SHANGHAI (Reuters) – Alibaba Group Holding Ltd is emerging as one of China’s most significant corporate winners of the coronavirus crisis, acquiring the chance to expand its businesses and strengthen its status as an important part of the country’s socio-economic engine.
SUBMIT PICTURE: The logo of Alibaba Group is seen at the company’s head office in Hangzhou, Zhejiang province, China, Nov. 18,2019 REUTERS/Aly Song/File Image
While numerous business are injuring from disruption brought on by the virus, Alibaba has actually seen traffic at its online marketplaces shoot greater and require grow for services like food delivery. Local authorities have even relied on its cloud organisation to develop health-tracking apps.
The company, which emerged as China’s leading e-commerce business after the 2003 SARS outbreak, is now placing itself as a hirer and a lending institution too, marketing for over 100,000 tasks and using billions of dollars in loans to little and mid-sized enterprises (SMEs) at a time when numerous others are retrenching.
Such moves have more embedded the firm in the lives of customers, perhaps more so than rivals like Tencent Holdings Ltd or JD.com Inc, which are attempting similar initiatives however have narrower offerings.
” That’s a traditional gangster method: When the market draws back, one company doubles down, and after that when it returns, you have the whole market,” stated Jeff Towson, a teacher of financial investment formerly at Peking University.
” It’s something I have not seen … any o