What's Going On With Alibaba Stock Tuesday?

Alibaba Group Holding Limited BABA hogged investor attention in 2023 for its high-profile organizational and management restructuring to unlock shareholder value. 

The company also got massive relief from a regulatory crackdown after a final penalty for Ant Group, which is looking forward to its initial public offering.

Also Read: Alibaba Not To Pare Stake In Ant Group Affiliate

The company further boosted investor morale by deciding not to pare its Ant Group stake by declining to participate in a share buy-back plan.

Alibaba reported solid progress in cutting emissions in the latest financial year to bolster the goal of achieving carbon neutrality across its operations by 2030.

The company has reduced carbon dioxide emissions by 22.9 million tonnes while helping create 70 million job opportunities in the financial year to March 31, SCMP reports.

The anti-emission measures included offering corporate clients low-carbon office and cloud computing services.

The company said it reduced emissions by 1.4 million metric tonnes of carbon dioxide equivalent (MtCO2e), up 129% year-on-year.

Alibaba Cloud uses clean energy for around 54% of the consumption of its data centers. Cloud computing has also helped its clients reduce emissions by 6.863 million MtCO2e.

Cainiao, the company’s smart logistics arm, reduced packaging materials by more than 184,000 tonnes in the past year.

Alibaba also created or supported over 70 million jobs through direct employment, entrepreneurship, and gig employment on its platform, and indirect jobs across the company’s supply chain and service provider partners in 2022.

Alibaba also reinstated its international business unit leader Jiang Fan as the youngest member of its partnership – a supreme corporate governance body with the right to nominate directors, SCMP reports.

The company ousted Jiang in April 2020 after the firm launched an investigation into his alleged extramarital affair.

Alibaba demoted Jiang from his role as president of Alibaba’s domestic retail platforms, Taobao and Tmall.

In December 2020, the company appointed Jiang as head of the company’s overseas e-commerce operations.

Jiang delivered 29% revenue growth in Alibaba’s international e-commerce business in the most recent March quarter.

In addition to overseeing Alibaba’s overseas businesses Lazada, AliExpress, and Trendyol, Jiang is also a board director at Taobao and Tmall Group and logistics arm Cainiao.

Price Action: BABA shares traded higher by 1.82% at $98.10 premarket on the last check Tuesday.