While China was the only major world economy to have emerged from a coronavirus-hit 2020 with positive growth, its rate of expansion — 2.3 percent for the year — was still its slowest in 44 years.
Feeling the pinch of rising Chinese tech, the Silicon Valley giants become political to stay in the game.
China will get hit in the short term, and recover, but the fluctuations can trigger new opportunities.
The enormous IPO, which Hong Kong had lobbied for, will come as a boost for authorities wrestling with pro-democracy protests.
Jack Ma, one of China's wealthiest and best-known entrepreneurs, gave up his post on his 55th birthday as part of a succession announced a year ago.
The second listing will give Alibaba the war chest it needs to keep investing in technology as growth in China flags and the world’s No.2 economy pushes to strengthen its tech industry amid an escalating trade spat with the United States.
Amazon said it would close down its online retail operations that cater to consumers in China in an apparent admission of defeat to local e-commerce rivals.
The company's Turkey branch said in a statement on Wednesday that it would offer products across 15 categories for Turkish customers on its new website.
Co-founder Jack Ma said he will be succeeded by CEO Daniel Zhang, an 11-year veteran of the e-commerce giant.
Google is increasing its investments across Asia, where a growing middle class and a lack of infrastructure in retail, finance and other areas have made it a battleground for US and Chinese internet giants.
The organiser of the event, Chinese e-commerce giant Alibaba, said the gross value of sales was nearing $20 billion by early Saturday evening in a count that started at midnight on Friday.
China’s top e-commerce firm will launch research bases in Israel, the US, Russia and Singapore as it looks to compete with global leaders in e-commerce, logistics and cloud technology.
Subscribe to our Youtube channel for all latest in-depth, on the ground reporting from around the world.
Copyright © 2022 TRT World.