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What you need to know
- Alibaba's U.S.-traded shares soared Monday after Chinese authorities announced plans to expand stimulus spending next year.
- At an event Sunday, Alibaba co-founder Jack Ma also highlighted the company's potential to benefit from artificial intelligence.
- Cyril Han has been named as the new CEO for Ant Group, an Alibaba-affiliated company. He will take over from Eric Jing on March 1.
Alibaba’s U.S. traded shares (BABA) soared on Monday, after Chinese authorities announced they would expand their stimulus spending for next year. Co-founder Jack Ma also highlighted the promise that artificial intelligence can bring. Alibaba’s Ant Group has also appointed a new chief executive officer.
China Pledges ‘More Proactive’ Stimulus in 2025
Alibaba shares and those of other Chinese listed companies in the U.S. soared on Monday after a state-run media outlet, Xinhua, reported that China will soon be implementing a new tax. “more proactive” Spending on stimulus in 2025.
Jack Ma Promotes Artificial Intelligence at Ant Group Event
Jack Ma (co-founder of Alibaba Group and Ant Group) made a rare Sunday public appearance to highlight the potential of AI.
"From today's perspective, the great changes brought by the AI era in the next 20 years will exceed everyone's imagination," Ma said, according to a report from Reuters that cited Chinese media outlet 36kr.
Alibaba implemented a new concept called an “AI first strategy,” The goal is to provide core computing services to clients of any size. The company’s cloud unit cut its prices in April for international clients to try and expand its market.
Ant Group Names New CEO
Cyril Han, the finance director of Ant Group and a member of Alibaba’s Ant Group, was named CEO by Eric Jing to replace him on March 1.
Alibaba owned a 33 percent stake in Ant Group (which operates Alipay, the Chinese payments platform) as of September 30.
Alibaba’s shares rose by almost 9% Monday intraday and are up over 20% from the beginning of the year.
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