Alibaba Group announced its quarterly results on Thursday, beating all the revenue estimates which were driven by e-commerce growth after china recovered from Coronavirus pandemic. The Group said that it is assessing the Ant Group suspension as well.
The Chinese government action has been seen to control Jack Ma financial services size.
Alibaba Chief Executive Daniel Zhang said that the Group is estimating the impact of Ant Group IPO’s suspension on its business and will take further steps accordingly. In a separate statement, Ant Group said that it would decide whether to restart its IPO after fully reviewing and evaluating relevant measures.
Alibaba’s results alsogot covered by the U.S election results where the whole world is waiting for a clear outcome and seems that the Biden is going to win the presidential race.
U.S and China relations were at its worst during Trump Presidency and it forced some Chinese companies to put off U.S. IPOs and list on exchanges close to home.
Alibaba’s cloud computing business revenue increased by 60 % and reached to 14.9 billion yuan, while e-commerce business saw an increase of 29% and earned 130.92 billion yuan in the reported quarter.Revenue jumped 30% to 155.06 billion yuan in the quarter ended Sept. 30. Netincome declined 63% and was 26.52 billion yuan due to Alibaba stake in Ant Group.
U.S.listed shares of Alibaba increased by about 39% in value this year but fell nearly 4% on Thursday in trading before the bell.