Jack Ma, founder of Alibaba, reappeared in the public view in China for the first time in months. Alibaba then announced a huge reorganization of its business. Experts see the move as a signal that the Chinese government is softening its stance toward tech giants after a crackdown that began in late 2020. Jean Chung … Read more
With 92 billionaires, Mumbai ranks third behind New York and London, but ahead of Beijing, and Shanghai. Tuul & Bruno Morandi | The Image Bank | Getty Images Move over, Beijing. Mumbai is now the Asian capital with the most number of billionaires, overtaking Beijing, according to Hurun Research Institute’s global rich list. This is … Read more
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Markets rebound as Nvidia goes green: … Read more
Chinese e-commerce giant Alibaba is back on track to be a top market player after a period of pressure, co-founder Joe Tsai told CNBC’s Emily Tan in an exclusive interview Friday. Questions about Alibaba’s future have mounted after a series of internal changes, a scrapped cloud computing IPO and competition for its core e-commerce business. … Read more
The logo of the Alibaba office building is seen in the Huangpu District in Shanghai, June 16, 2023. Costfoto | Nurphoto | Getty Images Chinese tech giant Alibaba Group is betting on its overseas businesses while domestic consumption growth remains sluggish. One bright spot in Alibaba’s latest earnings report was its international e-commerce business unit, which posted … Read more
Jakub Porzycki | Nurphoto | Getty Images Temu, the controversial Chinese e-commerce giant looking to take on Amazon, is returning to the big game on Sunday with a Super Bowl ad that lawmakers are calling on Paramount Global and CBS not to run. The company, owned by PDD Holdings, skyrocketed to prominence last year after … Read more
Sopa Images | Lightrocket | Getty Images Temu, the e-commerce app run by Chinese company PDD Holdings, plans to run a Super Bowl ad on Sunday, a spokesperson told CNBC, as it looks to continue growing rapidly in the United States. It’s rare for a Chinese firm to buy a Super Bowl ad spot, which costs … Read more
Facebook founder and CEO Mark Zuckerberg meets Founder and Executive Chairman of Alibaba Group Jack Ma (not pictured), at the China Development Forum in Beijing, China, March 19, 2016. Shu Zhang | Reuters Like many Facebook and Instagram users, marketing veteran Victor Lee is inundated with ads from Chinese online retailer Temu when he opens … Read more
Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange November 11, 2015. Brendan McDermid | Reuters BEIJING — It’s been a tumultuous 12 months for Alibaba, casting doubt on the future of the tech giant just as artificial intelligence is taking off. The company’s cloud computing unit was … Read more
The top-performing U.S.-listed Chinese stocks for 2023 weren’t well-known internet names. Instead of Alibaba — down more than 10% for the year — it’s Temu parent PDD Holdings that outperformed with gains of nearly 80% for 2023 as of Thursday, according to Wind Information. But topping PDD were three stocks that basically doubled or more … Read more
