Tag: $Alibaba Group Holding Ltd.

Alibaba’s grocery unit Freshippo expanded its number of physical stores in China, the company said on Friday, as the business prepares to spin off from its parent company and go public.

Alibaba Group said in a surprise announcement Tuesday Eddie Wu will succeed Daniel Zhang as its chief executive, a move that will free Zhang to focus on the company’s cloud intelligence business.

Alibaba on Thursday began rolling out its ChatGPT-style technology as Chinese tech giants look to take a lead in the country’s artificial intelligence race.

As famed money manager Michael Burry made headlines boosting bullish bets on stocks including Alibaba Group Holding Ltd. in the first quarter of this year, other top hedge funds were also piling in.

Chinese stocks have slumped this week amid fears of a new wave of Covid-19 cases, which would risk growth in the world’s second-largest economy and test the decision to reopen the country after lockdowns induced a slowdown last year.

Alibaba announced plans to spin off its cloud division as a separate, publicly-traded company, while the e-commerce titan’s quarterly revenues missed expectations.