Chinese payments group Alipay plans to sell its 3.4 percent stake in Indian food delivery giant Zomato for nearly $400 million (nearly Rs. 3,333 crore) through block deals on Indian stock exchanges, according to three sources and a Reuters review of the deal’s term sheet. Alipay, owned by Ant Group,…
Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as part of a restructure, the company announced Saturday. “No shareholder, alone or jointly with other parties, will have control over Ant Group (after the completion of the adjustment), the company said in a statement. “The adjustment is…
Alibaba on Thursday beat expectations for fourth-quarter revenue, as growing demand for some of its niche online shopping services in China offset weakness at its main marketplaces caused by the country’s COVID-19 lockdowns. US-listed Alibaba shares, which have lost roughly a third of their value so far this year, were…
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