Alibaba Group Holding Limited's BABA digital technology unit Alibaba Cloud Intelligence collaborated with Chinese mining giant Shaanxi Coal and Chemical Industry Group in its bid to win state-owned enterprise clients.
The Western Energy Cloud platform, backed by Alibaba Cloud, helps to accelerate the digitization of the energy industry in Western China – home to Xian-based Shaanxi Coal, SCMP reports.
Alibaba Cloud aims to drive business intelligence innovation by integrating industry-specific large models with business systems and processes.
Alibaba Cloud's sales fell 2% year on year to 18.6 billion yuan ($2.6 billion) in the first quarter, contributing 9% of Alibaba Group's total revenue.
Alibaba will spin off its cloud unit into an independently-run entity with five other units, each potentially seeking fundraising avenues through initial public offerings.
Price Action: BABA shares traded lower by 0.05% at $86.10 premarket on the last check Friday.
Photo via Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
