Chinese e-commerce giant Alibaba has called off discussions with potential investors for a $1 billion pre-IPO round for its Southeast Asia e-commerce arm Lazada, Bloomberg reported on Wednesday, citing people with knowledge of the matter. The report says disagreement over the valuation of the Singapore-based company is the main reason behind the pre-IPO plans being suspended. Alibaba has reportedly decided not to push the round further because it believes it has sufficient funds and feels that a volatile global market means the timing is far from ideal. Nevertheless, it seems the intention to spin off Lazada remains, which means Alibaba will likely revive the plan if conditions allow in the future, according to Bloomberg sources. [Bloomberg]
Southeast Asia boasts a rising middle class and increasingly tech-savvy consumers.
Chinese e-commerce giant Alibaba recently rolled out allyLikes, a fast-fashion online retailer similar to Shein. The site mainly targets North American and European shoppers. allyLikes is part of Alibaba’s efforts to expand its presence outside China in addition to cross-border shopping site AliExpress and Southeast Asian online retailer Lazada. [SCMP]
Livestreaming and gamification are key trends in the region’s e-commerce sector.
Alibaba announced Thursday that its revenue increased 9% year-on-year to RMB 204.1 billion ($32.2 billion) in the quarter ended March this year. The company’s revenue beats market estimates but the growth rate is a new record-low since the company went public in 2014. Revenue from the company’s core China retail business during the reporting period […]
Lazada is looking into trade financing and loans as the next step, said the CEO of Lazada.
The move highlights a growing trend of Chinese technology companies considering going global.
Alibaba hopes to replicate its China success in Southeast Asia.
Leo Chow spent eight years at Alibaba’s cross-border retail site Taobao Global.
Over the past six months, I’ve been mapping the global footprint of Chinese tech investment. Here’s what I’ve learned.