Alibaba CEO says regulations for internet firms ‘necessary’

HONG KONG (AP) — The chairman and CEO of e-commerce giant Alibaba Group praised Chinese regulators Monday in a possible attempt to repair ties after the stock market debut of its former financial services arm was suspended following criticism of them by billionaire Alibaba founder Jack Ma.

Beijing’s announcement of proposed guidelines to regulate internet companies is “timely and necessary,” Daniel Zhang said in a speech at the government-organized World Internet Conference in Wuzhen, a town in Zhejiang province, just south of Shanghai.

While Zhang did not specify which regulations he was referring to, China on Nov. 10 announced proposed guidelines on how anti-competition would apply to internet companies. They highlighted potential areas regulators might target, including exclusive contracts, which are common practices used by e-commerce firms and other internet companies.

The move to regulate monopolistic power of China’s technology giants sparked a sell-off in Chinese internet stocks. Alibaba’s stock

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Alibaba CEO strikes conciliatory tone on China’s plans for tougher tech regulation

Alibaba CEO Daniel Zhang has described plans by Chinese regulators to tighten restrictions on internet companies as “timely and necessary.”



a person posing for the camera: HANGZHOU, CHINA - SEPTEMBER 25: Daniel Zhang Yong, Executive Chairman and Chief Executive Officer of Alibaba Group, makes keynote speech during the Apsara Conference 2019 at Cloud Town on September 25, 2019 in Hangzhou, Zhejiang Province of China. (Photo by Wang Chuan/VCG via Getty Images)


© Wang Chuan/VCG/Getty Images
HANGZHOU, CHINA – SEPTEMBER 25: Daniel Zhang Yong, Executive Chairman and Chief Executive Officer of Alibaba Group, makes keynote speech during the Apsara Conference 2019 at Cloud Town on September 25, 2019 in Hangzhou, Zhejiang Province of China. (Photo by Wang Chuan/VCG via Getty Images)

The remarks from Zhang come as Alibaba finds itself in the crosshairs of Chinese regulators. News of an imminent crackdown sent shares in the company and other Chinese tech giants plunging earlier this month. That came after officials slammed the brakes on the blockbuster IPO of Ant Group, Alibaba’s financial affiliate, following public criticism by founder Jack Ma of Chinese regulators.

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Striking a more conciliatory tone, Zhang said on Monday that he welcomes more regulation, and noted that China’s

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Alibaba (NYSE:BABA), (MPNGF) – Alibaba CEO Calls China’s New Fintech Regulations ‘Timely And Necessary’ After Ant IPO Ax

Alibaba Group Holding Ltd (NYSE: BABA) CEO Daniel Zhang said that Beijing’s draft rules to prevent monopolistic behavior by China’s internet platforms are “timely and necessary,” Reuters reported Monday (Beijing time)

What Happened: Zhang, speaking at the World Internet Conference held in Wuzhen, China, said that the country’s regulations need a shakeup. 

The Chinese internet industry’s “development and government supervision is a relationship that promotes and relies on each other, so that platform enterprises cannot only develop well themselves, but also serve the sustainable and healthy development of the whole society,” the Alibaba CEO said.

The annual conference takes place on Nov. 23 and Nov. 24 and is organized by the Cyberspace Administration of China, the country’s internet watchdog and censor.   

China’s internet giants such as Tencent Holdings Limited (OTC: TCEHY), Alibaba, and Meituan (OTC: MPNGF) are reportedly under greater government scrutiny. 

Why It Matters: The draft rules, published Nov.

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Alibaba CEO says China’s draft anti-monopoly rules ‘timely and necessary’

By Yingzhi Yang and Josh Horwitz



a screen shot of a man in a suit and tie: World Internet Conference in Wuzhen


© Reuters/ALY SONG
World Internet Conference in Wuzhen

WUZHEN, China (Reuters) – China’s move to draft rules aimed at preventing monopolistic behaviour by internet platforms is “timely and necessary”, Alibaba Group CEO Daniel Zhang said on Monday.



Xi Jinping et al. standing in front of a large crowd of people: World Internet Conference in Wuzhen


© Reuters/ALY SONG
World Internet Conference in Wuzhen

Speaking at the World Internet Conference, Zhang said Chinese internet companies have moved to the forefront of the global industry with the help of government policies, but regulations need to evolve.



People check laptop at the opening ceremony of the World Internet Conference (WIC) in Wuzhen


© Reuters/ALY SONG
People check laptop at the opening ceremony of the World Internet Conference (WIC) in Wuzhen

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The industry’s “development and government supervision is a relationship that promotes and relies on each other, so

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Alibaba Emerging As A Value Play, Tencent Navigates Regulatory Minefield (NYSE:BABA)

By ALT Perspective for Chinese Internet Weekly

It was an action-packed week on both sides of the Pacific. The developments led to sharply contrasting share price directions of various stocks, whether they are American or Chinese.

On Monday, strong China trade data released over the weekend fired off bullish sentiment. Chinese export growth accelerated at the quickest pace in 19 months in October, rising 11.4 percent from a year earlier and faster than the 9.9 percent increase in September. It was even more remarkable when you consider that analysts had expected a slowdown, with the consensus forecast for a 9.3 percent increase.

Experts are struggling to agree on the export outlook. The current wave of coronavirus cases has sent several countries back into lockdown, pressuring economic activities, and consequently, import demand from China. On the other hand, Chinese factories could benefit from orders shifted from affected global ones and higher

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Alibaba, JD.com say U.S. was top seller to China during Singles’ Day event

BEIJING/SHANGHAI (Reuters) – Alibaba 9988.HK and JD.com JD.O said the United States was the top seller of goods to China during the Singles’ Day shopping extravaganza that generated about $116 billion in merchandise volume for the pair.

Singles’ Day is usually a one-day sales event, the world’s biggest, eclipsing Black Friday and Cyber Monday in the United States. Many online companies offer deals at the event.

This year, companies including Alibaba Group Holding Ltd BABA.O and JD.com Inc 9618.HK offered promotions over several days, with sales widely interpreted as indicative of China’s rebounding post-virus economy.

Customers, unable to travel abroad because of the COVID-19 pandemic, snatched up deals from brands including Huawei Technologies Co Ltd [HWT.UL] and Fast Retailing Co Ltd’s 9983.T Uniqlo.

Alibaba generated gross merchandise volume (GMV) of 498.2 billion yuan ($75.28 billion). JD.com, which recorded 271.5 billion yuan in GMV, told Reuters

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Alibaba boasts over $70 billion sales as first post-virus Singles’ Day nears end

HANGZHOU, China (Reuters) – China’s Alibaba said orders on its e-commerce platforms during the Singles’ Day shopping extravaganza had exceeded $70 billion by Wednesday evening, as lockdown-weary consumers splashed out on as many as 16 million discounted goods.

The world’s biggest sales event – eclipsing Black Friday and Cyber Monday in the United States – spans four main days this year, and so far has brought sellers 20 times as many orders by value than Amazon.com Inc’s two-day global Prime Day last month.

Such is its size that its performance is widely considered indicative of China’s post-virus economic recovery.

“Because of COVID-19, many Chinese cannot go overseas,” Vice President Liu Bo told reporters. “This actually stimulates online consumption.”

So far, the performance is likely a relief for Alibaba Group Holding Ltd after losing about 10% of its market value last week when regulators scuppered the listing of fintech affiliate Ant

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Alibaba Singles Day Sales Top $70 Billion Into Event Finale

Alibaba Group Holdings’  (BABA) – Get Report Singles Day shopping event has topped $70 billion in sales heading into its final three hours, a huge increase from last year’s record high that suggests robust consumer health in the world’s second-largest economy.

According to data published by Alibaba just after 9:00 PM in Beijing (8 am Eastern time) gross merchandise value for the group’s 12th annual Global Shopping Festival has reached 467.50 billion Chinese yuan, or just over $70.57 billion, a staggering total that dwarfs the record $10.4 billion spent during Amazon Inc.’s  (AMZN) – Get Report two-day Prime Day event last month. 

Alibaba’s U.S.-listed shares were marked 1% lower in early trading Wednesday, following a 9.8% decline in Hong Kong, after the Singles’ Day sales update to change hands at $264.00 each.

Shares in the group slumped more than 8.3% yesterday, however, and 3.2% on Monday

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Alibaba Leads Chinese Internet Selloff Approaching $260 Billion

(Bloomberg) — Chinese technology giants from Alibaba Group Holding Ltd. to Tencent Holdings Ltd shed almost $260 billion of market value over two days of frantic selling, as investors scrambled to assess the fallout from Beijing’s broadest attempt to rein in its most powerful private-sector firms.

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Technology shares tumbled for a second day after Beijing issued regulations designed to curb the growing influence of internet-sector leaders including JD.com Inc., Meituan and Xiaomi Corp. The Hang Seng Tech Index slumped 5.6% on Wednesday in Hong Kong, taking its two-day loss to 10% as of midday. Shares in the quintet of firms have sunk at least 8% over two sessions.

Beijing on Tuesday unveiled regulations to root out monopolistic practices in the internet industry, pivoting away from a mostly hands-off approach while dealing a blow to businesses at the heart of the world’s No. 2 economy. The vaguely worded edict

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WhatsApp takes on Google, Alibaba in India’s phone payment battle

WhatsApp on Friday entered an increasingly tense battle between multinational giants such as Google and Alibaba for a chunk of India’s fast growing digital payments market.

The Facebook-owned firm said it was launching Whatsapp Pay just hours after it was given permission by the country’s payments regulator. India is the messenger firm’s biggest market with some 400 million users.

Whatsapp Pay — which allows people to send and receive money through the messaging platform –was launched in Brazil in June but was quickly suspended because of competition objections raised by the central bank. Authorities have since indicated that it will be allowed there.

Facebook chief Mark Zuckerberg said in a video statement accompanying the India launch that the move would boost “innovation” in payments.

Zuckerberg also hailed India’s Unified Payments Interface (UPI) which is used in the country of 1.3 billion people to manage payment apps, with more than 140

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