China regulator probes competition claims against Alibaba while it talks to invest in SCMP Group.
The New York Stock exchange would honor Alibaba. The Hangzhou-based enterprise today announced that it would ring the NYSE Opening Bell tomorrow to celebrate its yearly 11.11 global shopping festival from the Beijing-based National Aquatics Center, where it would organize the current year’s 11.11 global shopping festival.
Alibaba news affirmed that the company’s executive vice chairman, Jack Ma, stated, “Alibaba is honored to ring the Opening Bell from Beijing in celebration of our 11.11 Global Shopping Festival,” This day is not just the largest shopping day in the world, but a demonstration of the scale and impact of our global ecosystem. This festival is a thermometer for the Chinese economy, allowing the world to see the consumption potential of China and the future opportunities for SMEs around the world.”
Mr. Ma would take part in the event along with Alibaba’s CEO Daniel Zhang and NYSE Group’s President Tom Farley. Eight respected guests would also participate in the ceremony, which were identified by their trading businesses for their brilliant acts of environmental awareness, community development, and philanthropy.
Alibaba Breaking News informed that the 11.11 global shopping festival, also known as “Singles Day”, was initially celebrated six years ago with participation of 27 vendors to make people aware about electronic trading in the most populated country. In the six years since its beginning, it has turned into the biggest trading event in history, earning $9.3 billion of gross merchandise volume through AliPay over 24 hours last year.
This year, the online trading giant is interested in building upon its globalization plan and mission, with more than 50,000 merchants and brands taking part in the forthcoming festival, encompassing over 10,000 global companies from 25 states. In addition to this, the organization is improving its mobile commerce services and omni-channel with involvement of more than 1000 retailers that are known for operating 180,000 brick and mortar distribution centers in 330 cities across the most populated country.
Alibaba news today exclaimed that the Bell Ringing Ceremony would begin at 9:26 am. The Singles day has previously proved to be quite controversial for its EVC, as the Chinese regulatory body, State Administration for Industry and Commerce (SAIC), has complied with JD.com’s request to probe into its efforts to force vendors to leave competing trade networks.
The Chinese ecommerce giant has been honored at a time when China Daily has reported about its negotiations to invest in the Hong Kong based publication, SCMP Group, which is known for publishing the South China Morning Post.
SCMP Group’s official has refused to share views regarding the “market rumors.” It could be assumed that Alibaba’s participation in the Bell Ringing event would please its fans around the world and play a key role in helping it to build its image in the competitive ecommerce market
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