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Will Jack Ma’s Ant Group have the biggest IPO ever?
Ant Group, the Alibaba-affiliated financial technology giant, filed yesterday for a massive IPO on both the Hong Kong and Shanghai STAR stock markets. It is estimated to be worth more than $200 billion, meaning its listing could be one of the biggest in history.
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Hashing out China tech with Lulu Chen
Bloomberg technology reporter Lulu Chen gives the scoop on the tech world in China: what’s to come for Alibaba under newly minted CEO Daniel Zhang…
New Alibaba Pictures CEO warns of ‘drastic changes’ in China’s film industry
Alibaba Pictures chairman Yu Yongfu has been named the company’s new CEO. A film industry outsider, Yu takes over the entertainment arm of Jack Ma’s ecommerce giant Alibaba Group ahead of what he says will be “drastic changes” for the industry. In a letter to employees, he wrote that weaker film and television companies will likely be pushed out of the market in 2017.
Swinging Singles’ Day: Alibaba holiday drives shoppers in China
“Singles’ Day poses something of a quandary for China’s government, which welcomes the shot in the arm to the economy but looks askance at rampant materialism,” The Wall Street Journal reports. Last year’s sales of $14.3 billion in goods far surpassed “the numbers seen on the Black Friday and Cyber Monday shopping sprees that follow Thanksgiving in the U.S.,” and this year, the sales are expected to be even higher.
China’s tech giants are cloning the Apple Store
Alibaba and DJI, facing a slowdown in the growth of ecommerce, are turning toward physical stores, which can offer customers hands-on explorations of products and loyalty-engendering customer service. “In the coming years, we anticipate the birth of a reimagined retail industry, driven by the integration of online, offline, logistics and data,” wrote Jack Ma, Alibaba’s co-founder, in a note to shareholders in October.