Alibaba Establishes E-Commerce Business Group. Why It Matters. -- Barrons.com-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Alibaba Establishes E-Commerce Business Group. Why It Matters. -- Barrons.com

Dow Jones11-21 20:52

By Emily Dattilo

Chinese online retailer Alibaba announced Thursday the establishment of an e-commerce business group.

The group will include Taobao and Tmall Group, Alibaba International Digital Commerce Group, the 1688 Marketplace, Idle Fish and others, according to a securities filing. Fan Jiang has been appointed as chief executive of the group.

"E-commerce and AI technology are the most critical development areas for Alibaba Group," Alibaba Chief Executive Eddie Wu wrote in an internal letter Thursday that was seen by The Wall Street Journal.

American depositary receipts of Alibaba -- which was a Barron's stock pick in October -- were little changed on the news, falling 0.2% to $86.61 in premarket trading Thursday. Through Wednesday's close, shares have gained 12% this year.

Alibaba has grown from an e-commerce company founded as a start-up by Jack Ma in 1999 into a sprawling tech conglomerate, but in 2023 split itself into six units.

Write to Emily Dattilo at emily.dattilo@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 21, 2024 07:52 ET (12:52 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Fan Jiang has been appointed as chief executive of the group. \n\n\n     \"E-commerce and AI technology are the most critical development areas for Alibaba Group,\" Alibaba Chief Executive Eddie Wu wrote in an internal letter Thursday that was seen by The Wall Street Journal. \n\n\n     American depositary receipts of Alibaba -- which was a Barron's  stock pick in October -- were little changed on the news, falling 0.2% to $86.61 in premarket trading Thursday. Through Wednesday's close, shares have gained 12% this year. \n\n\n     Alibaba has grown from an e-commerce company founded as a start-up by Jack Ma in 1999 into a sprawling tech conglomerate, but in 2023 split itself into six units. \n\n\n     Write to Emily Dattilo at emily.dattilo@dowjones.com \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. 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