Despite the ongoing accounting investigation by the Securities and Exchange, Alibaba remained active on completing partnerships with different companies. Recently, the Chinese e-commerce giant sealed a partnership with Nestle and launched a news app in India.
Alibaba and Nestle
As Nestle is seeking for the revival of its business, the largest food retailer made a partnership with Alibaba to heighten its online sales and popularity.
Wan Ling Martello, executive vice president with Nestle overseeing the Asian, Oceanian and African markets, said that their partnership with Alibaba is all about the consumer. “What is so exciting about China as a market is not only its size or population, but that Chinese consumers are a step ahead of consumers in other markets in the digital way they consume”
The company recognized the fact that Chinese consumers are among the fastest in the world in terms of adopting new technology
Reinhold Jakobi, managing director of Nestle’s food and beverage business in Greater China, added that they have to make sure that the needs of the consumers today are faster addressed in this market, faster than any other market and so they have been catching up in the last two years.
Alibaba Mobile Business Group new app
Alibaba Mobile Business Group’s UC Web launched its newest news app in India as its active users keep on growing.
Kenny Ye, General Manager of UCWeb, Alibaba Mobile Business Group, noted that digital consumption is on the rise and the challenge is how they can customize, curate and present diverse content to users.
“The newly launched UC News and upgraded UC Browser for India are two contemporary products embedded with the aim of content aggregation,” the general manager said.
Apart from the UC News App, the leading mobile internet company in India included an upgraded UC Browser. There are approximately 80 million active users of the UC Browser and it is also the most used mobile browser in India as of May 2016.
SoftBank and Alibaba
Recently, Softbank Group Corporation confirmed selling $1.1 billion of its shares to Alibaba Group Holding after the announced $7.9 billion shares being sold. Softbank, the leading share holder of Alibaba, was believed to be applying green shoe option to deliver more shares in the e-commerce company.
Alibaba and SEC
Elsewhere, Jack Ma, Alibaba’s chairman, expressed the willingness of the company to cooperate in the investigation being conducted by the Securities of Exchange regarding the accounting practices of Alibaba.
Jack Ma reiterated that the best way to settle questioning is transparency and communication. The chairman of the biggest e-commerce company in China explained that Alibaba has ample cash and is optimistic about earnings in the future.
Earlier today, the shares of Alibaba have traded 0.88 percent lower to $76.62, dropping 0.68. Currently, the stock has a market capitalization of 188.39 billion and a price earnings ratio of 18.09.