- Alibaba Group Holding Limited (NYSE:BABA) platforms have processed faster payments during this year’s 6.18 Mid-Year Shopping Festival to improve liquidity for merchants during the pandemic, Alizila reports.
- “Ensuring the stability of supply chain and logistics amid the uncertainties is the best way to improve consumption sentiment and foster a more positive environment for business operations,” said Alibaba Chair and CEO Daniel Zhang during last week’s earnings call.
- Domestic coffee brand Yongpu Coffee has already received several million renminbi from presale purchases made between May 26 – May 30.
- International B2C marketplace Tmall Global freed up to RMB4 billion to their payment accounts as soon as parcels left warehouses between June 1 – June 30.
- Alibaba’s logistics arm Cainiao has also offered five warehouses around China for cross-border merchants to store their inventories.
- In the May presale period, merchants will receive RMB10 billion ($1.5 billion) in deposits made by consumers to secure their orders.
- Once shipping starts between June 1 – June 30, the businesses will receive the remaining balance of up to RMB100 billion.
- Presales for the annual shopping event started on May 26, with a month-long series of promotional activities across Alibaba’s ecosystem.
- Price Action: BABA shares traded higher by 4% at $97.15 premarket on the last check Tuesday.
- Photo via Wikimedia Commons
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