The US$10bil (RM41.17bil) raised will more than double Meituan’s cash, giving it the biggest war chest after Alibaba’s, to invest in new technologies like autonomous delivery and build infrastructure for online groceries. Reuters
The competition between Wang Xing’s Meituan and fellow tech billionaire Jack Ma’s Alibaba Group Holding Ltd is turning into one of the great rivalries in Chinese business.
While Alibaba is the dominant force in e-commerce with a global reputation, Wang, a generation younger, has built Meituan into a fearsome rival, the world’s largest delivery empire with ambitions to encroach on Alibaba’s home turf. There’s also years of bad blood between the two companies after an early alliance broke down.
Why Is Alibaba ‘Full of Gratitude’ for Record $2.8 Billion Fine Imposed by Beijing?
Commentary
China’s Alibaba Group found itself under the spotlight following a record antitrust fine slapped on the tech giant, yet it openly expressed its gratitude to the Chinese regime.
On April 10, the world’s biggest e-commerce company was fined 18.2 billion yuan ($2.8 billion) by Chinese regulators for anti-competitive tactics, as the ruling Chinese Communist Party (CCP) tightens control over fast-growing tech industries in the mainland. But Alibaba quickly responded and said in an open letter that it is “full of gratitude and respect,” as it would not have achieved its growth without sound government regulation and critical support.
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries; however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a high impact on the cloud computing market.
Frequently Asked Questions:
SaaS is the leading segment in the market.
At what rate is the market projected to grow?
The market is projected to decelerate at a CAGR of over 17%.
Who are the top players in the market?
Adobe Inc., Alibaba Group Holding Ltd., Alphabet Inc., Amazon.com Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corp., Microsoft Corp., Oracle Corp., Salesforce.com Inc., and SAP SE are the top players in the market.
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