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Tag: Jack Ma

  • Mukesh Ambani pips Jack Ma to be Asia’s richest

    Mukesh Ambani pips Jack Ma to be Asia’s richest

    MUMBAI: Indian business tycoon Mukesh Ambani overtook Alibaba group founder Jack Ma on Friday to become richest person in Asia. As Reliance Industry Ltd (RIL) share rose 1.6 per cent, the total wealth of Ambani hit $44.3 billion.

    Chinese e-commerce giant Ma’s wealth stood at $44 billion at close of trade on Thursday in the US, where the company is listed.

    This year Ambani has added another $4 billion to his existing emperor. RIL has reaped huge benefit from its telecom venture Jio along with doubling petrochemicals capacity too. Moreover, he unveiled plans to leverage his 215 million telecom subscribers to expand his e-commerce offerings earlier this month.

    He said Reliance saw its “biggest growth opportunity in creating a hybrid, online-to-offline new commerce platform,” involving the group’s retail and telecom business.

    “We need to broaden our horizon of expectation with Reliance,” a Mumbai-based analyst at Antique Stock Broking Nitin Tiwari said. “They are in for something really transformational,” he added.

    On the other hand, Alibaba Goup’s Ma has reportedly lost $1.4 billion in 2018.

  • Alibaba’s India OTT may launch in three months

    Alibaba’s India OTT may launch in three months

    MUMBAI: According to a report by The Ken, Chinese ecommerce giant Alibaba has announced plans to launch an over-the-top (OTT) video service in India over the next three months. The service will be introduced in partnership with its Indian investee company Paytm and mobile Internet subsidiary UCWeb, the report said.

    However, in a statement made to Indian Television Dot Com, an Alibaba Group spokesperson said: “India is key in our globalization strategy and we are very committed to growing our existing businesses in this market in the long term. As a policy we do not comment on market speculation.”

    “It’s an obligatory play. The global player does it so we have no option but to follow it,” the report quoted a senior Paytm official as saying.

    Over the last several months, Jack Ma-led Alibaba has reportedly been scouring the Indian market looking for quality content creators and production houses in Mumbai.

    The ecommerce behemoth is also reportedly in the process of hiring a strategic alliance head in Gurugram as well as a strategic alliance head for Video in either Mumbai or Gurugram.

    Both of these positions would fall under the Alibaba-owned UCWeb’s business, sources have revealed. It is, however, believed that the move will be spearheaded locally by Damon Xi, head of UCWeb India and Indonesia.

    Currently, Alibaba has two contest-based products in India – mobile browser UCWeb and We-Media, which together boast over 200 Mn users. Launched in March 2017 with an initial investment of Rs 5 crore ($782000), We-Media is a UCWeb-operated platform wherein users can post their own content in the form of articles, photos and videos.

    Alibaba currently has a formidable presence in the Chinese OTT video market through Youku Tudou, which it acquired in 2015. Youku and Tudou are, essentially, two free video sites like YouTube that were merged in 2012.

    Also Read:

    Amazon India to launch 10 originals in 2018

    Aastha TV to launch OTT, VOD service

  • Alibaba starts Olympic run with a multi-billion $ sponsorship deal

    Alibaba starts Olympic run with a multi-billion $ sponsorship deal

    NEW DELHI: Chinese e-commerce giant Alibaba Group yesterday started its Olympic run by signing a multi-billion dollar multi-year deal with the International Olympic Committee (IOC) to become the official `Cloud Services’ and `E-commerce Platform Services’ partner, as well as a Founding Partner of the Olympic Channel, according to an announcement by both the organisations.

    The Olympic Partner (TOP) sponsorship deal running through 2028 and announced at World Economic Forum in Davos, Switzerland, which according to some media reports further burnished Chinese credentials in the global economy, has Alibaba (NYSE: BABA) joining 12 other companies, including Coca-Cola and McDonald’s, as top Olympic sponsors.

    Though no financial details were disclosed, a Reuters report from Davos separately stated IOC sources had previously told the news agency that major sponsors pay about $100 million per four-year cycle, which includes one summer and one winter games.

    According to a statement put out by IOC on its website, the partnership was announced at Davos in the presence of IOC president Thomas Bach, Alibaba Group founder and Executive Chairman Jack Ma and Alibaba Group Chief Executive Officer Daniel Zhang.

    Commenting on the partnership, Bach said: “In this new digital world, Alibaba is uniquely positioned to help the IOC achieve a variety of key objectives outlined in Olympic Agenda 2020, while positively shaping the future of the Olympic Movement. This is a ground-breaking, innovative alliance and will help drive efficiencies in the organisation of the Olympic Games through 2028, whilst also supporting the global development of digital opportunities, including the Olympic Channel.”

    Through this partnership, Alibaba’s contributions to the Olympic Movement will include the following:

    — Best-in-class cloud computing infrastructure and cloud services to help the Olympic Games operate more efficiently, effectively and securely, including supporting big data analytics requirements

    — Creation of a global e-commerce platform for Olympic stakeholders to engage and connect with fans seeking official Olympic licensed products manufactured by the Olympic parties’ official licensees and selected sports products, on a worldwide basis
    — Leveraging Alibaba’s leading digital media technologies and know-how to develop and customise the Olympic Channel for a Chinese audience.

    “Alibaba’s partnership with the IOC is built on a foundation of shared values and a common vision for connecting the world and enriching people’s lives,” said Jack Ma, adding, “We are proud to support Olympic Agenda 2020, using our innovations and technologies to help evolve the Olympic Games for the digital era.” Alibaba’s Zhang described the partnership as a “game-changing digital transformation”, which will help the company in moving “another step closer” toward its goal to “serve two billion consumers” and strengthen the company’s brand by connecting more “young people to the Olympic Movement”.

    IOC’s Marketing Commission head Tsunekazu Takeda said: “We are delighted to be working in the long term with Alibaba for the benefit of the Olympic Movement. This strategic partnership underlines the global appeal of the Olympic values and opens an exciting new chapter in this digital age.”

    Alibaba is the first company to make a long-term commitment to the IOC through 2028 and the first Chinese company to commit to the Olympic Winter Games Beijing 2022. The company will support the organisers of each edition of the Olympic Games and the Olympic Movement around the world, according to the official statement. These rights will include advertising and promotional use of Olympic marks and imagery from the Olympic Games as well as marks from the National Olympic Committees.

    Alibaba’s global activation rights will include the Olympic Winter Games PyeongChang 2018, the Olympic Games Tokyo 2020, the Olympic Winter Games Beijing 2022 and the Olympic and Olympic Winter Games in 2024, 2026 and 2028 in cities yet to be selected by the IOC.

  • Alibaba starts Olympic run with a multi-billion $ sponsorship deal

    Alibaba starts Olympic run with a multi-billion $ sponsorship deal

    NEW DELHI: Chinese e-commerce giant Alibaba Group yesterday started its Olympic run by signing a multi-billion dollar multi-year deal with the International Olympic Committee (IOC) to become the official `Cloud Services’ and `E-commerce Platform Services’ partner, as well as a Founding Partner of the Olympic Channel, according to an announcement by both the organisations.

    The Olympic Partner (TOP) sponsorship deal running through 2028 and announced at World Economic Forum in Davos, Switzerland, which according to some media reports further burnished Chinese credentials in the global economy, has Alibaba (NYSE: BABA) joining 12 other companies, including Coca-Cola and McDonald’s, as top Olympic sponsors.

    Though no financial details were disclosed, a Reuters report from Davos separately stated IOC sources had previously told the news agency that major sponsors pay about $100 million per four-year cycle, which includes one summer and one winter games.

    According to a statement put out by IOC on its website, the partnership was announced at Davos in the presence of IOC president Thomas Bach, Alibaba Group founder and Executive Chairman Jack Ma and Alibaba Group Chief Executive Officer Daniel Zhang.

    Commenting on the partnership, Bach said: “In this new digital world, Alibaba is uniquely positioned to help the IOC achieve a variety of key objectives outlined in Olympic Agenda 2020, while positively shaping the future of the Olympic Movement. This is a ground-breaking, innovative alliance and will help drive efficiencies in the organisation of the Olympic Games through 2028, whilst also supporting the global development of digital opportunities, including the Olympic Channel.”

    Through this partnership, Alibaba’s contributions to the Olympic Movement will include the following:

    — Best-in-class cloud computing infrastructure and cloud services to help the Olympic Games operate more efficiently, effectively and securely, including supporting big data analytics requirements

    — Creation of a global e-commerce platform for Olympic stakeholders to engage and connect with fans seeking official Olympic licensed products manufactured by the Olympic parties’ official licensees and selected sports products, on a worldwide basis
    — Leveraging Alibaba’s leading digital media technologies and know-how to develop and customise the Olympic Channel for a Chinese audience.

    “Alibaba’s partnership with the IOC is built on a foundation of shared values and a common vision for connecting the world and enriching people’s lives,” said Jack Ma, adding, “We are proud to support Olympic Agenda 2020, using our innovations and technologies to help evolve the Olympic Games for the digital era.” Alibaba’s Zhang described the partnership as a “game-changing digital transformation”, which will help the company in moving “another step closer” toward its goal to “serve two billion consumers” and strengthen the company’s brand by connecting more “young people to the Olympic Movement”.

    IOC’s Marketing Commission head Tsunekazu Takeda said: “We are delighted to be working in the long term with Alibaba for the benefit of the Olympic Movement. This strategic partnership underlines the global appeal of the Olympic values and opens an exciting new chapter in this digital age.”

    Alibaba is the first company to make a long-term commitment to the IOC through 2028 and the first Chinese company to commit to the Olympic Winter Games Beijing 2022. The company will support the organisers of each edition of the Olympic Games and the Olympic Movement around the world, according to the official statement. These rights will include advertising and promotional use of Olympic marks and imagery from the Olympic Games as well as marks from the National Olympic Committees.

    Alibaba’s global activation rights will include the Olympic Winter Games PyeongChang 2018, the Olympic Games Tokyo 2020, the Olympic Winter Games Beijing 2022 and the Olympic and Olympic Winter Games in 2024, 2026 and 2028 in cities yet to be selected by the IOC.

  • Alibaba acquires 20% stake in Suning for $4.63 billion

    Alibaba acquires 20% stake in Suning for $4.63 billion

    MUMBAI: Alibaba Group Holding is all set to invest approximately $4.63 billion (RMB28.3 billion) for a 19.99 per cent stake in China’s consumer electronics retail chains Suning. After the closing of the investment in Suning, Alibaba will be the second-largest shareholder in the company.

     

    Concurrent with Alibaba’s investment in Suning, Suning will invest up to $2.28 billion (RMB14 billion) to subscribe for up to 27.8 million newly issued ordinary shares of Alibaba. After the investment, Suning will hold approximately a 1.1 per cent interest in Alibaba’s enlarged issued and outstanding share capital.

     

    The strategic collaboration between Alibaba and Suning marks a milestone that signals the further integration of digital and offline retail. The collaboration will bring benefits to hundreds of millions of Chinese consumers who use Alibaba’s online platforms and Suning’s offline channels. By cooperating, Alibaba and Suning will be able to provide holistic and more convenient shopping experiences, as well as superior customer service to users looking to purchase online and through mobile devices.

     

    As part of the transaction, Alibaba and Suning have entered into an agreement to build on synergies in e-commerce, logistics and incremental business through joint omni-channel initiatives. Under the collaboration, Suning will open a flagship store on Alibaba’s Tmall.com platform, focusing on consumer electronics, home appliances and baby products. The store will offer high-quality product offerings at attractive prices and an unparalleled superior shopping experience. Suning’s flagship store will be a major win for Tmall.com, and reflects Tmall’s status as the premiere platform for brands and retailers who wish to establish their online presence and direct engagement with customers.

     

    In the area of logistics, Suning will become a partner of Cainiao, Alibaba’s logistics affiliate and Suning’s logistics services cover almost all of the 2,800 counties and districts in China. Suning boasts a nationwide logistics network covering over 90 per cent of China’s counties including eight national distribution centers, 57 regional distribution centers, 353 city forwarding centers and over 1,700 last-mile delivery stations. With Cainiao’s intelligent delivery solutions and Suning’s well-developed distribution network, customers can expect to receive their orders in as fast as two hours in the near future.

     

    This collaboration highlights how Alibaba Group’s unrivalled leadership in mobile commerce and payments makes it possible for offline retailers to have an aggressive and successful omni-channel strategy. This collaboration brings together a strong bricks-and-mortar operation with an extensive online customer base and resources. Capitalizing on Suning’s extensive network of offline stores and leveraging Alibaba’s edge in data technology, both parties can explore online-to-offline and offline-to-online commerce opportunities that better serve customer needs and preferences. The collaboration will provide many tangible benefits to consumers. For example, consumers will be able to have a physical experience with the product in store, while at the same time being able to operate other areas – such as ordering and payment – through their own mobile device. Not only will customers be able to enjoy the tremendous amount of offerings and pay directly via the Alipay Wallet on their mobile device, they will also be able to experience the products and after-sale services in person in Suning’s over 1,600 physical retail stores in 289 cities across China. In addition, Suning’s retail stores, as well as its over 3,000 after-sales service locations and over 5,000 affiliate servicing partners in 320 cities across China will also be able to perform important after-sale maintenance or repair services to Tmall consumers.

     

    Alibaba Group executive chairman Jack Ma said, “Over the past two decades, e-commerce has become an inextricable part of the lives of Chinese consumers, and this new alliance brings forth a new commerce model that fully integrates online and offline. This alliance will benefit consumers and merchants by cultivating an open and transparent integrated ecosystem that will be the backbone of the future economy.”

     

    Alibaba Group CEO Daniel Zhang added, “We are seeing the integration of e-commerce with traditional commerce where consumers are able to enjoy a more engaged, omni-channel and seamless shopping experience. Customers will be able to enjoy the vast online offerings while having convenient access to physical stores. By maximizing Suning’s bricks-and-mortar assets with Alibaba’s vibrant ecosystem, we are in the best position to provide the ultimate shopping experience for all our customers.”

     

    Suning chairman Zhang Jindong said, “The collaboration between Alibaba and Suning is a milestone in China’s retail industry and its influence on e-commerce and offline retailing will be enormous. This collaboration signals a new trend in the Internet age: Strengthening China’s traditional industries by leveraging the power of Internet. It will also help transform China’s manufacturing industry and broaden the global horizons of Chinese brands.”

     

    Suning vice chairman Sun Weimin added, “We believe the strengths of Alibaba and Suning complement each other. By exploring standards and models in the O2O sector, we hope to bring real benefits to Chinese consumers.”

  • Alibaba Group to invest $193.6 million in SMG’s China Business News

    Alibaba Group to invest $193.6 million in SMG’s China Business News

    MUMBAI: Alibaba Group has signed a strategic agreement with Shanghai Media Group (SMG) to leverage both companies’ Internet technology and media resources in order to penetrate China’s financial information services industry.

     

    As part of the strategic agreement, Alibaba Group will invest $193.6 million (RMB1.2 billion) into China Business News (CBN), a Chinese financial media company under SMG, to create a financial data and information services company that will help Chinese small and medium enterprises tap a rich mine of financial data.

     

    By utilizing Alibaba Group’s big data and cloud computing capabilities, both companies will jointly develop a comprehensive financial data and information platform that will provide users with timely financial news and information in order to enhance their investment and financial decision-making capabilities.

     

    The aim of this platform is to raise the bar on enterprise efficiency in China by leveling the information playing field. By giving a greater number of Chinese enterprises access to precious financial data that can be easily mined and analyzed for actionable investment and business decisions, this platform is expected to help these enterprises scale and expand their businesses.

     

    Currently, Alipay and CBN are collaborating to provide users with stock quote information and CBN’s wealth management information product will also soon launch on Mobile Taobao. Alipay is part of Ant Financial Services Group, a related party of Alibaba Group. Alibaba Group and SMG will also work toward enhancing digital and traditional media convergence in the industry through the launch of innovative new media products for the market.

     

    “The era of Data Technology is here and it will surpass the Information Technology era. The DT era is about transparency, sharing of information and enabling others. Alibaba is excited about the possibilities of the DT era and how it can bring value to society,” said Alibaba Group founder and executive chairman Jack Ma.

     

    This strategic agreement with SMG is expected to help Alibaba Group develop DT-era products and services to enrich the lives of Chinese users, be it in academia, business or media sectors.

     

    Through this tie-up, CBN is well-poised to expand its financial media information services and continue to innovate in China’s traditional financial media industry. CBN is China’s leading financial media group with a variety of media assets, such as television, radio, newspaper, magazine and news agencies.