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China BizTech News Weekly Digest – May 12, 2014


 Editing by Su-Jun Lim

Chinese E-commerce Giant Alibaba Files For IPO

BY FORBES

Alibaba Group filed for the biggest, highly anticipated US IPO last Tuesday without revealing much detail. Though many expect the company to raise more than $15 billion, the exact size of the IPO and its ticker symbol have not been revealed.

Alibaba, ShopRunner Plan to Launch Joint China Service

BY REUTERS

Alibaba Group Holding Ltd paid $202 million for a 39 percent stake in Amazon’s rival, ShopRunner to create a “joint brand” in China. ShopRunner’s existing partners include Neiman Marcus, Nine West and American Express.

Facebook Business Aiding China Exporters Grows Amid Ban

BY BLOOMBERG

Despite the ban of its main Web services in China, Facebook sees fast growth in its business aiding China’s exporters expand into global markets. Besides Facebook, other popular U.S. social network services banned include Google, YouTube, and Twitter.

 

Neiman Ex-Partner Sees Promise in Chinese Discount Luxury

BY THE WALL STREET JOURNAL

The Hong Kong based Glamour Sales Holding Ltd, which is known for its “flash sales”, will expand in Chinese cities and focus on mobile transactions together with its new stakeholders, namely Hong Kong investment firm Chow Tai Fook Enterprises Ltd. and London asset-management firm Investec Back PLC. Neiman Marcus Group has sold its stake in Glamour Sales in a recent scale-back in China.

 

Alibaba Teams up with Shanghai Luxury Outlet to Harness Power of O2O

BY JING DAILY

Alibaba Group collaborates with Chinese luxury outlet Mega Mills in a strategic online-to-offline (O2O) venture. Mega Mills outlet center in Qingpu District, Shanghai opened in January 2013 and houses some 170 international luxury brands.

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