Welcome! Wednesday - May 24, 2017

Alibaba Revenue Tripled Ahead of IPO, China’s Property & Entertainment Giant Wanda Forms E-Commerce Venture with Tencent, Baidu, Sinopec Teams up with Tencent in Retail Ahead of Stake Sale, Integrated UnionPay and Amadeus Payment Platform for Chinese Travelers Overseas


China Ecommerce Weekly Breif-Obserevre Intelligence

Editing by Su-Jun Lim

 

Alibaba Revenue Soars Ahead of IPO

BY REUTERS

Alibaba Group Holding Ltd [IPO-BABA.N] had strong gains in the second quarter. It nearly tripled its net income attributable to its ordinary shareholders to $1.99 billion, or 84 cents per share. Alibaba has invested more than $5 billion in acquisitions since the beginning of the year in preparation for one of the largest IPOs by a technology company.

 

China’s Dalian Wanda Group Corp announced a five billion yuan ($814  million) e-commerce joint venture with internet companies Baidu Inc. and Tencent Holdings Ltd. Wanda will own 70%, while Baidu and Tencent will each own 15% of the new venture, which will bridge the gap between online and offline transactions. Wanda, a property and entertainment conglomerate is run by China’s richest man, Wang Jianlin, and operates 83 shopping malls in China and has been looking to expand online.

 

Chinese oil giant Sinopec Corp teams up with Tencent Holdings Ltd to introduce digital commerce to its retail network of more than 20,000 gas stations and over 23,000 convence stores in China. Additionally, it will roll out customer loyalty services, cross-marketing opportunities and online-to-offline retail services via smartphones.

 

Consultancy Bain forecasts that growth in luxury spending in China will slow 2 percent this year after rising 30 percent 2011. Luxury goods makers have started to have deals, hidden events, and collaborate with new partners like website Glamour Sales China, to draw sales. However, even though Chinese consumers welcome discounts and sales, many luxury shoppers do not want to be associated with bargain goods.

 

Amadeus and UnionPay signed an agreement to integrate UnionPay debit and credit cards into the Amadeus Payment Platform (APP), allowing Chinese travelers to pay with their preferred payment card while traveling overseas in over 140 countries.

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