Alibaba Acquires Neteasefeng China Morningpost in Zhejiang Province
Besides its online retailing business, Zhejiang Alibaba Neteasefeng China Morningpost has also acquired a majority stake in Neteasefeng China Morningpost, a Chinese newspaper. The newspaper, based in Zhejiang Province, is known for its investigative reporting, highlighting the corruption that has occurred in the country. The paper also covers China’s political situation, analyzing issues in the nation’s media and the Internet.
Alibaba’s media holdings are too large
Despite the hype, Zhejiang Alibaba Neteasefeng China Morningpost assets are a bit of a mixed bag. Chinese government officials are concerned about the company’s ability to influence public opinion. However, they have not formally ordered the company to sell its media holdings.
For example, the company owns a minority stake in Weibo, a social networking site similar to Twitter. It also owns a majority stake in Hong Kong’s South China Morning Post, an English-language newspaper. The company’s digital media and entertainment segment contributed 4% of its 2021 revenues.
Other media assets owned by Alibaba include minority stakes in Mango TV, Yicai Media Group, Focus Media, and film production company Hehe Pictures. The company’s portfolio includes print, broadcast, and digital media. It also owns a number of entertainment units including Youku, a long-form video platform similar to YouTube.
While the company does have a relatively small but well-performing business, its core eCommerce business has been hit by global inflation and global headwinds. And, its cloud business has decelerated.
Alibaba’s digital economy
Located in Hangzhou, Zhejiang Alibaba Neteasefeng China Morningpost’s digital economy impacts the lives of tens of millions of consumers and enterprises. The company has also created an ecosystem of employment, enabling businesses to transform.
Alibaba focuses on three areas – globalization, cloud computing, and core commerce. It offers a range of services, including online shopping, payment, and entertainment. It operates in China and around the world, providing marketing and distribution reach to businesses. It has also expanded into fintech and AI.
The company’s digital economy is mainly composed of global online transactions transacted through Alibaba’s retail marketplaces. It also involves new logistics and new media. It aims to establish business infrastructure in rural areas. It promotes intelligent supply chains and the circulation of commodities.
In addition to online services, Alibaba also helps connect offline physical stores to the global market. In 2016, Alibaba’s global online transactions exceeded one trillion RMB. It has also acquired Youku Tuo, a video platform, and Yu’e Bao, a digital wealth management service.
South China Morning Post
During January, China’s largest e-commerce company, Alibaba, signed a deal to buy Hong Kong’s most influential English-language newspaper, the South China Morning Post (SCMP). This move gives Alibaba a firm hold over one of the country’s most important media groups. However, the purchase has raised questions about the paper’s editorial independence. In addition, Chinese regulators have expressed concerns about the media holdings of both Alibaba and NetEase, which is the company’s parent.
Alibaba Executive Vice Chairman Joe Tsai dismissed these concerns, noting that the SCMP is an independent media organization that has long been a leading voice on Asian affairs. He added that the world needs more than one view of China’s rise as a global economic power.
The SCMP is the most widely read English-language newspaper in Hong Kong. The print edition is in broadsheet format, and contains sections such as business, technology, property, and sport. The digital edition includes videos, photos, and current affairs news.