One for the history books...
BEIJING — Alibaba Group BABA, -1.57% founder Jack Ma, who helped launch China’s online retailing boom, stepped down as chairman of the world’s biggest e-commerce company Tuesday at a time when its fast-changing industry faces uncertainty amid a U.S.-Chinese tariff war.
Alibaba says its revenue rose 42% over a year earlier in the quarter ending in June to $16.7 billion and profit rose 145% to $3.1 billion. Still, that was off slightly from 2018’s full-year revenue growth of 51%. Alibaba is one of a group of companies including Tencent Holding Ltd., a games and social media giant, search engine Baidu.com Inc. and e-commerce rival JD.com that have revolutionized shopping, entertainment and consumer services in China.
The company’s $25 billion initial public offering on the New York Stock Exchange in September 2014 was the biggest to date by a Chinese company.In 2015, Ma bought the South China Morning Post, Hong Kong’s biggest English-language newspaper. Alipay became a freestanding financial company, Ant Financial, in 2014. Alibaba also set up its own film studio and invested in logistics and delivery services.
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