Friday , January 15 2021

Jack Ma is about to retire with a "unique day" flooded with records

11/11/2018 established a new record for Alibaba with 30,700 million dollars, 39% more than in the previous year. This is Jack Ma's most successful commercial event. In 2019, the richest man in China will give Alibaba executives Daniel Zhang, who assumes the position of CEO of the company.

Alibaba continued its full success despite the commercial war with the United States. Although Alibaba shares fell by 16% in 2018, the business direction of the company remains good.

"I think investors are making a mistake, first of all, that the situation in China is not as bad as people think, and that Alibaba is unique and unique, and we are in that direction. When you talk about digital economy, Alibaba has a place unique with technology and know-how, "said Joseph Tsai, vice president of Alibaba.

Tsai is one of the co-founders of the company. However, Tsai does not intend to retreat according to Jack Ma. You will continue to be the person in charge of strategic investment with a team of about 100 people.

In 2018, the technological products, including Xiaomi or Apple, are the best-selling products. Meanwhile, products such as flat screen televisions or large-screen refrigerators have been sold very weakly, indicating the slowdown in the Chinese real estate market this year.

The Unique Day was a popular event among students in China in the 90s. In Chinese, on November 11th it is synonymous with loneliness, so it is used against the feast of love. However, Jack Ma turned this into a considerable shopping event. The growing middle class of China makes the largest shopping festival in the world.

In line with its advantage, Alibaba is changing its focus to traditional commercial stores, such as Hema, as well as expanding other online services, such as food delivery. With Lazada, Alibaba is also trying to enter the Southeast Asian market to reach customers outside of China.

Jet Jing, president of Tmall, one of the main online shopping sites of Alibaba, emphasized: "The company is using all its platforms to make Day One a commercial event, we want to connect online stores with traditional stores."

Linh Anh

According to the Times / Bloomberg

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