Arm, which is being acquired by Nvidia for a $40 bn deal, while giving details about new chips said that its “N2” Neoverse computing cores will be 40% faster than the previous generation while its “V1” cores – designed for artificial intelligence tasks – will be 50% faster than traditional methods of doing the same tasks. The UK-based chipmaker said that Oracle and China-based Alibaba Group will use its new next-generation technology for the data centers.
Ant Group, as per news agency Reuters report, is looking for ways for founder Jack Ma to divest his stake and give up control in the fintech firm. Ma owns only a 10% stake in Ant but exercises control via related entities, as per Ant’s IPO prospectus. Chinese regulators, in a meeting earlier, had hinted to the Ant’s officials that Ma’s exit could help them to avoid Beijing’s intense scrutiny of its business, said the report citing a source.
The Chinese government has imposed a record $2.75 bn fine on Alibaba Group after the authorities found the internet giant guilty of abusing its dominant market position for several years. The fine is about 4% of Alibaba’s 2019 China revenues. Alibaba’s empire has come under intense scrutiny in Bejing after the founder Jack Ma’s stinging public criticism of the country’s regulatory system in the month of Oct.
China’s Ant Group CEO Simon Hu has resigned amid a regulatory-driven overhaul of the fintech business. Hu, CEO of the Alibaba Group company since 2019, will be replaced by Executive Chairman Eric Jing. Hu’s exit is the first key management change since a scuppered $37 bn IPO. He was a key executive responsible for managing the company’s mega dual-listing in Hong Kong and Shanghai.
Jack Ma resurfaced after over two months out of public view while Chinese regulators ruined Ant’s $35 bn IPO, tightened regulations, ordered an overhaul and launched an antitrust probe into Alibaba. Ma participated in an online ceremony of Rural Teacher’s Initiative, his first after Oct 24 when he was last seen in public. While still unclear about where Ma was, Beijing pursued investigations into Ant and Alibaba Group Holding Ltd.
The Tata Group has finalised a $200-250 mn primary cash infusion in BigBasket and online pharmacy 1mg as part of its deal to acquire a majority stake in both the internet firms. Tata will shell out a total $1.2 bn, in a mix of a primary and secondary sale of shares, to acquire 60% stake in BigBasket. The conglomerate may provide a full exit to two of BigBasket’s biggest investors, Alibaba and Abraaj Group, having 27.58% and 18.05% stake, respectively.
Bigbasket may sell a majority stake for about $1bn to Tata Group, media reports said quoting sources. Alibaba Group, having 26 % stake in bigbasket.com, is expected to sell its entire stake in the start-up. The salt-to-software conglomerate is planning to launch a “super app”, as it plans to compete with Amazon and Reliance Industries in India’s booming e-commerce market. The online grocery startup competes with Walmart owned Flipkart and Amazon’s “Fresh” services.
Alibaba Group Holding Ltd beat quarterly revenue and profit as the COVID-19 pandemic fueled the demand for its core commerce and cloud computing businesses. Revenue from the e-commerce business alone jumped 34% to $19.27B whereas cloud computing revenue grew 59% YoY in the quarter ending June. Overall revenue was 153.75B yuan versus a forecast 147.77B yuan. The Chinese company’s stock also stored 23% as global investors poured money into its tech businesses.
Following the ban on 59 Chinese apps by GoI, Alibaba Group Holding subsidiary UC Web is cutting down Indian employees. The apps were alleged to threaten India’s sovereignty and security. UC Web’s UC browser and VMate were included in the list of banned apps. The firm has under 100 direct employees and a handful of third-party workers. E-commerce firm Club Factory has written to its 30,000 Indian sellers regarding the halt in services until ban upliftment.