CX Daily: Alibaba Boss Daniel Zhang to Step Down With Co-Founders to Take the Reins
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Alibaba?/
Alibaba Group Holding Ltd.?Chairman and CEO Daniel Zhang?will step down from his roles , the company announced Tuesday, in a surprise leadership reshuffle that comes as the e-commerce giant is undergoing a major restructuring to try to revive growth.
Joseph Tsai, current executive vice chairman of Alibaba, will succeed Zhang as chairman of the board, while Eddie Wu, also a co-founder, will take over as chief executive, the company said.?Zhang will remain chairman and CEO of the newly formed Alibaba Cloud Intelligence Group.?The appointments will take effect Sept. 10.
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China-Germany?/
Premier Li Qiang has?called on ?Chinese and German businesses to play a greater role in fostering bilateral relations and promoting Sino-European cooperation, as calls for “de-risking” from China among European Union nations grow due to concerns over security and an overdependence on the Asian giant.
In remarks Monday in Berlin at a seminar with the German business community,?Li noted that “risk prevention and cooperation are not opposites and non-cooperation is the biggest risk.”
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HKEX?/
The Hong Kong Stock Exchange (HKEX)?launched its new dual-currency counter? Monday, and?the first batch of 24 stocks had a total turnover of 163 million yuan ($22.9 million) on the first day.
The Hong Kong Dollar-yuan dual-currency counter allows investors to trade and settle designated shares in Hong Kong or Chinese mainland currency, offering the potential to access new liquidity.
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Quick hits?/
领英推荐
E-commerce?/
Chinese e-commerce giants?JD.com Inc.?and?Alibaba Group Holding Ltd.?have remained tight lipped about their full sales results for this year’s 618 sales extravaganza, a sign that the recovery of consumer spending in the world’s second-largest economy?might be proceeding more slowly than anticipated.
Sales on JD.com grew “more than expected” and “reached a new record” during the June 18 event, after the number of products involved in a 10 billion yuan ($1.4 billion) company-initiated subsidy program jumped tenfold from March, the company said in?a social media post ?Monday.
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Aviation?/
Cathay Pacific Airways Ltd.?will add cabin crew members ?who speak Mandarin on flights to the Chinese mainland and will recruit cabin staff from the mainland starting in July, the Hong Kong-based airline said Monday.
An incident last month on a Cathay Pacific flight led to a complaint of discrimination and an uproar on social media.?The carrier fired three flight attendants following passenger accusations of bias against non-English speakers.
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Long Read?/
The U.S. Secretary of State capped his two-day trip with an agreement to stabilize U.S.-China relations, after a high-level meeting with President Xi Jinping. Both sides also held ‘robust’ discussions on key regional and global challenges, including the Russia-Ukraine war and the Taiwan issue. Blinken had met with his Chinese counterpart Qin Gang on his arrival Sunday. This visit is the first by a top U.S. diplomat to China since 2018