Chinese e-commerce giant Alibaba should be well positioned to take advantage of the early recovery of China’s economy. But its results for the three months to June, published on Tuesday, did not sh…
should be well positioned to take advantage of the early recovery of China’s economy. But its results for the three months to June, published on Tuesday, did not show the full extent of that potential.
“We are investing our excess profits and additional capital to support our merchants and invest in strategic areas to better serve customers and penetrate into new addressable markets.” said Maggie Wu, chief financial officer of Alibaba Group. The group also announced that it is expanding its share repurchase program for $10 billion to $15 billion per year. That is usually a sign of confidence by management.
This comes at a time when the Chinese economy and especially its digital economy recovered from the coronavirus pandemic far faster than countries in the west.
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