What's Going On With Alibaba Stock Wednesday?

Alibaba Group Holding Limited BABA remains engaged in driving the efficiency of its different units while staying on the good books of the domestic government.

Alibaba's Chen Ming-led Taobao Tmall Commerce Group is establishing a logistics department to manage deliveries better.

From June to August, the logistics department posted 45 openings, including positions in logistics ecosystem strategy, warehouse management, and data analysis, SCMP reports.

Given its higher cost, Cainiao is not the best choice for Tmall shipments in all categories.

Meanwhile, Alibaba's fintech affiliate Ant Group is regaining the government's favor as it spotlighted payment service Alipay as an integral component for the success of the Asian Games – a major PR event for Hangzhou this year. 

Hangzhou, the capital of Zhejiang province and the birthplace of Alibaba Group Holding and its offshoot Ant, now boasts almost all its stores flashing digital payment codes, underscoring its identity as a cashless city. 

In Hangzhou, beyond the widespread Alipay and WeChat Pay codes from Tencent Holding Ltd TCEHY, there's a rising trend of stores featuring signs in English that say, "pay with your home e-wallet." 

This move by Ant aims to enhance the payment experience for foreign tourists in the city, especially during the Asian Games, rescheduled from the previous year to take place from September 23 to October 8.

Ant collaborated with various firms to ensure its QR codes are adaptable with multiple digital wallets. This initiative enables many Asian visitors to utilize their existing apps for payments. 

Price Action: BABA shares traded higher by 0.93% at $88.90 premarket on the last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.