Topic: Alibaba

New Chinese regulations hit food delivery giants’ profit model

New Chinese regulations hit food delivery giants’ profit model

Chinese authorities announced new regulations that will reduce the food delivery platforms' service fees charged to restaurants to lower the operating costs for food and beverage businesses. Meituan's stock sank 15% on Friday, erasing over...
alibaba $17.8 billion sales

Alibaba’s ‘Singles Day’ sale hit a record of $17.8bn in one day

E-commerce giant Alibaba has beaten its sales record for its annual Singles Day event. The company said sales this year had reached 121bn yuan ($18bn; £14bn), a rise of 32% on last year's sales which...