Alibaba stock rallied nearly 2% in premarket trading

Tiger Newspress2021-12-06

Alibaba stock rallied nearly 2% in premarket trading afer the company overhauled e-commerce businesses and named new CFO.

Alibaba Group Holding Ltd(9988.HK)said it will reorganise its international and domestic e-commerce businesses and replace its CFO.

It will form two new units - international digital commerce and China digital commerce which it said was part of efforts to become more agile and accelerate growth.

The international digital commerce unit will include AliExpress which sells to retail buyers particularly in Europe and South America, its Southeast Asian e-commerce business Lazada and Alibaba.com which is more focused on selling to overseas business customers.

It will be headed by Jiang Fan, who had been in charge of its main Chinese retail marketplaces, and the change is seen in line with Alibaba's aim to make 'globalisation' a key focus area in addition to cloud computing and domestic consumer spending.

The China digital commerce unit will include Alibaba's two main marketplaces, Tmall for established brands and Taobao which welcomes all kinds of merchants. It will be led by Trudy Dai, who has previously overseen a number of Alibaba platforms.

Alibaba also announced that deputy chief financial officer Toby Xu will succeed Maggie Wu as CFO from April, describing his appointment as part of the company's leadership succession plan. Xu joined Alibaba from PWC three years ago.

Hit by weaker growth for the economy and fierce competition from a plethora of rivals, Alibaba last month slashed its forecast for annual revenue growth to its slowest pace since its 2014 stock market debut. It also saw sales at its banner event, online shopping festival Singles Day, grow at their slowest rate ever.

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精彩评论

  • Patricktay71
    2021-12-06
    Patricktay71
    Change name like fb better
  • keefleem
    2021-12-06
    keefleem
    buying in slowly [捂嘴]
  • DragonLee
    2021-12-06
    DragonLee
    Buy the dip & hold long term if you are not waiting to use the money in the near future. Don't look at the share prices daily. Read up on news that might affect BABA. That way,  u are keeping abreast with the developments. 
  • MrTig3r
    2021-12-06
    MrTig3r
    power
  • CT131605
    2021-12-06
    CT131605
    Wow
  • JunHaoT
    2021-12-06
    JunHaoT
    Buy slowly 
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