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Nov 12, 2020 08:15 am ·

China's E-Commerce Giants Announce Record Sales on Singles' Day 2020

The turnover on Alibaba's e-commerce platform Tmall, in the first 30 minutes of 2020's 'Singles' Day' shopping holiday (November 11) exceeded CNY 372.3 billion, surpassing the 2019 figure. After 35 minutes on November 11, Tmall had more than 300 brands with transaction volumes that broke 100 million. Meanwhile, Apple, Huawei, Midea Haier and other brands exceeded CNY 1 billion. As of 12 AM on November 12, the whole-day turnover of Tmall reached CNY 498.2 billion, an increase of 85.62% compared with 2019's CNY 268.4 billion. The Taobao nemesis JD.com (JD:NASDAQ) announced that, as of 0:09 AM on November 11, the cumulative amount of orders had exceeded CNY 200 billion. The final turnover of JD.com on this year's Single's Day reached CNY 271.5 billion. Private retailer Suning.com (002024:SZ) also made great progress this time, with the online sales growing by 75% between November 1 and November 11. Pinduoduo (PDD:NASDAQ), one of the hottest Chinese stocks this year, has decided not to announce its sales data. The firm's officials said they focus more on whether their consumers enjoy the shopping process than transaction data. Above all, the Single's Day festival this year is about more than surprising figures. From businesses to consumers, from foreign factories to fields, from live broadcast ecology to logistics systems, from offline commerce to technical support, from home to overseas, people are feeling the heat and power of consumption under the special background of COVID-19, which is adding more layers of meaning to this year's Single's Day.

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Nov 11, 2020 12:21 pm ·

China's Tech Titans Suppressed by New Antitrust Guideline

On 10 November, the Chinese State Administration for Market Regulation published the draft version of 'Antitrust Guidelines on the Platform Economy,' targeting the largest Chinese tech titans like Alibaba, Tencent, Meituan's market power in some areas. The guideline is to curb monopolistic behaviors in the field of the Internet platform economy. It set out unregulated conducts, for example, unfair prices, lower than the cost selling, deal decline and different treatment to consumers. Behavior such as WeChat (from Tencent) banning Tik Tok's or Taobao's links may be illegal, according to the draft. The guideline has resulted in BABA declining by around 9.5%, Tencent dropping by about 9.4%, Meituan and JD.com sinking by 9%, 7.3% respectively within two days from the time of the report. Alibaba and Meituan are the 'victims' because of their incredible market shares and power. According to Equalocean's research, Alibaba owned 50.1% cake of China's E-commerce business in 2019. Based on Trustdata, Meituan grabbed the lion's share of 65% in the Chinese delivery food area over the same period. Alternatively, CITIC Securities' analysts believe that the announcement harms Tencent the least as its market shares in related sectors have not let the company reach significant monopolistic positions. It may affect WeChat, but in gaming, advertisement, and finance landscapes, the social media giant hasn't dominated these spaces.

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Nov 6, 2020 04:10 pm ·

Alibaba: Solid 2Q 2020 Results as Stock Price Slips

Alibaba (09988:HK, BABA:NYSE) revealed its 2Q financials ending on 30 September, including revenue increased by 30% to CNY 155.10 billion, year-on-year. The primary growth consists of 26% and 60% rises in the core commerce business and cloud division. Apart from the topline, BABA showed decent profitability, hitting CNY 47.53 billion Adjust EBITDA. Under the GAAP rule, the net income was down by 63% to CNY 26.5 billion, which is topped by 44% based on the non-GAAP standard.   The stock price slid by 4.34% in Hong Kong's Friday trading session on the news. It was also dragged down by Ant's stalled IPO two days ago. Alibaba continues to expand all business lines. Core commerce revenue grew by 29% to CNY 130.92 billion, indicating many improvements. For example, the key performance indicator comprised of annual active consumers was 757 million by the end of Q3 2020, a net increase of 15 million. Tmall platform's gross merchandise value (GMV) grew 21% year-over-year. Besides, GMV generated by its live streaming portal 'Taobao Live' exceeded CNY 350 billion. BABA's other commerce businesses like wholesale, international commerce, logistics and local consumer services all saw decent expansions. Another key growth for the world's biggest online commerce company: Alibaba Cloud's revenue was up by 60%, hitting CNY 14.90 billion in this quarter, 10% of its total revenue. The company stated that it kept gaining traction from clients in the Internet, finance and retail sectors. By the end of Q3 2020, about 60% of public enterprises in A-share were using Alibaba Cloud. In addition, Alibaba's digital media and entertainment topline lifted 8% to CNY 8.07 billion; innovation initiatives and others also jumped by 10%.

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Nov 4, 2020 02:09 pm · Information Times

Dada Break Its Record of Daily Order

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