Alibaba Group Holding Limited (BABA) has experienced an incline of 5.56% in the premarket today. However, the last trading session concluded at $161.52 with an increase of 3.54%.
Investment of RMB100 billion to Promote Common Prosperity
On 3 September 2021, BABA announced an RMB 100 billion (US$15.5 billion) investment in ten important programs aimed at promoting China’s shared prosperity. Alibaba Group Chairman and Chief Executive Officer Daniel Zhang will lead the Committee. The committee will be tasked with delivering on the major goals by 2025.
Last but not least, technology innovation, economic development, high-quality job creation, care for disadvantaged populations, and the establishment of a common prosperity development fund are among the five main topics addressed by the projects.
BABA announced June Quarter 2021 Results
BABA reported June quarter 2021 results on 3rd August 2021. Revenue increased by 34% year over year to RMB205,740 million (US$31,865 million). For the twelve months ended June 30, 2021, global annual active users of the Alibaba Ecosystem totaled over 1.18 billion, up 45 million from the previous twelve months. Moreover, operations generated RMB33,603 million (US$5,204 million) in net cash. Non-GAAP free cash flow was RMB20,683 million (US$3,203 million), down from RMB20,683 million in the prior year.
In the same quarter of 2020, BABA lost RMB36,570 million. This owed to a partial settlement in the sum of RMB36,570 million. RMB9,114 million (US$1,412 million) of the RMB18,228 million punishment imposed by the Chinese government earlier this year. China’s State Administration for Market Regulation is responsible for enforcing China’s Anti-monopoly Law.
Olympic Broadcasting Services
On 29th July 2021, BABA announced that for the first time, during the Olympic Games in Tokyo 2020, Alibaba’s cloud technologies will assist service delivery for Rights-Holding Broadcasters. Built on Alibaba Cloud’s platform, OBS Cloud enables innovative content distribution models that improve operational efficiency and agility. Furthermore, Alibaba Cloud is Alibaba Group’s digital technology and intelligence backbone, as well as a Worldwide TOP Partner. OBS Cloud is a cloud-based broadcasting system developed by OBS and Alibaba. Lastly, it will assist to revolutionise the media business for the digital era.
BABA Provides Cloud Pin at the Olympic Games
At the Olympic Games Tokyo 2020, Alibaba Group, the IOC’s Worldwide TOP Partner, has launched the Alibaba Cloud Pin on 19th July 2021. Moreover, it is a cloud-based digital pin for broadcasters and media practitioners. During the Olympic Games, the digital wearable allows media professionals to engage with one another and transfer social media contact information.
