Alibaba To Shut Down Its Online Retail Platform In Hong Kong: Report

Alibaba Group Holding Limited BABA looks to shut Tmall in Hong Kong on October 30, 2022, after a one-year run, Technode.com reports.
Tmall, the company's online retail platform, sold significant Chinese and global brands.
Alibaba launched the service in the city in May 2021, selling fresh produce and consumer products in collaboration with big-name brands like Adidas.
Alibaba did not give a reason for the move.
Alibaba looks to continue to provide payment and delivery services to residents in Hong Kong via its Taobao Marketplace.
China's shopping extravaganza "618" registered a GMV of 695.9 billion RMB from the major e-commerce platforms.
The GMV of traditional e-commerce platforms was 582.6 billion RMB, led by Alibaba Tmall.
Previously Alibaba Chair and CEO Daniel Zhang stepped down as Chair and GM of Tmall and Taobao. Trudy Dai succeeded Zhang.
Zhang joined Alibaba in August 2007 as the CFO of Taobao. After Tmall became an independent business in 2011, Zhang became its President helping it achieve profitability at the end of 2009.
Bernstein analyst upgraded the rating on Alibaba, citing incremental gross merchandise volume share improvement and fintech affiliate Ant Group's IPO.
Price Action: Alibaba traded higher by 0.88% at $101.50 premarket on the last check Monday.