E-commerce – Alibaba slows growth – Economy

Like the American competitor Amazon, the growth of the Chinese group Alibaba has also weakened. Revenue rose 34% from April to June to just under 206 billion yuan (equivalent to 26.8 billion euros), as reported by the company founded in 1999 by Jack Ma. In the quarter Previously, the plus was 64 percent. As in the United States, with relaxed corona regulations, the Chinese have been shopping for themselves more often instead of ordering online. In addition, more and more competitors such as JD.Com and Pinduoduo have scored points with their offers. Alibaba has recently faced a lot of headwinds. On the one hand, the $ 37 billion IPO of the fintech Ant Group, of which the group owns a good third, has been canceled. On the other hand, Chinese authorities are increasingly taking action against monopolies and fined Alibaba $ 1 billion in April for anti-competitive behavior. Company boss Daniel Zhang said his company would study the effects of ongoing regulatory changes.

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