Plus   Neg

Alibaba Targets 2 Bln Consumers, 100 Mln Jobs Creation

alibaba nov15 lt

Chinese e-commerce giant Alibaba Group Holding announced ambitious long-term plans while announcing the pricing of its secondary listing in Hong Kong on Friday.

Daniel Zhang, CEO and Chairman of Alibaba Group, said in a letter to investors that the company's longer-term goals by the year 2036 are to serve 2 billion consumers globally, create 100 million jobs, and provide the infrastructure to help 10 million small businesses to become profitable on its platforms.

To achieve these goals, the company will continue to pursue three strategic pillars - globalization, domestic consumption, and big data powered by cloud computing.

Alibaba believes the growing application of digital technology in areas such as commerce, finance and logistics will significantly improve the efficiency of trade between different countries and different markets. The company intends to capitalize on this trend.

In its China retail marketplaces, it has 785 million mobile monthly active users, who represent China's future consumption power. Alibaba believes domestic consumption is the future of China's economy.

According to Alibaba, all businesses will look like internet companies in the future as big data drive their business decisions and operations.

To capitalize on this, Alibaba has fully invested in the development of the Alibaba Business Operating System, which will offer the company's capabilities in digital commerce, financial technology, intelligent logistics and cloud computing to customers and partners.

Alibaba plans to raise up to $13.8 billion through the share sale in Hong Kong. It intends to use the proceeds for the implementation of its strategies to drive user growth and engagement, and to empower businesses to facilitate digital transformation.

Alibaba first went public on the New York Stock Exchange in 2014 and raised $25 billion. The company's New York IPO was the world's biggest ever and gives it a current market capitalization of more than $478 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT