No broken heart for Alibaba on Singles Day November 11, 2014 CHINESE online retail giant Alibaba eclipsed sales records yesterday and recorded 57.1bn renminbi (£5.9bn) worth of transactions, amounting to a whopping 278m orders – many of which came from mobile phones. The retailer took advantage of shopping phenomena Singles Day, similar to Cyber Monday in the US, during which customers snap up big discounts.
Alibaba Singles Day 2014 sales are three times bigger than last year’s Black Friday and Cyber Monday sales combined November 11, 2014 Alibaba has made over $9bn from its Singles Day sales bonanza. $9.3bn (£5.67bn) worth of sales to be exact. In 24 hours. No wonder investors were so keen to get a slice of that pie earlier this year. What started as a day for lonely hearts to celebrate singledom by purchasing gifts for [...]
What is China’s Singles Day? Alibaba nears record-breaking billion-dollar sales target in one day November 11, 2014 The 11th day of the 11th month has a very different meaning in China – in case you haven't heard, today is Singles Day, because of the combination of two 'ones'. But having initially been a day for young singles to meet future partners, and also eat lots of deep fried dough sticks and dumplings, [...]
Alibaba share price rises to record high as company now worth over $100bn more than Amazon November 4, 2014 Chinese e-commerce giant Alibaba saw its shares rose to a record high yesterday of $106.07 after it reported strong second-quarter results and said it would invest for the long term to expand its customer base. It was Alibaba’s maiden quarterly results since its $25bn (£15.6bn) float on the New York Stock Exchange in September, when [...]
Alibaba revenue rises 54 per cent in first quarterly results since IPO November 4, 2014 Alibaba’s first earnings report since its initial public offering (IPO) – the largest in history – was something of a mixed bag. While revenues beat analysts’ expectations, profits fell well below forecasts. Revenues came in at $2.74bn (£1.71bn) for the quarter ended 30 September 2014, beating an expected $2.61bn from analysts polled by Yahoo [...]
Xiaomi is spending $1bn on Internet TV content to takeover China’s smart TV market and rival Alibaba, Baidu and Tencent November 4, 2014 Xiaomi, the Chinese smartphone maker, is planning to spend up to $1bn (£625m) on online TV content in an effort to dominate the smart TV market. The three-year-old company has already overtaken established players in the smartphone market to become the third largest in the world and is now setting its sites on the billion [...]
How a single comment cost Royal Bank of Canada millions of dollars in fees from Alibaba’s IPO October 29, 2014 One banker will be keeping his or her mouth shut for a while to come after, let’s say a slight snafu, ended up costing their employer millions of dollars. The loose-lipped, unnamed banker at Royal Bank of Canada apparently let slip a comment about Alibaba during a webinar. No biggie, surely – unless the bank [...]
Alibaba passes WalMart with share price leap October 28, 2014 SHARES in Chinese e-retail giant Alibaba climbed above $100 during trading yesterday after exec chairman Jack Ma said he was open to working with Apple on mobile payments. The stock jump meant that the firm’s market capitalisation edged over the $248bn mark, while that of US retail giant WalMart fell to around $247.5bn according to [...]
Alibaba’s share price reaches record high, valuing it higher than Wal-Mart October 28, 2014 Shares in Alibaba soared to a record high of $100.45 today, valuing the Chinese etail giant at more than $247bn (£152bn), taking it above US rival Wal-Mart for the first time. Alibaba's share price rose 2.8 per cent during mid-morning trading today. It listed on the New York Stock Exchange last month at $68 a [...]
Who is the richest man in China? Alibaba founder Jack Ma tops Forbes list October 28, 2014 Alibaba founder and chief executive Jack Ma has been named the richest man in China, after his etail giant raised $21.8bn through its record-breaking IPO last month. Ma had already been named the richest man in the People's Republic by the Hurun Report, but the 50-year old former teacher has made it to the [...]