Alibaba launches US shop

2014-06-11 20:20
Alibaba co-founder Jack Ma  (Shutterstock)

Alibaba co-founder Jack Ma (Shutterstock)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Beijing - Chinese Internet giant Alibaba, which combines aspects of eBay, Amazon and PayPal, launched a US shopping website, 11 Main, on Wednesday - its latest move ahead of a widely anticipated IPO.

Alibaba has filed documents for a US stock listing, expected to be one of the largest offerings in history.

Here is a fact-file about the e-commerce titan, founded by Chinese entrepreneur Jack Ma.

FOUNDING: Alibaba Group was founded in 1999 by 18 people led by Jack Ma.

WHY ALIBABA?: Ma chose the name because it is "easily pronounced in practically all languages" and because the "open sesame" catchphrase from 1 001 Nights signifies that the company's platforms "open a doorway to fortune for small businesses", the company's website says.

SIZE: A total of 20 000 people are employed by Alibaba, which has its headquarters in Hangzhou, Ma's home town in China's eastern province of Zhejiang. The company has 73 offices in mainland China and 16 overseas.

COMPONENTS: Taobao.com, China's most popular online consumer marketplace, and TMall.com, a website for business-to-consumer transactions, are among several online platforms which operate within the Alibaba structure. It also has a payment unit, Alipay, which is not included within the IPO vehicle.

CUSTOMERS: Taobao has more than 800 million product listings and over 500 million registered users. It is estimated to have more than 90% of China's online consumer-to-consumer market.

THE MARKET: China's online shoppers spent nearly $200bn in 2012, up 66.5% from the previous year, the semi-official China Internet Network Information Centre said in an April 2013 report.

Its launch of an American shopping site, 11 Main, potentially opens the door to a far wider global audience.

ACQUISITIONS: Alibaba has been on a deal-making frenzy ahead of its planned multi-billion dollar share offer in the United States.

Its purchase of Chinese mobile browser developer UCWeb for an undisclosed sum comes after it paid $192m for a 50% stake in top Chinese football club Evergrande earlier in June.

In May, it paid $249m for a stake in Singapore postal service Singapore Post to boost its logistics and delivery operations.

It has also made forays into entertainment, paying $1.22bn for a stake in top Chinese online video platform Youku Tudou in April and acquiring Hong Kong-listed ChinaVision Media Group in March.

POTENTIAL: China has the world's biggest online population and its annual online sales are forecast to reach between $420bn and $650bn by 2020. By then it will be the world's largest online retail market, consulting firm McKinsey estimates.

Read more on:    alibaba  |  jack ma  |  china  |  internet  |  online shopping
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Pre-order your iPhone 6 at kalahari.com

Hurry and pre-order your own iPhone 6 now at SA’s favourite online store!

Bargain box – 60% off

Reduced prices, very limited stock. While stocks last. Hurry and shop now!

Mind blow low prices on electronics

Get either the Prestigio multiphone or Proline tablet 7” tablet for only R699. Offers valid while stocks last. Shop now!

30% off Barbie toys

Save 30% on all Barbie toys and accessories. Offer valid while stocks last. Shop now!

Baby extravanganza month at kalahari.com

Celebrate baby month with a wide range of awesome baby products. Offers valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

Mind power dominates and can help you to uncover things from a deeper level, but it can also create entanglements if you let your...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.