Alibaba and antitrust in China
Single’s Day, a term coined by the e-commerce giant Alibaba,
is a shopping promotion event for November 11 each year. Single’s Day shopping
promotional events are increasingly adopted by brands globally. Single’s Day sales
this year is projected to be $45 Billion despite economic impact of Covid 19. E-commerce
shoppers in key Asia-based economies increase spending on tech and consumer
goods following months of lockdowns.
Alibaba’s US-listed share price, however, fell by 8% today. This
was because China’s market regulator has taken major step toward regulating tech
giants in China, including Alibaba, Tencent, and Meituan. Until now, China has
taken a relatively lax approach to anti-trust, compared to authorities in
Europe and the US. Ant Financial’s blockbuster IPO was also postponed. Ant Group
provides a platform for millions of smartphone users to make payments, borrow
and even invest.
References:
https://www.thestreet.com/investing/alibaba-blasts-singles-day-sales-record-in-first-30-minutes
https://www.ft.com/content/1a4a5001-6411-45fa-967c-0fd71ba9300b
https://www.nytimes.com/2018/05/31/technology/china-tencent-alibaba.html
https://www.nytimes.com/2020/11/03/technology/ant-ipo-jack-ma-summoned.html
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