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Alibaba to Invest in US Startups as Part of Expansion Plan

By
  • Bloomberg

HANGZHOU, China — Alibaba Group Holding Ltd. will invest in startups in the U.S. and help bring them to China as part of its expansion plan, said Jack Ma, chairman of the e-commerce platform.

“I want our team to invest in high-technology startups in the states and help them to grow,” he said in an interview on Bloomberg TV on Wednesday in Beijing. “Not only with the money but by helping them to come to China one day. This is a huge market.”

Alibaba plans to bring goods from U.S. small and midsize businesses to consumers in Asia, where there is demand for unique and high-quality products, Ma said as the company was wrapping up its Singles’ Day shopping promotion. The goal is to assist U.S. businesses in becoming e-commerce companies like Amazon.com Inc. using Alibaba services, including its logistics, payments operation and cloud computing, he said.

“We do not go there to compete” with Amazon, he said, referring to the fact that Alibaba doesn’t sell its own goods. “We’re not an e-commerce company. We want a lot of people to be like Amazon.”

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Ma said earlier that the company is considering bringing the 24-hour online Singles’ Day event on Nov. 11 to the U.S. and the U.K. Transactions through Alibaba reached $14.3 billion by midnight in China.

The company got a boost after China’s retail sales accelerated in October, overcoming the slowest economic growth in 25 years. Retail sales climbed 11 percent, the quickest gain this year, as the nation’s leaders seek to re-balance the economy toward consumption and services from manufacturing.

Alibaba’s shares fell 2.8 percent to $79.19 at 11:32 a.m. in New York, extending a 22 percent decline this year through Tuesday.

By Jing Cao, Emily Chang; editors: Jillian Ward, Tony Robinson, Paul Barbagallo.

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