Alibaba News Roundup: Share Repurchase Update for June Quarter; Taobao Upgrades On-Demand Delivery Service

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Alibaba News Roundup: Share Repurchase Update for June Quarter; Taobao Upgrades On-Demand Delivery Service

Photo credit: Getty Images

This week, Alibaba Group continued to provide voluntary updates on its share repurchase program, which has grown steadily over the last four quarters.

In other news, Alibaba’s B2C e-commerce platform Taobao has made it easier for app users to access its instant commerce service for items including fresh flowers, medicine and grocery staples.

Alibaba Share Repurchase Program Reaches New Heights During June Quarter

Alibaba Group repurchased $5.8 billion worth of ordinary shares during the most recent quarter, the company announced this week as part of its commitment to enhance shareholder return.

Over the three months ended June 30, 2024, Alibaba bought back 613 million ordinary shares – a net reduction of 2.3% in its share repurchase program with just over 19 billion ordinary shares still outstanding.

This also includes the repurchase of approximately 14.8 million American Depository Shares (ADSs) during the June quarter as part of privately negotiated transactions at the same time as Alibaba’s recent convertible bond offering.

During the 2024 fiscal year, the company repurchased $12.5 billion worth of its shares as it “delivered value to shareholders by returning cash and creating earnings accretion,” Alibaba Chairman Joe Tsai and CEO Eddie Wu noted in a letter to shareholders.

As of June 30, $26.1 billion remains in the company’s current repurchase program, which is effective through March 2027.

Discover more Alibaba company news

Taobao Upgrades On-Demand Delivery Service

Taobao users can now access its Xiaoshida delivery service – which meaning “hourly” in Mandarin – directly from the app’s homepage, allowing for order fulfillment to be completed as quickly as 30 minutes.

The on-demand delivery option will display product listings that can arrive at consumers’ door within a pre-established time frame, ranging from minutes to hours after placing their orders.

Taobao has deepened its collaboration with Alibaba’s to-home business for this business upgrade. For the first time, merchants can directly serve Taobao users through this channel to offer 24-hour local services.

Items available through the service also include grocery staples, medicine, and flowers from supermarkets like Alibaba’s Freshippo and Sun Art, as well as individual brand stores such as Heineken and Nongfu Spring.

Since the beta launch of the delivery tab pilot, the platform has reported an increase in orders using the service for health and well-being products and other daily necessities.

Merchants on Taobao and Tmall who meet certain criteria, such as having a local warehouse, can apply to sell their products through the service, according to the platforms.

Q&A: Classical Pianist Lang Lang on Collaborating with AI in Music

Does the future of music lie in the realm of artificial intelligence? World-renowned musician Lang Lang grappled with this question during a recent interview with Alizila.

In his search for an answer, the classical pianist turned to AI music generator JEN, developed by New Zealand-based company Futureverse and trained on an Alibaba Cloud platform.

Read the full interview here

AI Tools Empower Small Businesses Worldwide: MSME Day Report

More than a quarter of micro, small and medium-sized enterprises (MSMEs) globally use artificial intelligence on a daily basis, according to a recent survey from B2B marketplace, which serves more than 48 million MSME buyers and over 200,000 MSME suppliers, has acted as a launchpad for these enterprises to operate and grow for decades.

Now, the platform’s selection of AI-powered tools gives MSMEs the opportunity to extend their reach even further.

Dig into the full story now

Road To Paris 2024 Race
Alibaba employees take part in the “Road to Paris” run at the company’s global headquarters in Hangzhou. Photo credit: Alibaba Group

Alibaba Celebrates Olympic Day with “Road to Paris” Race, Archery Events and More

Alibaba Group kicked off its annual Olympic Day celebrations with a short run and other physical challenges for employees at the platform company’s newly expanded global headquarters in Hangzhou.

Over 1,000 people participated in a 3.5-kilometer run to mark the occasion. They were joined in spirit by colleagues across the company’s global offices as they participated in stair climbing, basketball games and other activities on June 20 and 21.

Learn more

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