7/3, 7:04 AM (Source: TeleTrader)
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Alibaba forms data intelligence subsidiary - report

Alibaba Group Holding Limited has formed a new subsidiary by the name of Lingyang Intelligent Service Co in order to assist firms in the process of digital transformation and gain a foothold into the budding Chinese enterprise market.

Alibaba's chairman and CEO said earlier that the new data intelligence service unit represents "an important step for Alibaba after thoughtful consideration."

On May 26, Alibaba released its earnings results for the fourth fiscal quarter of 2022, revealing that its revenue grew by 9% to $32.19 billion led by the company's expansion in China. The number of annual active consumers also increased by 28.3 million to 1.31 billion in the trimester ending March 31.

Baha Breaking News (BBN) / SP