$346 Billion China Tech Giant Tencent Dismissed 120 Employees in 2023 for Fraud, Corruption & Embezzlement, Around 20 Employees Reported to China Authorities & 1 Employee Sentenced to 4 Years Jail
12th February 2024 | Hong Kong
China tech giant Tencent (9/2/24: $346 billion market value) has dismissed more than 120 employees in 2023 for fraud, corruption & embezzlement, with around 20 employees reported to the China authorities and 1 employee sentenced to 4 years jail. In 2023, China central bank (People’s Bank of China, PBOC) fined Tencent & Tenpay $410 million (CNY 2.99 billion) for payment regulatory breaches in China Mainland. China central bank had also fined Alibaba affiliate Ant Group $985 million (CNY 7.12 billion) for violation of corporate governance, consumer protection & money-laundering regulations, with PBOC issuing a statement including of Ant Group had rectified most of the outstanding problems. More info below.
“ $346 Billion China Tech Giant Tencent Dismissed 120 Employees in 2023 for Fraud, Corruption & Embezzlement, Around 20 Employees Reported to China Authorities & 1 Employee Sentenced to 4 Years Jail “
China Central Bank Fines $399 Billion Tencent & Tenpay $410 Million for Payment Regulatory Breaches in China Mainland, Ant Group Fined $985 Million for Violation of Corporate Governance, Consumer Protection & Money-Laundering Regulations
7th July 2023 – China central bank (People’s Bank of China, PBOC) has fined Tencent & Tenpay (7/7/23: $399 billion market cap) $410 million (CNY 2.99 billion) for payment regulatory breaches in China Mainland. China central bank (People’s Bank of China, PBOC) had also fined Alibaba affiliate Ant Group $985 million (CNY 7.12 billion) for violation of corporate governance, consumer protection & money-laundering regulations, with PBOC issuing a statement including of Ant Group had rectified most of the outstanding problems. More info below.
China Central Bank Fines Alibaba Ant Group $985 Million for Violation of Corporate Governance, Consumer Protection & Money-Laundering Regulations, PBOC Issues Statement Ant Group Had Rectified Most of the Outstanding Problems
7th July 2023 – China central bank (People’s Bank of China, PBOC) has fined Alibaba affiliate Ant Group $985 million (CNY 7.12 billion) for violation of corporate governance, consumer protection & money-laundering regulations, with PBOC issuing a statement including of Ant Group had rectified most of the outstanding problems. In 2023 June, Alibaba Group with $233 billion market capitalization announced the Chairman & CEO succession plan (effective 10th September 2023), with co-founder Joseph Tsai (Joe Tsai) appointed as Chairman, co-founder Eddie Yongming Wu appointed as CEO (Existing Chairman of Taobao & Tmall Group), and Chairman & CEO of Alibaba Group Daniel Zhang to step down but to continue to lead Alibaba Cloud Intelligence Group as Chairman & CEO. Earlier in May 2023, Alibaba started splitting into 6 units, with immediate actions to spinoff Alibaba $12 billion cloud business, IPO for Freshippo grocery chain in 2023, IPO Cainiao Logistics in 12 to 18 months, and to raise capital for Alibaba international e-commerce division (including Southeast Asia Lazada). In 2023 March, Alibaba Group (Regulatory filing on 27/3/23) announced to split into 6 independent groups and to raise capital or explore IPO independently. The 6 Alibaba groups are Cloud Intelligence Group (cloud, AI and DingTalk), Taobao Tmall Business Group (Taobao, Tmall, Taobao Deals, Taocaicai, 1688.com), Local Services Group, Global Digital Business Group (Lazada, AliExpress, Trendyol, Daraz, Alibaba.com), Cainiao Smart Logistics and Digital Media & Entertainment Group (Youku, Alibaba Pictures). More info below.
$233 Billion Alibaba Group Announced Chairman & CEO Succession Plan Effective 10th September 2023: Co-founder Joseph Tsai Appointed as Chairman & Co-founder Eddie Yongming Wu as CEO, Chairman & CEO of Alibaba Group Daniel Zhang to Step Down But to Continue to Lead Alibaba Cloud Intelligence Group as Chairman & CEO
24th June 2023 – Alibaba Group with $233 billion market capitalization has announced the Chairman & CEO succession plan (effective 10th September 2023), with co-founder Joseph Tsai (Joe Tsai) appointed as Chairman, co-founder Eddie Yongming Wu appointed as CEO (Existing Chairman of Taobao & Tmall Group), and Chairman & CEO of Alibaba Group Daniel Zhang to step down but to continue to lead Alibaba Cloud Intelligence Group as Chairman & CEO. Earlier in May 2023, Alibaba started splitting into 6 units, with immediate actions to spinoff Alibaba $12 billion cloud business, IPO for Freshippo grocery chain in 2023, IPO Cainiao Logistics in 12 to 18 months, and to raise capital for Alibaba international e-commerce division (including Southeast Asia Lazada). In 2023 March, Alibaba Group (Regulatory filing on 27/3/23) announced to split into 6 independent groups and to raise capital or explore IPO independently. The 6 Alibaba groups are Cloud Intelligence Group (cloud, AI and DingTalk), Taobao Tmall Business Group (Taobao, Tmall, Taobao Deals, Taocaicai, 1688.com), Local Services Group, Global Digital Business Group (Lazada, AliExpress, Trendyol, Daraz, Alibaba.com), Cainiao Smart Logistics and Digital Media & Entertainment Group (Youku, Alibaba Pictures). More info below.
$233 Billion Alibaba Group Announced Chairman & CEO Succession Plan Effective 10th September 2023
Daniel Zhang, Outgoing Chairman & CEO of Alibaba Group: “It has been an incredible honor and privilege to lead Alibaba Group as CEO over the past eight years and Chairman over the past four years. This is the right time for me to make a transition, given the importance of Alibaba Cloud Intelligence Group as it progresses towards a full spin-off. I look forward to working closely with Joe and Eddie in the coming months to ensure a seamless transition. “Looking ahead, I am committed to strengthening Alibaba Cloud Intelligence Group’s market leadership by making cloud computing and artificial intelligence more accessible for businesses of all sizes and industries as they continue their digital transformation. The emergence of generative AI has also opened up exciting new opportunities that Alibaba Cloud Intelligence Group is well-positioned to capture.”
Joseph Tsai, Incoming Chairman of Alibaba Group: “Daniel has made exceptional contributions to the development of Alibaba Group since joining the company in 2007, and he demonstrated extraordinary leadership in navigating unprecedented uncertainties affecting our business over the past few years. We believe there is no better leader than Daniel to steer Alibaba Cloud Intelligence Group into the next chapter of its journey and future growth. As chief technology officer of key businesses including Taobao and Alipay during Alibaba’s critical phases of development, Eddie was instrumental in architecting our technology platforms and guiding our strategic direction. He led the creation of our proprietary monetization platform on Taobao and Tmall, and drove the launch of the Mobile Taobao App to propel our company to the mobile-first era. I look forward to working with Eddie to spark our next phase of growth through technology and innovation,” said Tsai.
Joe Tsai joined our company in 1999 as a member of the Alibaba founding team and has served on our board of directors since our inception. He was chief financial officer until 2013 and is currently our executive vice chairman. Joe is a founding member of Alibaba Partnership. He is chairman of Cainiao Smart Logistics, a board member of Taobao and Tmall Group, and a board member of our financial services affiliate Ant Group. From 1995 to 1999, Joe was a private equity investor based in Hong Kong with Investor AB, the main investment vehicle of Sweden’s Wallenberg family. Prior to that, he was general counsel of Rosecliff, Inc., a management buyout firm based in New York. From 1990 to 1993, Joe was an associate attorney in the tax group of Sullivan & Cromwell LLP, a New York-based international law firm. Joe is qualified to practice law in the State of New York. Joe received his bachelor’s degree in Economics and East Asian Studies from Yale College and a juris doctor degree from Yale Law School.
Eddie Yongming Wu, Incoming CEO of Alibaba Group, Existing Chairman of Taobao & Tmall Group: “I am grateful for the trust of the Alibaba Group board of directors and am honored to succeed Daniel as Alibaba’s CEO. Over the past 24 years, Alibaba has consistently innovated through evolution and breakthroughs from within, and each transformation has catalyzed new growth. While our current transformation brings in a new corporate organizational and governance structure, Alibaba’s mission remains unchanged. We will continue to enable individuals and businesses to benefit from the digital economy and serve our customers with unique value proposition supported by innovation and our leading technology.”
Eddie Yongming Wu is one of our co-founders, a member of the Alibaba Partnership and chairman of Taobao and Tmall Group since May 2023. Mr. Wu was technology director of Alibaba at the company’s inception in 1999. He served as chief technology officer of Alipay from December 2004, and became business director of our monetization platform, Alimama, in November 2005 and was promoted to its general manager in December 2007. In September 2008, he became chief technology officer of Taobao , and in October 2011 he took on the role of head of Alibaba Group’s search, advertising and mobile business. Mr. Wu served as director of Alibaba Health Information Technology Limited (“Alibaba Health”), a company listed on the Main Board of the Hong Kong Stock Exchange, from April 2015 to October 2021 and chairman of Alibaba Health from April 2015 to March 2020. From September 2014 to September 2019, Mr. Wu was special assistant to Alibaba Group’s board chairman. In August 2015, Mr. Wu founded Vision Plus Capital, a venture capital firm focused on investing in advanced technologies, enterprise services and digital healthcare. He graduated from the College of Information Engineering of Zhejiang University of Technology in June 1996.
Alibaba Group
Alibaba Group’s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a good company that lasts for 102 years.
Alibaba Starts Split into 6 Units, Prepares Spinoff of $12 Billion Cloud Business, IPO for Freshippo Grocery Chain in 2023, IPO Cainiao Logistics in 12 to 18 Months, Raise Capital for International E-Commerce Division
19th May 2023 – Alibaba has started splitting into 6 units, with immediate actions to spinoff Alibaba $12 billion cloud business, IPO for Freshippo grocery chain in 2023, IPO Cainiao Logistics in 12 to 18 months, and to raise capital for Alibaba international e-commerce division (including Southeast Asia Lazada). In 2023 March, Alibaba Group (Regulatory filing on 27/3/23) announced to split into 6 independent groups and to raise capital or explore IPO independently. The 6 Alibaba groups are Cloud Intelligence Group (cloud, AI and DingTalk), Taobao Tmall Business Group (Taobao, Tmall, Taobao Deals, Taocaicai, 1688.com), Local Services Group, Global Digital Business Group (Lazada, AliExpress, Trendyol, Daraz, Alibaba.com), Cainiao Smart Logistics and Digital Media & Entertainment Group (Youku, Alibaba Pictures). Except for Taobao Tmall Business Group, the 6 groups will be managed independently by CEO & Board, and will be able to raise capital or explore an IPO. More info below.
Alibaba Group Informed China Media Yicai of No Plans to IPO Alibaba Global Digital Commerce Group in United States, Bloomberg Reported on 4th May 2023 of Alibaba Intention to List the Business Group in United States
5th May 2023 – Alibaba Group has informed China Media Yicai of no plans to IPO (Initial Public Offering) Alibaba Global Digital Commerce Group in United States (5th May 2023), which Bloomberg had reported on 4th May 2023 of Alibaba intention to list the business group in United States. In 2023 March, Alibaba Group (Regulatory filing on 27/3/23) announced to split into 6 independent groups and to raise capital or explore IPO independently. The 6 Alibaba groups are Cloud Intelligence Group (cloud, AI and DingTalk), Taobao Tmall Business Group (Taobao, Tmall, Taobao Deals, Taocaicai, 1688.com), Local Services Group, Global Digital Business Group (Lazada, AliExpress, Trendyol, Daraz, Alibaba.com), Cainiao Smart Logistics and Digital Media & Entertainment Group (Youku, Alibaba Pictures). Except for Taobao Tmall Business Group, the 6 groups will be managed independently by CEO & Board, and will be able to raise capital or explore an IPO. More info below.
Alibaba to Split into 6 Independent Groups & to Raise Capital or Explore IPO, Current Market Value at $254 Billion with Founder & Billionaire Jack Ma Returning to China
29th March 2023 – Alibaba Group (Regulatory filing on 27/3/23) will be splitting into 6 independent groups and to raise capital or explore IPO independently. Alibaba current market capitalization is around $254 billion (29/3/23), with founder & billionaire Jack Ma returning to China after a long absence from the public (26/3/23). The 6 Alibaba groups are Cloud Intelligence Group (cloud, AI and DingTalk), Taobao Tmall Business Group (Taobao, Tmall, Taobao Deals, Taocaicai, 1688.com), Local Services Group, Global Digital Business Group (Lazada, AliExpress, Trendyol, Daraz, Alibaba.com), Cainiao Smart Logistics and Digital Media & Entertainment Group (Youku, Alibaba Pictures). Except for Taobao Tmall Business Group, the 6 groups will be managed independently by CEO & Board, and will be able to raise capital or explore an IPO. Earlier in 2023 January, China billionaire & Alibaba founder Jack Ma (net worth $25 billion) announced to give up control of Ant Group which owns the world largest payment platform Alipay, giving up control from 53.46% indirect control of Ant Group (shareholding) to only 6.2% voting rights. The new structure was announced by Ant Group, more than 2 years after being suspended from IPO (Initial Public Offering) that would have raised a record $34.5 billion in October 2022. More info below.
China Billionaire Jack Ma to Give Up Control of Ant Group, From 53.46% Indirect Control of Ant Group to 6.2% Voting Rights
7th January 2023 – China billionaire & Alibaba founder Jack Ma (net worth $25 billion) will give up control of Ant Group which owns the world largest payment platform Alipay, giving up control from 53.46% indirect control of Ant Group (shareholding) to only 6.2% voting rights. The new structure was announced by Ant Group, more than 2 years after being suspended from IPO (Initial Public Offering) that would have raised a record $34.5 billion in October 2022. Alibaba owns 33% of Ant Group. With the restructuring of Ant Group, China Banking & Insurance Regulatory Commission approved Ant Group consumer finance business application to increase registered capital by $1.5 billion ($1.2 billion to $2.7 billion). More about Ant Group below.
China Fintech Ant Group Appoints Hong Kong Exchange Chairman Laura Cha as Independent Director
3rd June 2022 – China fintech Ant Group has appointed Hong Kong Exchange (HKEX) Chairman Laura Cha as Independent Director of Ant Group. Laura Cha is also a member of the Executive Council of the Hong Kong government. In November 2020, Ant Group planned IPO that will raise $34.5 billion and create a Chinese financial technology giant with more than $300 billion market capitalization, was suspended by both Shanghai and Hong Kong Exchange. In April 2021, China regulators announced Ant Group is to be restructured into a financial holding company, that will require the financial technology company be supervised under banking regulations. Ant Group is also required to implement new changes, including opening up its payment apps to competitors, oversight of consumer lending businesses, increased data protection and to reduce the size of its money market fund.
Ant Group IPO in 2020 Suspended
In November 2020, Ant Group planned IPO that will raise $34.5 billion and create a Chinese financial technology giant with more than $300 billion market capitalization, was suspended by both Shanghai and Hong Kong Exchange. In April 2021, China regulators announced Ant Group is to be restructured into a financial holding company, that will require the financial technology company be supervised under banking regulations. Ant Group is also required to implement new changes, including opening up its payment apps to competitors, oversight of consumer lending businesses, increased data protection and to reduce the size of its money market fund.
Alibaba was founded in 1999 by Jack Ma and 17 friends and students in China. Today, it is one of the world’s largest e-commerce and technology company in the world.
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