNN, National Bureau of Statistics, Reuters Locations: Hong Kong, Shanghai, Beijing

☆ The bond and stock markets might finally agree on Fed expectations
▼ + stars: | 2023-07-16 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —The bond and stock markets are finally seeing eye to eye when it comes to the Federal Reserve. Stocks and the 10-year Treasury’s real yield have begun moving inversely again, according to a research note from Morgan Stanley. That’s a reversal from earlier this year, when yields and stocks both moved higher. A concurrent rally both in bond yields and stocks is atypical. The Consumer Price Index report for June showed that annual inflation slowed to 3%, marking its lowest rate since March 2021.

Persons: Morgan Stanley, George Cipolloni, they’re, ”, Price, Michael Kushma, We’re, Laura He, Read, Goldman Sachs Organizations: CNN Business, Bell, CNN, Federal Reserve, Stocks, Valley Bank, Signature Bank, Penn Mutual Asset Management, Nasdaq, Cyberspace Administration, Financial Services, Bank of America, US Bancorp, Ally, American Express Locations: China

☆ China takes major step in regulating generative AI services like ChatGPT
▼ + stars: | 2023-07-14 | by ( Laura He | ) edition.cnn.com time to read: +4 min

China also urges platforms to “participate in the formulation of international rules and standards” related to generative AI, it said. Generative AI tools like ChatGPT have taken the world by storm. Generative AI refers to the technology that underpins platforms like ChatGPT. In the global race to build guardrails for how governments tap AI, China had gained a significant head start, US Senator Mark Warner warned last month. So far, Baidu, Alibaba and JD.com’s generative AI services are either in the trial stage or being tested by corporate users.

Persons: —, Olivier Morin, Mark Warner, ” Organizations: Hong Kong CNN, Cyberspace Administration, Ant, Baidu, Getty, China, Politico’s Global Tech Summit ., ” Citi, National Development, Reform Commission Locations: Hong Kong, China, Beijing, AFP, United States

☆ Ant Group valuation: Jack Ma's speech cost Chinese company about $230 billion
▼ + stars: | 2023-07-10 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The company was co-founded by Jack Ma, as was e-commerce giant Alibaba Group (BABA). On Friday, Chinese financial regulators fined Ant and its subsidiaries a total of 7.1 billion yuan ($984 million) for breaking rules related to consumer protection and corporate governance. The fines mean the regulatory “overhang” over the Chinese internet sector has finally been removed, Jefferies analysts said Saturday. Chinese tech shares rallied Monday, with Alibaba rising 3.2% and Tencent gaining 0.7%. Friday’s fines mark the conclusion of the regulatory crackdown on Ant and could pave the way for the company to revive its long-anticipated IPO, according to analysts.

Persons: Jack Ma, Didi, Meituan, Ant, ”, Alibaba, Ma, ” Ma Organizations: Hong Kong CNN — Ant, Alibaba, CNN, Jefferies, Saudi Aramco, Bund Financial Locations: Hong Kong, China, Shanghai, Saudi, Beijing

Hong Kong CNN —US drugmaker Moderna has signed a deal to make mRNA medicines in China as part of its first major investment in the country, despite escalating trade and political tension between Washington and Beijing. The company currently only markets its mRNA vaccines for Covid-19, but has a number of vaccines and therapeutics in its pipeline. Those focus on addressing infectious diseases, immuno-oncology, rare diseases, cardiovascular diseases and autoimmune diseases, according to the company. Moderna’s Covid-19 vaccine, which received emergency authorization from US regulators in 2020 and full approval in 2022, has not been approved in China. For most of the pandemic, China relied on more traditional platforms for its homegrown Covid-19 vaccines.

Persons: Yicai, Janet Yellen, Biden, Moderna’s, Johnson Organizations: Hong Kong CNN, CNN, Xinhua, CSPC Pharmaceutical Group, Pfizer Locations: Hong Kong, China, Washington, Beijing, The Cambridge , Massachusetts, Shanghai’s Minhang, Shijiazhuang

☆ Hong Kong stocks slump on worries about Chinese banks, US interest rates
▼ + stars: | 2023-07-06 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Hong Kong stocks on Thursday recorded their worst day in four months, after Goldman Sachs downgraded major Chinese banks on local government debt risks and the US Federal Reserve gave a hawkish outlook. Financial shares led the sell-off, after Goldman Sachs downgraded several Chinese banks. The Hang Seng Mainland Banks Index, which tracks mainland Chinese banks listed in Hong Kong, plummeted 6.5%. These banks face earnings risks stemming from their exposure to China’s local government debt, the Wall Street firm said. Sentiment in Hong Kong markets was also affected by the Fed’s hawkish rate outlook.

Persons: Goldman Sachs, Xi Jinping’s, ” “, ”, Stephen Innes, Janet Yellen, Biden, Korea’s Kospi Organizations: Hong Kong CNN, US Federal Reserve, Asia Pacific . Financial, Mainland Banks Index, Commerical Bank of China, Industrial Bank, Bank of China, Bank of Communications, Huaxia Bank, US, Nikkei Locations: Hong Kong, Asia, Mainland, “, China, Beijing, Shanghai

☆ 4 things making it harder for Janet Yellen to repair the US-China relationship
▼ + stars: | 2023-07-06 | by ( Laura He | ) edition.cnn.com time to read: +9 min

The global economy stands to gain if Washington and Beijing can mend fences, but analysts say this appears unlikely. Here are four things likely to make it harder for Yellen to repair US-China ties, and one thing keeping the relationship going. Sequoia’s executives said in a statement that it has become “increasingly complex” to run a decentralized global investment business. On Wednesday, US pharmaceutical firm Moderna (MRNA)signed a deal to make its first major investment in China. “Both sides are ramping up commercial restrictions in the name of national security and national interests,” she said.

Persons: Janet Yellen, China, ” Wei Jianguo, ”, Anna Ashton, Biden, Beijing’s, Wei, Capvision, Xi Jinping’s, “, Li Qiang, Xi, Alex Capri, ” Ashton, —, Jennifer Hansler, Wayne Chang, Bryan Mena Organizations: Hong Kong CNN, Eurasia Group, Micron Technology, China Daily, Analysts, China, Capvision, Bain & Company, Group, Forrester Research, Ontario, Republicans, Hawks, Shanghai Cooperation Organization, Xinhua, US Commerce Department, “, National University of Singapore Business School, Moderna Locations: Hong Kong, Beijing, United States, China, Chinese, Washington, Japan, Europe, Shanghai, New York, decouple, Moscow, Ukraine, Russia, Taiwan, Tianjin

☆ The Fed can’t decide how much money US households have left
▼ + stars: | 2023-07-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Interest rates are higher and so are prices, credit is drying up and there are signs that the labor market is finally softening. The problem is that no one, not even the Federal Reserve, knows how much longer the American consumer can keep on spending. Personal saving rates soared as a result, with US households amassing about $2.3 trillion in savings in 2020 and through the summer of 2021, according to Federal Reserve economists. Economists know that savings must be dissipating, but haven’t quite figured out just how much of that money is left. Just a few weeks later, economists at the Federal Reserve Board of Governors in Washington said just the opposite.

Persons: New York CNN — There’s, we’ve, ”, Torsten Slok, Lydia Boussour, Hanna Ziady, Xiaofei Xu, Beijing’s, Laura He, Wei Jianguo, Funflation, Beyflation — Taylor Swift, Fisher, don’t Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Commerce Department, Federal Reserve Bank of San, Governors, Apollo Global Management, Consumer, Reuters, China Daily, Fisher Investments, National Statistics Locations: New York, Federal Reserve Bank of San Francisco, Washington, United States, EY, Boussour, China, Beijing, Japan, Italy, Netherlands, Swiftflation

☆ Tesla’s China deliveries account for more than half of global sales
▼ + stars: | 2023-07-05 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Tesla’s deliveries from its Shanghai factory more than doubled in the second quarter, accounting for over half of its record global sales, according to a Chinese trade group. In June, Tesla China reported wholesale deliveries of 93,680 vehicles, up 19% from the same period a year ago, preliminary data from the CPCA showed. The robust shipments from the Shanghai factory boosted Tesla’s global sales, sending its shares soaring. On Sunday, the company announced it delivered over 466,000 vehicles worldwide in the second quarter, the highest quarterly number on record. In terms of battery powered EVs, BYD sold 352,163 vehicles in the second quarter, outpacing Tesla China’s figure of just under 250,000.

Persons: Hong Kong CNN —, Tesla, Elon Musk, It’s, Warren Buffett, BYD, outpacing Tesla Organizations: Hong Kong CNN, CNN, China Passenger Car Association, Shanghai Gigafactory Locations: Hong Kong, Shanghai, Tesla China, China

☆ China just played a trump card in the chip war. Are more export curbs coming?
▼ + stars: | 2023-07-04 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Beijing hit back Monday by playing a trump card: It imposed export controls on two strategic raw materials, gallium and germanium, that are critical to the global chipmaking industry. Last October, the Biden administration unveiled a set of export controls banning Chinese companies from buying advanced chips and chip-making equipment without a license. Beyond China, Australian rare earths producers also advanced, as investors expected Beijing might extend export curbs to that group of strategically important minerals. “If this action doesn’t change the US-China dynamics, more rare earth export controls should be expected,” Jefferies analysts said. China cut its rare earths export quota in 2010 amid tensions with the United States.

Persons: ”, Biden, China’s, Janet Yellen, Jefferies, ” Jefferies, CNN’s Hanna Ziady, Xiaofei Xu Organizations: Hong Kong CNN, Jefferies, Micron Technology, Micron, China, Geological Survey, Eurasia Group, Group, United, Analysts Locations: Hong Kong, China, United States, Beijing, Washington, Netherlands, Japan, Australian, States, United Kingdom, Germany, Belgium

☆ Tesla smashed it last quarter but China’s BYD did even better
▼ + stars: | 2023-07-03 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —BYD outpaced Tesla in the second quarter as the Chinese carmaker posted record sales of hybrid and electric vehicles. Between April and June, BYD (BYDDF) sold more than 700,000 vehicles, almost double the number sold in the same quarter last year and setting a new quarterly record. Tesla and BYD are among the bestselling EV makers in the world. BYD still lags behind Tesla globally in terms of pure EV sales. In May, BYD sold around 119,000 pure EVs, more than double from the same period last year.

Persons: Hong Kong CNN — BYD, Warren Buffett, BYD, Shanghai Gigafactory Organizations: Hong Kong CNN, Tesla, China Association of Automobile Manufacturers Locations: Hong Kong, BYD, China, Shenzhen, Shanghai

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

☆ China's Trip.com will pay its workers $140 million to have kids
▼ + stars: | 2023-06-30 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s Trip.com, one of the world’s largest online travel agencies, is introducing new childcare subsidies worth 1 billion yuan ($138 million) to encourage its 32,000 employees to have kids. Trip.com’s announcement follows similar initiatives by smaller Chinese companies and comes as the country faces a demographic crisis. The country is now the world’s second most populous nation, having fallen behind India, according to the United Nations. Giving birth to a first or second child would lead to payments of 30,000 yuan ($4,130) and 60,000 yuan ($8,260) respectively, the reports said. Some 6.83 million couples married in 2022, according to data released by China’s Ministry of Civil Affairs earlier this month.

Persons: China’s, ”, James Liang, …, ” Liang, — CNN’s Simone McCarthy Organizations: Hong Kong CNN, Workers, Communist, United Nations, Beijing, Beijing Dabeinong Technology, China Securities, QiaoYin, QiaoYin City Management, China’s Ministry of Civil Affairs Locations: Hong Kong, Communist China, India, Trip.com, Beijing, QiaoYin City, China

☆ Nvidia says US curbs on AI chip sales to China would cause ‘permanent loss of opportunities’
▼ + stars: | 2023-06-29 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Nvidia warned Wednesday that if the United States imposes new restrictions on the export of AI chips to China, it would result in a “permanent loss of opportunities” for US industry. The rules, as reported, could make it harder for companies like Nvidia (NVDA) to sell advanced chips to China. Fueled by a boom in demand for its AI chips, the company briefly hit a market capitalization of $1 trillion in late May. We do not anticipate any immediate material impact on our financial results,” Kress added. Chinese AI stocks suffered much heavier losses.

Persons: Colette Kress, “, ” Kress, ”, Biden, ” Jefferies Organizations: Hong Kong CNN, Nvidia, Wall Street, Financial Times, US Department of Commerce, CNN, Bloomberg, Chengdu Information Technology, Chinese Academy of Sciences, Baidu, Biden, Micron Technology Locations: Hong Kong, United, China, Washington, Shenzhen, Chengdu, ChatGPT, Beijing

☆ China PMI: services activity in China drops to weakest level in six months
▼ + stars: | 2023-06-29 | by ( Laura He | ) edition.cnn.com time to read: 1 min

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☆ LVMH owner Bernard Arnault reportedly visits China after luxury spending rebound
▼ + stars: | 2023-06-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

LVMH reported its first-quarter sales surged 17% from a year ago, beating analyst expectations, driven by a rebound in China’s luxury market from the downturn it experienced during the pandemic. Luxury goods spending bounced back more quickly than any other sector in the first quarter. Although the economic momentum has lost steam in the past couple of months, growth in luxury goods sales has accelerated. China was one of the world’s largest luxury goods markets before Covid hit. Bain & Co. estimated earlier this year that Chinese consumer spending accounted for around 17% of the global luxury market in 2022.

Persons: Hong Kong CNN — Bernard Arnault, Elon Musk, Morgan, Jamie Dimon, Musk, Caijing, Christian Dior, LVMH didn’t, LVMH, ”, Jean, Jacques Guiony, “, Li Qiang, ” Li Organizations: Hong Kong CNN, LVMH, WF, CNN, Consumers, Bain & Co Locations: Hong Kong, China, Beijing, ” Beijing

Hong Kong/London CNN —Oil prices edged higher, while global stocks and the ruble fell early Monday as investors reacted to the weekend’s brief and chaotic insurrection in Russia. Markets were largely focused on whether the turmoil in Moscow could disrupt global energy supplies. US crude oil futures briefly climbed 1.3% during Asian trading hours. Signs that global energy demand could weaken as economies slow have pushed US crude prices down by nearly 14% so far this year to just under $70 a barrel. Stocks slip, ruble slidesReacting to the short-lived Wagner insurrection, the Russian ruble opened at its lowest level in nearly 15 months.

Persons: Brent, Vladimir Putin, Antony Blinken, ”, Yeap Jun Rong, Wagner, Jeffries, Jerome Powell Organizations: London CNN, Rystad Energy, Wagner Group, IG Group, Brent, Russian, Japan’s Nikkei, Bank of England, Bank of Japan Locations: Hong Kong, London, Russia, Moscow, Asia, Shanghai

☆ China’s premier strikes confident tone on economic growth
▼ + stars: | 2023-06-26 | by ( Laura He | ) edition.cnn.com time to read: 1 min

Hong Kong CNN —China’s Premier Li Qiang struck a confident tone about expansion in the world’s second largest economy on Tuesday, saying growth in the second quarter will be higher than in the first three months of the year. “We are on track to achieve the 5% annual growth target that we set earlier this year,” he told delegates at a World Economic Forum summit in the northern Chinese city of Tianjin. “We are fully confident and have the ability to promote the high quality development track of China’s economy over a long period of time.”This is a developing story and will be updated.

Persons: Hong Kong CNN —, Li Qiang, ” Organizations: Hong Kong CNN Locations: Hong Kong, Tianjin, “

☆ Asian markets slide as investors fear more rate hikes by major central banks
▼ + stars: | 2023-06-23 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Asian stock markets tumbled Friday as investors fretted that more interest rate hikes by major central banks would drag on global economic growth. Mainland Chinese stock markets were closed for a public holiday. Federal Reserve Chair Jerome Powell said Wednesday that more interest rate increases might be needed this year to bring down US inflation to the central bank’s 2% target. “The re-acceleration of global monetary policy tightening dampened markets’ sentiment across regions,” said Ken Cheung, chief foreign exchange strategist for Asia at Mizuho Bank. “The increasing inflation momentum will pave the way for the Bank of Japan’s inflation upgrade and the possible monetary policy tweak in the medium term.”

Persons: Australia’s, Kospi, Jerome Powell, ”, “, Ken Cheung Organizations: Hong Kong CNN, Nikkei, US, Bank of England, Bank of Japan, Mizuho Bank, Bank of Locations: Hong Kong, South, Japan, Asia

☆ Chinese economic planner woos European giants Airbus, BMW despite unresolved tensions over Ukraine
▼ + stars: | 2023-06-23 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The Chinese planner said it supports domestic airlines cooperating with Airbus according to their needs. He also witnessed the signing of the agreements between the NDRC and the European companies separately in Berlin and Paris, according to the Chinese planner. Relations are also strained from recent moves by European Union regulators and governments to limit China’s access to sensitive technology. In March, the European Commission president Ursula von der Leyen called on Europe to reassess its diplomatic and economic relations with China. “Germany is committed to actively broadening our economic relations with Asia and beyond,” Scholz said at a joint press conference with Li, according to French news agency AFP.

Persons: Guillaume Faury, Zheng Shanjie, Li Qiang, Li, Ursula von der Leyen, Olaf Scholz, ” Scholz, China’s Sinochem Organizations: Hong Kong CNN, Moscow, Airbus, BMW, Mercedes, Benz, Volkswagen, Siemens, BASF, National Development, Reform Commission, Union, ASML, European, AFP Locations: Hong Kong, China, Ukraine, Paris, Tianjin, Europe, European, Berlin, Beijing, Russia, United States, Netherlands, Germany, Asia, Italy

Hong Kong CNN —Tesla CEO Elon Musk said Tuesday the company is looking to invest in India “as soon as humanly possible,” following a meeting with Indian Prime Minister Narendra Modi in New York. “[Modi] really cares about India because he’s pushing us to make significant investments in India, which is something we intend to do. “I am confident that Tesla will be in India and will do so as soon as humanly possible,” he said, without specifying a timeline. Back in 2017, the CEO said that Tesla (TSLA) was planning to sell cars in India as soon as that summer. Both China and India have been trying to attract global EV investment and boost the EV industry.

Persons: Hong Kong CNN —, Elon Musk, India “, Narendra Modi, “, Modi, ” Musk, ”, Musk, Tesla, ” Tesla, ” “, Xu Hongcai, Chen Jining Organizations: Hong Kong CNN, Indian, Reuters, EV, Communist Party Locations: Hong Kong, India, New York, Asia, Shanghai, The Shanghai, United States, China, Beijing

☆ China cuts loan prime rate as economic recovery fizzles out
▼ + stars: | 2023-06-20 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The rate cuts come as Wall Street banks, including Goldman Sachs, slash their forecasts for China’s economy. The People’s Bank of China on Tuesday trimmed its one-year loan prime rate (LPR) by 10 basis points from 3.65% to 3.55%, and reduced the five-year rate by the same margin to 4.2%. This is the first time the PBOC has cut both LPR rates since August 2022, when renewed Covid lockdowns and a deepening property downturn were pummeling the economy. “The 10 bps rate cut[s] are unlikely to stimulate business confidence and housing demand,” said Ken Cheung, chief Asian foreign exchange strategist at Mizuho Bank. Hong Kong and mainland Chinese stocks slid after Tuesday’s rate cuts.

Persons: Goldman Sachs, Goldman, Covid, ”, Ken Cheung, “, ” Goldman Sachs, Fu Linghui Organizations: Hong Kong CNN, People’s Bank of China, Mizuho Bank, Shanghai, National Bureau, Statistics, NBS Locations: Hong Kong, Beijing

☆ 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

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