Alibaba rises after Jack Ma backs restructuring efforts in rare memo - report

seekingalpha04-10

Alibaba's (NYSE:BABA) stock rose about 2% on Wednesday after Co-Founder Jack Ma showed support for the company's restructuring efforts in an internal Alibaba forum, Reuters reported. The billionaire, ...

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The billionaire, ...</p>\n\n<a href=\"https://seekingalpha.com/news/4088604-alibaba-rises-after-jack-ma-backs-restructuring-efforts-in-rare-memo\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1608","symbol_name":"元宇宙概念","start_time":0,"source_url":"https://seekingalpha.com/news/4088604-alibaba-rises-after-jack-ma-backs-restructuring-efforts-in-rare-memo","article_id":"2426760418","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1027220048/image_1027220048.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2426760418","pubTimestamp":1712759108,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Alibaba's (NYSE:BABA) stock rose about 2% on Wednesday after Co-Founder Jack Ma showed support for the company's restructuring efforts in an internal Alibaba forum, Reuters reported. 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The billionaire, who had retreated from the public spotlight in recent years, wrote a lengthy memo in which he backed efforts by leaders Chairman Joseph Tsai and CEO Eddie Wu to revive the tech giant, the report added. The post comes one year after Alibaba announced its plan to split into six units. However, things have not been going as smoothly as the company would have liked. Last month, Alibaba scrapped plans for an IPO of its unit Cainiao Smart Logistics Network in Hong Kong, while in November 2023, it abandoned plans to spin-off its Cloud Intelligence Group, also known as Aliyun. However, Alibaba did start a revamp of the unit by bringing in veterans to new leadership positions. Previously, Alibaba had put on hold plans for an IPO of its retail chain for groceries and fresh goods, called Freshippo. \"We must not only have the courage to admit and correct yesterday's problems in a timely manner but also make reforms for the future,\" said Ma in the post, as per the report. Ma noted that Alibaba had made several mistakes in the past. However, he was more positive about the company than the post he had written in November last year wherein he praised decisions taken by competitor PDD (PDD) in recent years. \"This year, amid the many doubts and pressures on the company internally and externally, I saw the birth of a strong and brave Alibaba team,\" said Ma. In the past one year, Alibaba's stock has fallen about 27%, with a current market capitalization of about $177.63B. The company faces intense competition from Tencent (OTCPK:TCEHY) (OTCPK:TCTZF), JD.com (JD) and Baidu (BIDU) in the cloud arena. Meanwhile, the e-commerce business has seen stiff competition from PDD (PDD), which briefly overtook Alibaba in terms of market value last December and is currently not far behind too with a market value of about $160.89B. Ma had criticized Chinese regulators in a speech in October 2020, which was later followed by regulatory crackdowns on the Chinese tech sector, including a $2.8B fine on Alibaba. He has largely stayed away from the public eye following the events.  More on Alibaba  Alibaba: Buyback Could Be A Game Changer Alibaba: Lots Of Potential, Hard To Resist Alibaba: It Is Not The Bargain That Investors Expect It To Be Alibaba to cut prices of Cloud services globally amid rising AI demand - report Alibaba buys back $4.8B worth of shares in Q1","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426760418"}