Alibaba, Intime founder offer HK$19.8bn to take retail group private

Trump Great Meeting With Jack Ma About Jobs
Trump Great Meeting With Jack Ma About Jobs
Author

12 January, 2017

Trump met Jack Ma in NY, and the two talked small business development and the U.S.

Ma and Trump left the Trump Tower where the meeting was held together.

The meeting comes amid tensions between China and the incoming Trump administration. One of the largest is does the Chinese government agree with Ma's intentions? Since his campaign did increase chances of a trade-war, the meeting is a good indication for both countries' relations.

Jack Ma (right) met with U.S. president-elect Donald Trump (left) on Jan 9, 2017. It remains to be seen what Alibaba's USA investments would look like.

Christie referred back to an op-ed that Ma wrote in The Wall Street Journal in June 2015, outlining Alibaba's strategy for luring USA businesses. With the start of 2017, it seems that the company will comply with its promise of 1 million recruitments in a total span of five years.

After the meeting, Trump said to reporters that he and Alibaba's CEO "are going to do some great things".

Ma said this will be possible when his online shopping behemoth Alibaba brings to its platform as many as a million USA small businesses, which can sell their products to Chinese customers.

E-commerce giant Alibaba Group Holding has teamed up with the founder of Intime Retail (Group) Company to take the mainland shopping mall and department store chain operator private in a HK$19.8 billion cash transaction.

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"Our combination with Intime will enable us to tap into the long-term growth potential of a new form of retail in China powered by Internet technology and data".

Ma said that Alibaba's expansion would focus on products like garments, wine and fruits, with a special focus on trade between the American midwest and southeast Asia.

It is obvious that, for companies in the USA as well as elsewhere, the largest group of new middle-class consumers will be in Asia.

In comparison, Amazon had just over 230,000 employees as of the end of 2015, but similar to Alibaba, creates jobs through the platform's sellers, contractors, and support services.

Alibaba stock was up 1.5% in early trading Monday following news of the meeting.

Milk and milk formula products from Australia, New Zealand and Germany were extremely popular during Alibaba's Singles Day shopping blitz last November, said Clark.

It could also be seen as a way to curry favor with US regulators.


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