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Alibaba Group Holding’s New York-listed stock gained 5 per cent in pre-market trading after it posted a surprise increase in its second-quarter net profit, as strong growth in its cloud computing and offshore e-commerce businesses offset the fall in domestic retail sales caused by China’s consumption slump. Net income attributable to ordinary shareholders surged 58 […]
During the metaverse boom in 2021, Alibaba Group Holding Limited established a wholly-owned subsidiary called “YuanjingOS” with a registered capital of 10 million RMB to focus on metaverse-related businesses. Three years later, Alibaba YuanjingOS – a team that once invested several billion yuan and had hundreds of employees – underwent large-scale layoffs. Many employees reported […]