From CNBC:

Alibaba co-founder Joe Tsai expresses confidence in the company’s future, stating it is set to be a top player in the e-commerce market in China after facing internal changes and competition. Tsai predicts e-commerce penetration in China to exceed 40% in the next five years.

Following a management shakeup, Eddie Wu became CEO of Alibaba in September, replacing Daniel Zhang. Plans for an IPO of Alibaba’s cloud unit were scrapped due to U.S. chip export curbs, with the company waiting for better timing for a potential Cainiao logistics business IPO.

Alibaba’s U.S.-traded shares have stagnated at around $76 this year, a significant decrease from its stock price of about $300 in November 2020. Facing increased competition and slower growth in China’s economy, Alibaba has been observing the success of China-affiliated e-commerce players like Shein and TikTok in the U.S.

Despite not spinning off its cloud business, Alibaba remains focused on building up its artificial intelligence capabilities to enhance e-commerce experiences. Tsai believes AI offers a wide variety of use cases for e-commerce applications, including creating product catalogs and virtual dressing rooms for customers.



Read more: After doubts about Alibaba’s future, co-founder Joe Tsai says: ‘We’re back’