Black Thursday for Chinese e-commerce giant Alibaba
Alibaba's results reflect the company's woes.
Admittedly, it anticipates an increase in its sales this year, but warns that uncertainties could weigh more on its activities in the future.
GREG BAKER AFP / Archivos
Text by: RFI Follow
1 min
The Alibaba group announced that its profit was down 81% between July and September 2021, weighed down by the tougher tone in China.
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Long considered a model of success, Alibaba was the first to suffer the Chinese authorities' turn of the screw.
A year ago, the IPO of its subsidiary Ant Group was stopped dead by the government, depriving the parent company of some 27 billion euros hoped for during this operation.
Since then, the group's whimsical boss, Jack Ma, has been fined more than 2 billion euros.
The group is also targeted by an investigation for hindering competition.
Alibaba's results reflect these setbacks.
The company does not hide its disenchantment.
Admittedly, it anticipates an increase in its sales this year, but warns that uncertainties could weigh more on its activities in the future.
Chance of the calendar, the very day of the announcement of the results of Alibaba, Paytm, pioneer of online payment in India of which Alibaba is a shareholder, saw its title plunge 25% on the Bombay Stock Exchange.
The Indian start-up's misstep caused the Chinese giant to lose 5% on the Hong Kong Stock Exchange.
► To reread: Almost a billion euros in quarterly loss after a record fine for Alibaba
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