Founders of two Chinese tech giants are now the richest people in the country, according to latest estimates by Forbes. Jack Ma, Chairman of Alibaba Group, unseated Wang Jianlin of Dalian Wanda Group, China’s largest real estate developer as well as the world’s largest movie theater operator in May to become China’s richest person. As of July 21, Ma has a net worth […]
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Jack Ma doubles down on Alisports with RMB 1.2 billion funding
Alisports (阿里体育 in Chinese), the sports arm of Chinese e-commerce giant Alibaba, has reportedly landed a series A worth more than RMB 1.2 billion, as part of its efforts to beef up its presence in the country’s burgeoning sports sector, local media is reporting (in Chinese). The funding round, led by Yunfeng Fund (Jack Ma’s VC […]
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Alibaba is revamping China’s offline retailing through a bottom-up approach
Alibaba’s expansion to brick-and-mortar stores started two years ago with a series of investments and acquisitions that worth as much as US$8 billion. To strengthen the offline foray, the Chinese e-commerce giant, which earns hefty profit margin because it does not hold inventories, is rewriting its asset-light model by opening Hema Xiansheng brand and Alibaba […]
