aRebaba used It is synonymous with China's e-commerce success. Lately, the company has become synonymous with trouble. In 2021, it became the harsh face of an official crackdown on China's biggest technology companies, whose growing size and seeming socially essential companies must have horrified the Communist Party. The government says it has imposed a record $2.8 billion fine for monopolistic practices that harm customers and distributors. Co-founder Jack Ma went into self-imposed exile and disappeared.rivals etc. P.D.D.ByteDance, which started as a group buying platform and owns TikTok and its Chinese sister app Douyin, is catering to frugal consumers and embracing new trends such as “social commerce,” which combines shopping with show business. proved to be excellent at adapting to .
In late 2022, Alibaba's market capitalization, which had topped $800 billion two years ago, fell below $170 billion, near its lowest level since its blockbuster initial public offering (IPOIn order to reverse this slump, the company decided to split into six companies in March last year. Five companies were spun out: a logistics business (Cainiao), a cloud computing business (Aliyun), an international e-commerce business (including AliExpress, Alibaba's main global platform, and several regional subsidiaries), and a digital services company. (which manages the food delivery app Ele.me) and a small media group. Alibaba itself maintained its domestic retail business centered on Taobao and Taobao. TMalls, its two huge marketplaces, account for almost 70% of the group's revenue.
