Alibaba Group Holding Ltd.

[ad_1] Ant Group Co. finished a procedure to remove controlling stakeholders almost a year after billionaire Jack Ma promised to cede his dominance of the Chinese finance giant. As part of the process, the People's Bank of China granted an application to remove any controlling shareholders at Ant's Chinese payment platform Alipay, according to a statement from the central bank. The bank now lists Ant's Alipay as a firm without an actual controller. Ma, co-founder of Alibaba Group Holding Ltd., announced his retreat from Ant earlier this year in one of a number of moves aimed at appeasing Chinese regulators. In January, the finance company said 10 individuals, including management and staff, would be offered voting rights that would effectively remove the billionaire's control. The adju...

[ad_1] Look no further than China's biggest livestreamer for a snapshot of the country's flagging consumption outlook. Li Jiaqi, known as ‘Lipstick King' for his prowess in selling cosmetics, recorded sales of 9.5 billion yuan ($1.3 billion) on Oct. 24, the first day of the annual Singles' Day shopping festival that ended on Saturday, according to a Southern Metropolis Daily report, which didn't say where it got the information. That's down from last year's first-day tally of 21.5 billion yuan, it said. Separately, Caixin said Li's sales of beauty products fell 38% during the first day of the festival. His share of total sales during the consumer bonanza shrank to about a quarter this year from one-third last year, according to a Securities Daily report. The weaker performance from one...

Tag: Alibaba Group Holding Ltd.

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