Alibaba Group Holding Limited American Depositary Shares, each represents eight Ordinary Shares - BABA STOCK NEWS

Alibaba.com, in partnership with Mastercard and Cardless, has announced the launch of its first co-branded U.S. credit card, the Alibaba.com Business Edge Credit Card. Designed for small businesses, the card offers significant benefits for cross-border and domestic sourcing purchases:

- 3% cashback or 60-day interest-free payment terms on Alibaba.com purchases up to $40,000 per year
- 2% cashback on business expenses like advertising and dining
- 1% cashback on all other purchases
- 90-day order protection through Alibaba.com's Trade Assurance service
- Access to Mastercard World Elite benefits

The card, available later in 2024, aims to enhance value for SMEs in global sourcing with a $199 annual fee.

Alibaba.com, a leading B2B e-commerce platform, has unveiled an AI-powered sourcing agent at its CoCreate conference in Las Vegas. This new tool aims to simplify global trade for SMEs by providing more accurate search results and intelligent comparisons. The platform also introduced new financial solutions, including the Alibaba.com Business Edge Credit Card, offering 3% cashback or 60-day interest-free payments, and a Buy-Now-Pay-Later program.

To address supply chain challenges, Alibaba.com Logistics launched solutions focusing on delivery speed, competitive shipping options, and customer support. These innovations are designed to level the playing field for SMEs in global sourcing, providing greater access to suppliers, products, and industry insights.

Alibaba International concluded its Global E-commerce Challenge (GEC) 2024 in Hangzhou, China, showcasing young innovators in e-commerce. The competition, focused on AI-driven solutions for online shopping, attracted over 1,000 participants from 500+ teams globally. Eleven teams advanced to the finals, presenting to a panel of industry experts. Team CrashCourse from Singapore Management University won first place, receiving travel vouchers worth $10,000. The challenge emphasized AI innovation, integration, technical execution, and consumer experience. Alibaba International will offer internship opportunities to all finalists, fostering the next generation of e-commerce talent.

Alibaba Group (NYSE: BABA) reported its financial results for the quarter ended June 30, 2024. Revenue rose by 4% year-over-year to RMB243,236 million (USD$33,470 million). The company saw a 15% decrease in income from operations to RMB35,989 million (USD$4,952 million). Adjusted EBITA slightly dropped by 1% to RMB45,035 million (USD$6,197 million).

Net income fell by 27% to RMB24,022 million (USD$3,306 million) primarily due to lower income from operations and higher impairment on investments. Free cash flow decreased by 56% to RMB17,372 million (USD$2,390 million), due to increased investments in Alibaba Cloud infrastructure. The company repurchased shares worth USD$5.8 billion.

Taobao and Tmall Group's revenue decreased by 1%, while Cloud Intelligence Group revenue increased by 6%, driven by AI-related products. Alibaba International Digital Commerce Group saw a 32% revenue growth. Cainiao and Local Services Group revenues grew by 16% and 12%, respectively. Digital Media and Entertainment Group revenue increased by 4%.

Alibaba Group (NYSE: BABA, HKEX: 9988, 89988) has announced it will release its unaudited financial results for the quarter ended June 30, 2024 on August 15, 2024, before the U.S. market opens. The company will hold a conference call to discuss the results at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Hong Kong Time) on the same day.

Participants must pre-register for the call using provided links for English and Chinese sessions. Upon registration, they will receive dial-in numbers, a passcode, and a unique access PIN. A live webcast of the earnings call will be available on Alibaba's Investor Relations website, with an archived version accessible after the call. A replay of the conference call will be available for one week following the event.

Alibaba.com, a renowned B2B e-commerce platform, has announced Tony Parker, a basketball legend and successful entrepreneur, as the Global Ambassador for its 'Same Player, New Game' campaign for the Olympic Games Paris 2024. Parker, a two-time Olympian and four-time NBA Champion, will highlight how athletes can transition to entrepreneurship using Alibaba.com. Other ambassadors include Simona Galik Moore, a former tennis professional, and Elias Schwärzler, an adrenaline-driven mountain biker. These athletes have successfully ventured into business, utilizing Alibaba.com's platform for growth. The campaign underscores the platform's role in empowering former athletes to establish and grow their businesses globally. A high-profile press event is scheduled for July 31 in Paris to further detail their entrepreneurial journeys.

In celebration of MSME Day 2024, Alibaba.com, a leading B2B e-commerce platform, reaffirmed its commitment to supporting Micro, Small, and Medium-Sized Enterprises (MSMEs) globally through AI tools and diverse supplier networks. With AI tools already adopted by 30,000 businesses, Alibaba plans to expand its global supplier base to 100,000 in three years. A recent survey revealed 25%-30% of MSMEs on Alibaba.com use AI daily, resulting in a 37% increase in product exposure. The company also aims to help 100 African MSMEs establish a global presence and host 500 events this fiscal year, with 300 in developing nations.

AliExpress has launched its new global advertising campaign, 'Find Your Sport,' in anticipation of the Olympic Games Paris 2024. The campaign, revealed at the Olympic Qualifier Series 2024 in Budapest, aims to inspire global sporting engagement. Since 2019, consumers have placed over 161 million orders for sporting goods on AliExpress. The campaign underscores the spirit and inclusivity of sports, leveraging AliExpress's position as a Worldwide Olympic TOP Partner. During the Budapest event, AliExpress featured interactive activities, such as a skateboard simulation. The campaign is part of AliExpress’s ongoing investment in its premium service, AliExpress Choice, which offers diverse selections, fast shipping, and easy returns.

Alibaba.com has announced its partnership as the official B2B E-commerce Partner for UEFA EURO 2024™ in the U.S. and China. This initiative is part of a broader agreement that includes AliExpress. Alibaba.com aims to leverage the excitement around the tournament to support Small and Medium-sized Enterprises (SMEs) by offering exclusive deals, giveaways, and advanced sourcing tools. The Alibaba Guaranteed program ensures fixed pricing, timely delivery, and a money-back guarantee, providing SMEs with a reliable platform to boost sales. The partnership aims to meet the increased demand for soccer-related merchandise, with a 38% year-over-year increase in product inquiries noted. A virtual showcase will feature competitive pricing on trending items, enhancing SME success during the tournament.