The effectiveness of JD.com’s 10 billion-yuan (US$1.37 billion) subsidy programme, which was aimed to fend off industry rivals, has been questioned by investors as margins shrink and revenue growth underperforms.
Founding team members of Alibaba Group Holding converged in Hangzhou on Tuesday, as China's largest e-commerce firm showed a united front after its CEO and chairman announced plans to step aside to focus on the cloud business. Alibaba co-founder Jack Ma and current CEO and chairman Daniel Zhang Yong appeared together at the office of Alibaba Cloud, which Zhang also heads. In photos and videos of the event, the two smiled while chatting over drinks and walking through the company's campus. Ma, wh