Alibaba

Alibaba's cloud computing unit is offering invitation codes to some corporate customers so they can try out the large language model called Tongyi Qianwen

Top executives of Chinese e-commerce and financial giant Alibaba said Thursday that the company is moving toward giving up control of some of its business units in a transition toward becoming a capital operator to optimise the value of its sprawling businesses. Alibaba CEO Daniel Zhang outlined details of a plan announced earlier this week to split Alibaba into six main groups as a prelude toward stock listings of some of its companies. The restructuring marks a new stage in Alibaba's growth after a series of setbacks as regulators cracked down on it and other tech companies. Alibaba, whose headquarters is in the eastern city of Hangzhou, will be in the nature of a holding company that is the controlling shareholder of the business group companies, Zhang said in a conference call. Alibaba's CFO, Toby Xu, said the company would continue to evaluate the strategic importance of group companies after they go public and decide whether or not to retain control. He declined to say when t

The move frees up the Chinese company's main divisions from e-commerce and media to the cloud to operate with far more autonomy, laying the foundation for future spinoffs and market debuts

During his visit, Ma discussed topics such as artificial intelligence-powered chatbot ChatGPT and also said he hoped to return to teaching one day, the Yungu School said on its official WeChat account

The Alibaba-owned newspaper said he had made a short stopover in Hong Kong, where he met friends and also briefly visited Art Basel, an international art fair

Its shares climbed more than 6% in pre-market New York trading. The online retailer reported net income of 46.8 billion yuan, easily surpassing the roughly 35 billion yuan average estimates

Over 22.8 million shares worth Rs 3,000 crore change hands in 15 blocks

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The discussions are emerging as Beijing prepares to loosen its grip on the sector and move past a bruising crackdown that's enveloped most every internet sphere for well over a year

However, Alibaba group firm Ant Financial has not diluted its stake in Paytm and continues to hold 25 per cent of the company

Paytm's stock fell as much as 8.8% to 528 rupees in afternoon trading, and was last down 5.8% as of 2:37 p.m. IST

Prior to the stake sale, Alipay held 6.7 per cent stake in Zomato while affiliate firm Antfin holds another 6.6 per cent share in the foodtech giant

Alibaba Group Holding Ltd plans to sell a stake of about 3% in Indian food delivery firm Zomato Ltd worth $200 million through a block deal

These are an effort to cut expenses amid sluggish sales and a slowing economy in China

The transaction 'will be able to eliminate concerns about future cash outflows, and furthermore, reduce costs associated with these prepaid forward contracts', SoftBank said

According to South China Morning Post, more than 9,241 employees left Hangzhou-based Alibaba during the June quarter, as the company trimmed its overall headcount to 245,700.

Alibaba Group Holding Ltd, on Thursday beat market expectations for revenue in the quarter ending late June, even though growth was flat for the first time ever due to the impact of COVID-19 lockdown.

The firm's shares fell 9.5 per cent at 1:13 pm in New York after the announcement

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