Date
16 August 2017
General Images Of Alibaba Website

The Big Picture: ‘DOUBLE-12′ SALES

Chinese online marketplace Taobao.com recorded more than 500,000 transactions during the first 15 minutes of the “Double-12″ shopping festival on Thursday, according to Alibaba Group Holdings. After 15 hours, the number had reached two million, the e-commerce giant said.

In an e-mailed press release Thursday, Alibaba also said that nearly 6,000 people spent more than 1 million yuan (U$164,660) each on Taobao.com over the past year, with more than 1,000 coming from Guangdong province alone. Zhejiang province had the second highest million-yuan spenders with 638, followed by Shanghai with 627.

The transactions included property, automobile and jet plane purchases, the company said. Other notable online deals were a 186 million yuan purchase of a state-owned site and a 170,000 yuan yachting adventure booking to a South Pole penguin sanctuary, Alibaba said.

In 2013, Taobao shoppers spent 870 million yuan to buy anti-smog gear such as masks and air cleaners. Related transactions came to 4.5 million, it said.

The big year-on-year increase in transaction volume and value on Alibaba’s e-commerce platforms during the “Singles Day” on Nov. 11 and the “Double-12 Day” on Dec. 12 will help boost demand for innovative financial services in China, market observers say.

Different kinds of payment methods will emerge, especially when more big deals are made over the internet, they say. E-shop operators will seek more loans from the Alibaba Small and Micro Financial Services Group, a micro lending unit of the group. All these trends favor the growth of the nation’s internet finance sector.  

Govt set to unveil OTC board expansion plan

China’s New Third Board, an over-the-counter trading market for growth enterprises, will be expanded to include all qualified firms nationwide, and will no longer be limited to technology firms at specified science and technology parks, the Economic Observer reported Thursday, citing sources with knowledge of the matter. The China Securities Regulatory Commission is expected to make the announcement over the weekend, and related measures will be published next week, the report said. More than 2,000 small and medium-sized firms are said to be preparing to list shares on the expanded board.

Huawei mulls R&D center in Belarus

Chinese telecom equipment major Huawei Technologies is looking at opening a research and development (R&D) center in Belarus, Xinhua news agency reported Thursday. The company is exploring long-term cooperation opportunities in Belarus, including investment projects in the Chinese-Belarusian Industrial Park, the report said. At a meeting between Huawei representatives and Belarus Vice Premier Anatoly Tozik on Thursday in Minsk, the Chinese firm indicated its interest in having various activities in Belarus, including an R&D center and logistics projects, the report said.

– Contact HKEJ at [email protected]

JP/AC/RC

EJI Weekly Newsletter

Please click here to unsubscribe