<HoloBase Weekly> Alibaba's Q1 revenue reached RMB153.7 billion: what is the growth engine?

Aug 25, 2020 Alibaba Group

Tech Spotlight

Alibaba's Q1 revenue reached RMB153.7 billion: what is the growth engine?

On the evening of August 20, Alibaba announced its fiscal first quarter (April to end of June 2020) financial results. According to the report, Alibaba's revenue in the first fiscal quarter was 153.75 billion yuan, up 34% from the same period last year. Non-GAAP net profit was 39.47 billion yuan, up 28% year-on-year.

 

Tencent's business strength emerges in its second-quarter financial results

On August 12, Tencent released its second-quarter financial results. According to the data disclosed in the financial report, Tencent's revenue in the second quarter of 2020 was 114.883 billion yuan, up 29% year-on-year…

 

What are Tesla and Pinduoduo really arguing for?

E-commerce site Pinduoduo and car dealer Yiauto offered buyers subsidies to purchase Tesla Model 3 cars as part of a promotional campaign. Tesla, upon finding out that one buyer’s purchase had gone through Pinduoduo, refused to deliver the order, saying its reselling terms were breached.

 

Trip.com teams up with JD.com to sustain its role in China's business travel market

On August 16, Trip.com and JD.com inked strategic cooperation. JD.com will have access to Trip.com's core product supply chain, and the two sides will carry out all-round cooperation including users, channel resources, business travel expansion.

 

Chinese company SandStone nets $21M to accelerate data-centric new storage market landing

SandStone Data, a Chinese enterprise-level data storage service provider announced that it has completed a 150 million yuan (US$21.37 million) series B+ financing on July 8, 2020.

 

What's Happening

Alibaba's Q2 revenue jumps 34% amid a surge in online shopping

China's e-commerce giant Alibaba Group Holding Ltd. on Thursday said its revenue jumped 34 percent year on year in the first quarter of its fiscal year 2021 (April-June 2020) fueled by strong online shopping demand amid the COVID-19 curbs.

 

WeChat, TikTok bans dent US law's credibility

The presidential executive orders banning TikTok and WeChat mobile apps from the US markets and prohibiting Americans from dealing with them do a lot of financial damage to ByteDance, the owner of Tik-Tok, and some damage to Tencent, the owner of WeChat, but the big loser over the long term will be the US economy.

 

Xpeng seeks to raise up to US$1.1 billion in New York IPO as an electric car maker prepares to challenge Tesla in China

Xpeng’s share sale follows in the tracks of Chinese peer Li Auto’s debut on Nasdaq last month after its US$1.1 billion IPO.

 

GM to launch 5G-connected cars in China from 2022

General Motors will equip all-new Cadillac models and most new Buick and Chevrolet cars in China with 5G connectivity from 2022, as the country accelerates the deployment of 5G networks that enable emerging technologies like autonomous driving, according to a report by CNBC.

 

Chinese telecom operators speed up 5G investment

Three major Chinese telecom operators -- China Mobile, China Unicom, and China Telecom -- announced plans to pump up 5G investment in the second half of the year by…

 

The Numbers

Tencent and Swiss Re lead insurance firm Waterdrop’s USD 230 million Series D

Beijing-based insurance tech platform Waterdrop (or Shuidi in Chinese) has raised USD 230 million in its Series D round jointly led by Swiss Re Group and Tencent, with participation from earlier investors including IDG Capital and Wisdom Choice Global Fund, according to a press release from Waterdrop on Thursday.

 

JD.com healthcare arm raises $830m Series B funding from Hillhouse

JD Health, the healthcare arm of China’s JD.com, has entered a deal to raise more than $830 million from Hillhouse Capital in a non-redeemable Series B preference share financing.

 

Chinese delivery robot startup PuduTech closes $14.5 million funding round

Chinese indoor delivery robot startup PuduTech received two significant investments in less than two months.