It has been years since Alibaba founder Jack Ma left the Chinese ecommerce giant, yet he can still move the stock.
A memo of encouragement from Ma to Alibaba this week lifted the shares — which had been on a downward spiral since 2020 — 6 per cent. But the landscape of China’s ecommerce sector has become increasingly complex since Ma departed.
Alibaba had been the uncontested leader for almost a decade. But Temu-owner PDD Holdings has shaken up the industry. PDD Holdings overtook Alibaba in December as the most valuable domestic ecommerce group. Getting its position back as Temu continues to expand its presence around the world, especially in the US market, is a tall task.
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