Ticker BABA

Today's data summary

Market open
% change
Price US dollars
As of 16:17 23 May 2019
Market cap. US dollars
177,162.43 million
As of 16:17 23 May 2019

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Who are the Chinese tech giants know as the BATs?
China has come up with its own champions - Baidu, Alibaba and Tencent, known as the BATs.

Alibaba teams up with Office Depot

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Chinese e-commerce giant Alibaba is joining forces with US business supplies group Office Depot in a partnership that will give Alibaba access to 10 million US customers.

Office Depot's customers will get access to Alibaba's global network of 150,000 suppliers.

Alibaba Group's shares are up 1.5%.

Alibaba sales growth slows

Alibaba executive chairman  Jack Ma
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Alibaba executive chairman Jack Ma welcomes shoppers to Singles Day

Sales growth at Chinese e-commerce giant Alibaba slowed in the third quarter amid a cooling economy where consumers spent less and trade tensions with the US continued.

Alibaba said sales for the three months to 31 December hit 117.28 billion yuan (£12.9bn), a rise of 41% but it was the weakest growth in three years.

The company usually reports its highest revenue during the December quarter because it includes Singles Day which Alibaba invented to celebrate the unattached as opposed to the romantically involved who have Valentine's Day.

Net income between October and December rose 33% to 30.96 billion yuan.

US earnings eyed

Mark Zuckerberg
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US earnings season is in full swing and we'll get some big releases later today.

Facebook will lead the charge as investors assess the fallout from recent data and privacy troubles.

Tesla, Microsoft, Boeing and Chinese e-commerce giant Alibaba are also due to report.

Davos: China in focus

Microsoft chief executive Satya Nadella
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This morning at the World Economic Forum in Davos, China is under the microscope.

Daniel Zhang, chief executive of Alibaba, is taking part in a session looking at consumption and transformation of digital retail in China and the rest of the world.

China remains front and centre in a discussion about whether the country will be shaping the next phase of globalisation. Bill Winters, chief executive at Standard Chartered Bank, will be part of that panel.

And just as Microsoft's Bing search engine stops working in China, chief executive Satya Nadella will helm a conversation about "Digital Trust and Transformation".

Bank of England Governor Mark Carney
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Meanwhile this afternoon, Bank of England Governor Mark Carney will be talking about "Resetting Financial Governance" since the financial crisis while Barclays chief executive Jes Staley will hold a session on "Europe after Brexit".

'Look for a good boss'

Advice from Davos from the chief of Alibaba

Bike-sharing firm Ofo suffering "immense" cash flow worries

An Ofo bike parked on a footpath and surrounded by grafitti
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The Alibaba-backed bike sharing start-up Ofo has "immense" cash flow problems - that's according to a report in the Financial Times.

The firm has also considered applying for bankruptcy.

Ofo's founder Dai Wei shared his conerns in a letter to employees, the FT reported.

“I’ve thought countless times . . . of even dissolving the company and applying for bankruptcy,” he said.

“For the whole of this year we’ve borne immense cash flow pressure. Returning deposits to users, paying debts to suppliers, in order to keep the company running we have to turn every renminbi into three.”

Ofo launched in 2014 and has operations across the world, with schemes in the UK, Australia, China, France, India, Italy, Spain and Russia.

Alibaba's streaming service chief leaves amid corruption probe

The head of Alibaba's streaming service, Youku, has stepped down and is speaking to Chinese authorities about a corruption case.

Reuters reports that a spokeswoman for Alibaba's Digital Media and Entertainment business said that Yang Weidong "is understood to be assisting Mainland authorities with an investigation into an alleged case of seeking economic benefits".