Courtesy of Benzinga.
Fawne Jiang of Brean Capital highlighted in a note on Wednesday recent Alibaba Group Holding Ltd (NYSE: BABA) news developments, mostly from Chinese media sources, that investors should be aware of.
- Tmall Global disclosed that approximately 5,400 overseas brands from 25 countries have joined the platform thus far.
- Approximately 70 percent of stores on Tmall Global barely had transactions over the past 10 months and plan to leave the platform.
- Alibaba established a cross-border trade service center in Xi'an.
- According to State Administration for Industry & Commerce, 10.6 percent of goods sold on Tmall and Taobao during Singles' Day were counterfeit products.
- Alibaba's Chief Risk Officer Xiaofeng Shao allocated more than RMB 1 Billion (approximately $161.1 million) to protect customer benefits and fight counterfeit products in 2013 and 2014. The company plans to add 200 employees to its already existing two thousand headcount to continue these initiatives in 2015.
- Alibaba plans on developing a gaming console product to launch in early 2015, according to “a market source.”
Latest Ratings for BABA
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Nov 2014 | Cantor Fitzgerald | Maintains | Buy | |
| Nov 2014 | HSBC | Initiates Coverage on | Overweight | |
| Nov 2014 | Bank of America | Maintains | Buy |
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