China Newsbase
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The China News Database was last updated at 01:50PM on November 9, 2023.
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1,796 articles matching the search query.
Anti-monopoly fine pushes Alibaba to first operating loss as public company
China's top e-commerce platform Alibaba Group Holding Ltd (9988.HK), on Thursday posted its first quarterly operating loss since going public in 2014 due to a record anti-monopoly fine by the country's market regulator.
Alibaba (BABA) Revenue Beats But Swings to Loss on Antitrust Fine
Alibaba Group Holding Ltd. forecast better-than-expected revenue and pledged to invest in new growth arenas, signaling its intention to move past a Chinese antitrust probe that triggered its first loss in nine years.
A 1,100-year-old poem cost Meituan's CEO US$2.5 billion, his company
Companies & Markets News -It took just 28 Chinese characters on a social media platform to ignite a controversy that's rattled China's tech industry.. Read more at straitstimes.com.
Jack Ma makes rare visit to Alibaba headquarters in Hangzhou
Alibaba (9988.HK) founder Jack Ma, largely out of public view amid a regulatory clampdown on the group, made a rare visit to its Hangzhou campus on Monday during the e-commerce giant's annual "Ali Day" staff and family event, company sources said.
Alibaba's Ant Group will let more users test China's digital yuan
MYbank, an online bank in which Ant has a 30% stake, is now allowing some users to link accounts with China's digital currency app, state-backed media said.
Beijing Slaps Fines on Tutoring Apps Backed by Tencent, Alibaba
China is expanding its far-reaching tech campaign into online education, issuing the maximum penalties to two of the country’s fastest-growing tutoring apps for violating competition and pricing laws.
ByteDance Eyes a New $185 Billion Business Ahead of Mega IPO
Zhang Yiming built ByteDance Ltd. into the world’s most valuable private company via a string of blockbuster apps like TikTok that challenged Facebook and other incumbents on their own turf. His latest target: Alibaba.
Adidas, Nike Web Sales Plunge in China Amid Xinjiang Boycott
Online sales of Adidas AG and Nike Inc. plunged in China after a boycott of international brands that have taken a stand against the treatment of Muslim Uyghurs in the Xinjiang region, reflecting the blow to businesses that cross Beijing’s political lines.
Alibaba freezes executive pay amid China’s curbs on big tech -sources
Chinese e-commerce giant Alibaba Group Holding has frozen pay for senior executives in 2021 and is instead giving junior staff bigger salary increases, sources said, in an effort to preserve its workforce amid a regulatory clampdown.
China orders fintech companies to stick to the rules as clampdown widens
The country's platform economy has grown rapidly and covers whole range of e-commerce activities ranging from banking to shopping and food delivery.
China Investigates Meituan For Suspected Monopolistic Practices
China’s government has expanded its antitrust crackdown beyond Jack Ma’s technology empire, launching an investigation into suspected monopolistic practices by food-delivery behemoth Meituan.
Jack Ma Shows Why China’s Tycoons Keep Quiet
High-profile business leaders have been detained, sidelined or silenced as the Communist Party moves forcefully to keep companies in line. Today, the best strategy is to lie low.
Greenpeace Chides Alibaba on Energy as China Tech Cleans Up
(Bloomberg) -- China’s tech giants are shifting slowly toward using more clean electricity to power their energy-hungry operations, Greenpeace found in its second review of the industry.More of the country’s biggest tech companies are actively procuring renewable energy and disclosing energy consumption and emissions data, Greenpeace said in a report published Wednesday. Still, only two of 22 surveyed companies reported getting more than 3% of their power from carbon-free sources such as wind and solar.Greenpeace blasted Alibaba Group Holding Ltd., China’s biggest tech company, and GDS Holdings Ltd., its largest independent data center operator, for not releasing emissions data or committing to more renewable energy use or a carbon neutrality target. Meanwhile data center operator ChinData Group Holdings Ltd. was lauded for procuring renewable energy for 51% of its power needs, signing contracts to develop 1.3 gigawatts of new wind and solar projects and committing to be carbon neutral by 2030.More of China’s tech giants should be buying renewable power, especially in light of the country’s plans to reach net-zero emissions by 2060, Greenpeace researchers said in the report. China is home to almost a quarter of the world’s data centers, and they consume more power combined than all of Malaysia. In 2018, nearly three-quarters of that power came from coal, according to Greenpeace.A spokesperson for Alibaba’s cloud operations said energy efficiency is at its core, and that the company has been committed to developing green data centers since 2015.“It is our ongoing mission to embed eco-friendliness into our technologies,” the company said in a statement.Thirteen of the 22 companies have begun actively spending on renewable energy as of this month, up from eight in 2019, Greenpeace said. Meanwhile half the companies are disclosing electricity consumption and emissions data, compared with about 20% in 2019.(Updates with company statement from fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
China warns 34 tech firms against excess in antitrust crackdown
Chinese authorities summoned 34 of the country’s biggest internet companies on Tuesday, including Tencent, Meituan and ByteDance, ordering them to learn a lesson from Alibaba’s case, and to conduct self-inspections to comply with antitrust laws.
Ant to Be Financial Holding Firm in Overhaul Forced by China
Jack Ma’s Ant Group Co. will drastically revamp its business, bowing to demands from Chinese authorities that want to rein in the country’s fast-growing Internet giants.
Alibaba shares rise 6% in U.S. premarket trading after $2.8 billion anti-monopoly fine
Alibaba was fined 18.23 billion yuan ($2.8 billion) by Chinese regulators as a result of an anti-monopoly investigation.
Alibaba-backed Energy Monster caught in legal dispute ahead of U.S. listing
Energy Monster, China's biggest mobile device power bank startup backed by Alibaba and SoftBank, is embroiled in an ownership dispute that could further cloud a Nasdaq flotation already buffeted by new U.S. regulations to delist foreign companies.
China’s crackdown on Jack Ma has come to Hong Kong’s paper of record
Staff worry the publication will be sold to a Chinese state-owned entity, giving Beijing direct control of the outlet.
China’s Healthcare Companies Are the Next Big Thing. Where Investors Should Look.
China’s healthcare companies will get much bigger thanks to an aging population, bottlenecks in China’s state medical system, and prowess in drug research.
Chinese tech giant Baidu to raise $3.1 billion in Hong Kong listing
Baidu has priced its shares at 252 Hong Kong dollars ($32.45) each which will raise the company around $3.1 billion.
