Hangzhou-based Alibaba, a leading player in China’s vast e-commerce sector, has faced stiffer competition in recent years as its rivals surge and consumers look to cut costs Chinese e-commerce giant Alibaba Group has swiftly sold two businesses in a bid to keep up with rising competition. File image Alibaba Group has agreed to sell its majority stake in China’s largest …
A version of this story first appeared in CNN Business’ Before the Bell newsletter. London CNN Business — China’s economy expanded by 4.9% in the third quarter compared to the previous year, according to government data published Monday, showing the rest of the world what’s possible when Covid-19 is brought under control. “China’s economy continued its rapid rebound last quarter, …
Hong Kong CNN Business — Alibaba has taken a controlling stake in one of China’s leading supermarket chains as it tries to fend off rival JD.com in the fast growing online grocery industry. Alibaba is spending 28 billion Hong Kong dollars to up its stake in Sun Art Retail Group from 36% to 72%, the company said in a statement …
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