Alibaba Group
Alibaba Group Holding Limited, also known as Alibaba Group and as Alibaba. com, is a Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology. Founded on 4 April 1999, in Hangzhou, Zhejiang, the company provides consumer-to-consumer, business-to. consumer, and business- to-business sales services via web portals. In January 2018, Alibaba became the second Asian company to break the US$500 billion valuation mark.
About Alibaba Group in brief
Alibaba Group Holding Limited, also known as Alibaba Group and as Alibaba. com, is a Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology. Founded on 4 April 1999, in Hangzhou, Zhejiang, the company provides consumer-to-consumer, business-to. consumer, and business- to-business sales services via web portals. On 19 September 2014, Alibaba’s initial public offering raised US$25 billion, giving the company a market value of US$231 billion and, by far, then the largest IPO in world history. In January 2018, Alibaba became the second Asian company to break the US$500 billion valuation mark, after its competitor Tencent. As of 2020, Alibaba has the sixth-highest global brand valuation. The company hosts the largest B2B, C2C, and B2C marketplaces in the world. Its online sales and profits have surpassed all US retailers combined since 2015. It has been expanding into the media industry, with revenues rising by triple percentage points year after year. It also sets the record on the 2018 edition of China’s Singles’ Day, the world’s biggest online and offline shopping day. The name came from the character Ali Baba from the Middle Eastern folk-tale collection One Thousand and One Nights because of its universal appeal. As Jack Ma, one of the founders, explained: One day I was in San Francisco in a coffee shop, and I was thinking Alibaba is a good name.
Alibaba – open sesame. So… easy to spell, and globally known. Alibaba opens sesame for small- to medium-sized companies. We also registered the name \”Alibaba\”, in case someone wants to marry us! The company is named the 31st-largest public company in the World on the Forbes Global 2000 2020 list. In October 1999, Alibaba received a US $25 million investment from Goldman Sachs and SoftBank. In 2002, Alibaba.com became profitable three years after launch. In 2005, Yahoo! invested in Alibaba through a variable interest structure, buying a 40% stake in the company for US$1 billion. This would result in a net profit of $10 billion in Alibaba’s IPO alone to Yahoo! According to senior executive Li Chuan, a Yahoo! executive to Chuan: “Alibaba is a kind, smart business person, and he helped the village. It’s a great company to be associated with.” Alibaba’s subsidiary Taobao outperformed eBay in the Chinese e- commerce market, claiming a growing percentage of consumers from the Chinese market. In 2003, Ma viewed eBay as a foreign competitor and rejected the American company’s buyout of Alibaba’sTaobao. Through applying existing technologies and expanding through the market at a loss before making a return before eBay’s buy out, Ma’s company became a dominant player in China. In 2004, Ma rejected eBay’s bid to buy out a Chinese subsidiary of Alibaba.
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This page is based on the article Alibaba Group published in Wikipedia (as of Dec. 07, 2020) and was automatically summarized using artificial intelligence.
