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Singapore Reporter/s
In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digi
Alibaba beats quarterly revenue estimates on online boom
Reuters
February 3 |
Updated on
February 03, 2021
Revenue rose 37 to $34.24 billion in the three months ended December 31
China’s Alibaba Group Holding Ltd beat Wall Street estimates for third-quarter revenue on Tuesday, as its e-commerce business benefitted from switch to online shopping triggered by the Covid-19 pandemic.
The results come as China clamps down on founder Jack Ma’ssprawling business empire, having forced the suspension of a blockbuster $37 billion IPO for Alibaba’s financial affiliate Ant Group.
Ma made his first public appearance in three months in January, helping allay investor concerns and boosting shares of Alibaba.
Jack Ma’s fintech giant, Ant Group, will be turned into a financial holding company.
(BLOOMBERG): Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.
The plan calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas like blockchain and food delivery, people familiar with the matter said.
One of Ant’s early proposals to regulators had envisioned putting only financial operations into the new structure.
China's Alibaba Group Holding Ltd beat estimates for third-quarter revenue on a pandemic-driven jump in e-commerce, but its shares dropped amid regulatory heat for founder Jack Ma's business empire.
Tencent fires 100 employees, blacklists 37 firms in anti-graft campaign
FILE PHOTO: FILE PHOTO: A logo of Tencent is seen during the World Internet Conference (WIC) in Wuzhen
SHANGHAI (Reuters) – Tencent Holdings Ltd on Wednesday named 37 companies it had blacklisted from future contracts and said it has fired more than 100 staff over embezzlement and bribery incidents.
Tencent, China’s biggest social media and video games company, said in a social media post that it had reported 40 employees to authorities since it started an anti-graft campaign in the fourth quarter of 2019.
In one case, an employee in its game publishing division sought benefits for outside parties and obtained kickbacks from them, Tencent said in the name and shame post.