Alibaba to stick with core strategic engines of China, globalisation and tech after tough year of regulatory change
- E-commerce giant revealed that it would provide more granular financial reporting for its core commerce segment
- CEO says Alibaba will continue to focus on China consumption, globalisation and technology to drive future growth
Chinese e-commerce giant Alibaba Group Holding has reiterated its focus on three key strategic engines – China consumption, globalisation and technology – to drive future growth, as it seeks to fight off a growing list of contenders.
“Our vision for the future remains unchanged,” said Daniel Zhang Yong, chairman and chief executive of Alibaba, at the company’s Investor Day on Friday.
“We believe we are in the best of times, in the digital era today, to capture opportunities of the future with the digital and technology capabilities that we have built over the years.”
The Hangzhou-based company is eyeing lower-tier cities, high-frequency shopping and international markets for future growth after a challenging year that saw the company weather increased regulatory scrutiny and stronger competition.
02:26
Singles’ Day 2021 in China shifts focus from consumerism to social responsibility
The company’s stock price is currently trading at about 40 per cent of its peak price last October.
