First Trust Bank LTD Has Decreased Alibaba Group Hldg LTD (BABA) Stake by $1.86 Million; As …

2U, Inc. (NASDAQ:TWOU) has declined 83.03% since September 14, 2018 and is downtrending. It has underperformed by 83.03% the S&P500.

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Avalon Global Asset Management Llc increased its stake in 2U Inc (TWOU) by 31.27% based on its latest 2019Q2 regulatory filing with the SEC. Avalon Global Asset Management Llc bought 28,800 shares as the company’s stock declined 78.48% . The hedge fund held 120,900 shares of the technology company at the end of 2019Q2, valued at $4.55M, up from 92,100 at the end of the previous reported quarter. Avalon Global Asset Management Llc who had been investing in 2U Inc for a number of months, seems to be bullish on the $1.22 billion market cap company. The stock decreased 5.93% or $1.21 during the last trading session, reaching $19.21. About 3.58 million shares traded or 27.02% up from the average. 2U, Inc. (NASDAQ:TWOU) has declined 83.03% since September 14, 2018 and is downtrending. It has underperformed by 83.03% the S&P500. Some Historical TWOU News: 03/05/2018 – 2U INC SEES 2Q 2018 ADJUSTED NET LOSS PER SHARE $0.22 – $0.21; 02/04/2018 – Pepperdine Law’s Straus Institute for Dispute Resolution Will Offer its Number-One Ranked Master of Dispute Resolution in New, Innovative Online Format; 03/05/2018 – 2U INC TWOU.O – SEES NET LOSS PER SHARE, BASIC AND DILUTED NET LOSS PER SHARE $0.87 – $0.84 FOR FY 2018; 21/05/2018 – Mark Chernis Joins 2U, Inc. as Chief Operating Officer; 03/05/2018 – 2U Sees 2018 Adj Loss/Shr 13c-Adj Loss/Shr 10c; 21/05/2018 – 2U: Chernis Joins 2U From Pearson; 20/04/2018 – The Playlist: Prince’s Own `Nothing Compares 2 U,’ and 12 More New Songs; 03/05/2018 – 2U INC SEES FY 2018 ADJUSTED NET LOSS PER SHARE $0.13 – $0.10; 03/05/2018 – 2U Sees 2Q Rev $95.1M-$96.1M; 03/05/2018 – 2U INC TWOU.O – SEES FY 2018 REVENUE $406.6 MLN- $410.6 MLN

First Trust Bank Ltd decreased its stake in Alibaba Group Hldg Ltd (BABA) by 30.81% based on its latest 2019Q2 regulatory filing with the SEC. First Trust Bank Ltd sold 11,000 shares as the company’s stock declined 8.56% . The institutional investor held 24,700 shares of the business services company at the end of 2019Q2, valued at $4.19M, down from 35,700 at the end of the previous reported quarter. First Trust Bank Ltd who had been investing in Alibaba Group Hldg Ltd for a number of months, seems to be less bullish one the $466.48B market cap company. The stock increased 0.52% or $0.93 during the last trading session, reaching $179.17. About 9.22M shares traded. Alibaba Group Holding Limited (NYSE:BABA) has declined 6.34% since September 14, 2018 and is downtrending. It has underperformed by 6.34% the S&P500. Some Historical BABA News: 01/04/2018 – Alibaba to buy food delivery app Ele.me; 04/05/2018 – Alibaba’s Profit Slips as It Spends to Expand Its Empire; 09/04/2018 – ALIBABA’S MA TO ABANDON U.S. JOB VOW IF TIE WORSENS: CHINA NEWS; 09/04/2018 – Chairman of Alibaba Affiliate Ant Financial Steps Down; 08/05/2018 – Alibaba buys Pakistani online shopping outlet Daraz from Rocket; 13/03/2018 – Chinese bike-sharing firm Ofo raises $866 million led by Alibaba; 18/03/2018 – ALIBABA GROUP HOLDING BABA.N TO INVEST $2 BLN IN SOUTHEAST ASIA’S LAZADA – STATEMENT; 10/04/2018 – Alibaba founder Jack Ma says friction between U.S. and China to be expected; 12/03/2018 – IKANG HEALTHCARE-SPECIAL COMMITTEE INFORMED THAT YUNFENG, ALIBABA IN TALKS WITH SOME SHAREHOLDERS ABOUT POTENTIAL SUPPORT FOR YUNFENG/ALIBABA PROPOSAL; 27/03/2018 – Alaska Governor: Tech giant Alibaba Group joins Opportunity Alaska: China Trade Mission

Analysts await Alibaba Group Holding Limited (NYSE:BABA) to report earnings on November, 1. They expect $1.22 earnings per share, up 20.79% or $0.21 from last year’s $1.01 per share. BABA’s profit will be $3.18B for 36.72 P/E if the $1.22 EPS becomes a reality. After $1.45 actual earnings per share reported by Alibaba Group Holding Limited for the previous quarter, Wall Street now forecasts -15.86% negative EPS growth.

More notable recent Alibaba Group Holding Limited (NYSE:BABA) news were published by: Seekingalpha.com which released: “Building A Bulletproof Portfolio Around Alibaba – Seeking Alpha” on August 20, 2019, also Seekingalpha.com with their article: “Alibaba And Tencent Deserve Better Appreciation – Seeking Alpha” published on August 19, 2019, Investorplace.com published: “After Another Strong Quarter, Alibaba Stock Will Reward Long-Term Investors – Investorplace.com” on August 15, 2019. More interesting news about Alibaba Group Holding Limited (NYSE:BABA) were released by: Seekingalpha.com and their article: “Forget The Trade War – Buy Alibaba – Seeking Alpha” published on August 23, 2019 as well as Seekingalpha.com‘s news article titled: “Alibaba: Kaola Acquisition Enhances Market Leadership – Seeking Alpha” with publication date: September 13, 2019.

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As Finisar (FNSR) Market Value Declined, Alpine Associates Management Has Increased by $1.57 …

Tekne Capital Management Llc increased its stake in Alibaba Group Hldg Ltd (BABA) by 34.09% based on its latest 2019Q2 regulatory filing with the …

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Tekne Capital Management Llc increased its stake in Alibaba Group Hldg Ltd (BABA) by 34.09% based on its latest 2019Q2 regulatory filing with the SEC. Tekne Capital Management Llc bought 69,992 shares as the company’s stock declined 8.56% . The hedge fund held 275,291 shares of the business services company at the end of 2019Q2, valued at $46.65M, up from 205,299 at the end of the previous reported quarter. Tekne Capital Management Llc who had been investing in Alibaba Group Hldg Ltd for a number of months, seems to be bullish on the $466.69B market cap company. The stock increased 0.57% or $1.01 during the last trading session, reaching $179.25. About 6.93M shares traded. Alibaba Group Holding Limited (NYSE:BABA) has declined 6.34% since September 13, 2018 and is downtrending. It has underperformed by 6.34% the S&P500. Some Historical BABA News: 15/03/2018 – Chinese e-commerce and technology giant Alibaba Group is planning for a stock listing in China, The Wall Street Journal reported Thursday, citing sources familiar with the matter; 11/04/2018 – Alibaba spin-off eyes $150bn valuation; 03/05/2018 – GUANGZHOU ZHIGUANG ELECTRIC 002169.SZ SAYS IT SIGNS STRATEGIC COOPERATION FRAMEWORK AGREEMENT WITH ALIBABA’S CLOUD COMPUTING ARM ALIYUN; 22/05/2018 – Alibaba’s entry in Pakistan hailed as boost for digital economy; 24/04/2018 – Chinese tech giants, government under fire for ‘men only’ job ads; 31/05/2018 – ALIBABA-BACKED WEWORK RIVAL IS SAID TO SEEK NEW FUNDING ROUND; 28/03/2018 – EXCLUSIVE-Chinese coworking firm Ucommune seeks $200 mln in financing; 05/04/2018 – MEDIA-Alibaba is preparing to invest in Grab – TechCrunch; 18/03/2018 – Alibaba: Lazada Chairwoman Lucy Peng Will Assume Additional Role of CEO; 13/05/2018 – E INK HOLDINGS TEAMS UP WITH BOE TECH TO SUPPLY TO ALIBABA: EDN

Alpine Associates Management Inc increased its stake in Finisar Corp (FNSR) by 1.28% based on its latest 2019Q2 regulatory filing with the SEC. Alpine Associates Management Inc bought 71,238 shares as the company’s stock declined 0.04% . The hedge fund held 5.63 million shares of the semiconductors company at the end of 2019Q2, valued at $128.66M, up from 5.55M at the end of the previous reported quarter. Alpine Associates Management Inc who had been investing in Finisar Corp for a number of months, seems to be bullish on the $2.80B market cap company. The stock increased 0.09% or $0.02 during the last trading session, reaching $23.31. About 320,138 shares traded. Finisar Corporation (NASDAQ:FNSR) has risen 39.73% since September 13, 2018 and is uptrending. It has outperformed by 39.73% the S&P500. Some Historical FNSR News: 09/03/2018 – Tech Today: Finisar’s Dismal Report, Netflix’s Halo, Big Blue’s Missing Timeline — Barron’s Blog; 15/05/2018 – Pioneer Investment Management Exits Position in Finisar; 09/05/2018 – Finisar Short-Interest Ratio Rises 66% to 10 Days; 05/04/2018 – CAFC: FINISAR CORPORATION v. NISTICA, INC. [RULE 36 JUDGMENT] – Appeal #17-1649 – 2018-04-05; 21/05/2018 – Finisar (FNSR) Gains on Positive Win Chatter; 08/03/2018 – FINISAR 3Q ADJ EPS 20C, EST. 23C; 16/04/2018 – Yusuf Hameed, MD: $ACIA $LITE $FNSR Exclusive: U.S. bans American companies from selling to China’s ZTE; 05/04/2018 – Jon Najarian: rumor earlier in the week about a deal with sensor for $AAPL, today $MS raised $FNSR to Overweight from Equal; 08/03/2018 – FINISAR CORP QTRLY ADJ SHR $0.20; 08/03/2018 FINISAR 3Q REV. $332.4M, EST. $333.2M

More notable recent Alibaba Group Holding Limited (NYSE:BABA) news were published by: Seekingalpha.com which released: “Alibaba bids farewell to Jack Ma – Seeking Alpha” on September 10, 2019, also Seekingalpha.com with their article: “Alibaba And Tencent Deserve Better Appreciation – Seeking Alpha” published on August 19, 2019, Finance.Yahoo.com published: “Should You Consider Alibaba Group Holding Limited (NYSE:BABA)? – Yahoo Finance” on July 01, 2019. More interesting news about Alibaba Group Holding Limited (NYSE:BABA) were released by: Fool.com and their article: “Better Buy: Alibaba vs. JD.com – Motley Fool” published on August 20, 2019 as well as Finance.Yahoo.com‘s news article titled: “If Alibaba Stock is Going to Rally Again, Now is the Time – Yahoo Finance” with publication date: September 12, 2019.

Alpine Associates Management Inc, which manages about $3.91 billion and $3.40B US Long portfolio, decreased its stake in Celgene Corp (NASDAQ:CELG) by 503,150 shares to 1.64 million shares, valued at $151.50M in 2019Q2, according to the filing.

Investors sentiment decreased to 0.83 in 2019 Q2. Its down 0.15, from 0.98 in 2019Q1. It is negative, as 29 investors sold FNSR shares while 49 reduced holdings. 15 funds opened positions while 50 raised stakes. 107.79 million shares or 13.16% less from 124.12 million shares in 2019Q1 were reported. Highvista Strategies Lc has invested 1.53% in Finisar Corporation (NASDAQ:FNSR). Fmr Limited Liability Co invested 0% of its portfolio in Finisar Corporation (NASDAQ:FNSR). Wellington Mgmt Gp Ltd Liability Partnership reported 984,017 shares. Deutsche Retail Bank Ag stated it has 0% of its portfolio in Finisar Corporation (NASDAQ:FNSR). Panagora Asset Mgmt accumulated 75,704 shares. Renaissance Techs Ltd Liability holds 0.05% or 2.53 million shares in its portfolio. Raymond James & Assoc holds 0% of its portfolio in Finisar Corporation (NASDAQ:FNSR) for 9,728 shares. Mutual Of America reported 4,226 shares stake. California Public Employees Retirement Sys holds 0.01% or 194,913 shares. Amer Intll Grp invested 0.01% of its portfolio in Finisar Corporation (NASDAQ:FNSR). Vanguard Gp holds 12.52M shares. First Mercantile Trust accumulated 3,716 shares. State Board Of Administration Of Florida Retirement Sys holds 67,986 shares or 0% of its portfolio. Capstone Inv stated it has 0.03% of its portfolio in Finisar Corporation (NASDAQ:FNSR). Strs Ohio holds 0% in Finisar Corporation (NASDAQ:FNSR) or 8,300 shares.

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As Alibaba Grp (BABA) Share Value Declined, Marshall Wace Llp Boosted Position; Opus …

Regions Financial Corporation (NYSE:RF) has declined 15.36% since … quarter, leaving it with 84,700 shares, and cut its stake in Duke Energy Corp.

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Opus Investment Management Inc increased its stake in Regions Financial Corp. (RF) by 97.79% based on its latest 2019Q2 regulatory filing with the SEC. Opus Investment Management Inc bought 90,941 shares as the company’s stock rose 5.01% . The institutional investor held 183,941 shares of the major banks company at the end of 2019Q2, valued at $2.75M, up from 93,000 at the end of the previous reported quarter. Opus Investment Management Inc who had been investing in Regions Financial Corp. for a number of months, seems to be bullish on the $16.40B market cap company. The stock increased 1.17% or $0.19 during the last trading session, reaching $16.44. About 4.27M shares traded. Regions Financial Corporation (NYSE:RF) has declined 15.36% since September 13, 2018 and is downtrending. It has underperformed by 15.36% the S&P500.

Marshall Wace Llp increased its stake in Alibaba Grp (BABA) by 816.8% based on its latest 2019Q2 regulatory filing with the SEC. Marshall Wace Llp bought 1.10 million shares as the company’s stock declined 8.56% . The hedge fund held 1.24M shares of the business services company at the end of 2019Q2, valued at $209.66 million, up from 134,958 at the end of the previous reported quarter. Marshall Wace Llp who had been investing in Alibaba Grp for a number of months, seems to be bullish on the $467.50B market cap company. The stock increased 0.74% or $1.32 during the last trading session, reaching $179.56. About 5.69M shares traded. Alibaba Group Holding Limited (NYSE:BABA) has declined 6.34% since September 13, 2018 and is downtrending. It has underperformed by 6.34% the S&P500. Some Historical BABA News: 18/03/2018 – Japanese retailer teams with Alibaba-backed startup on AI-run stores; 04/05/2018 – Alibaba Group 4Q Revenue From Digital Media, Entertainment $840M, Up 34%; 18/03/2018 – ALIBABA SAYS TO INVEST ADDITIONAL $2 BLN IN LAZADA GROUP; 08/04/2018 – Xiaofeng Ren, an international keynote speaker at CeBlT Australia 2018, is selected by Jack Ma as the new data scientist to bring Alibaba’s ‘NASA’ vision to life; 11/03/2018 – Alibaba and Tencent aim for the cloud; 04/05/2018 – Alibaba Sees 2019 Revenue Growth Above 60%: TOPLive; 16/03/2018 – Unlike the U.S. and Europe, emerging Asian countries put up few roadblocks; 09/04/2018 – The Japan Times: SoftBank uses Alibaba stake as collateral for banks to put together $8 billion margin loan; 25/05/2018 – EXCLUSIVE-CHINA’S Q1 CORPORATE NET PROFIT MARGIN WEAKENS TO 6.73 PCT FROM 7.20 PCT YEAR AGO-REUTERS ANALYSIS; 10/04/2018 – BRIEF-Ant Financial To Raise $9 Billion – WSJ, citing

Marshall Wace Llp, which manages about $12.15 billion US Long portfolio, decreased its stake in Sage Therapeutic (NASDAQ:SAGE) by 17,549 shares to 5,296 shares, valued at $970,000 in 2019Q2, according to the filing. It also reduced its holding in Axalta Coating S by 218,942 shares in the quarter, leaving it with 78,437 shares, and cut its stake in Paypal Holdings.

More notable recent Alibaba Group Holding Limited (NYSE:BABA) news were published by: Finance.Yahoo.com which released: “The Postponement of the Hong Kong Listing of Alibaba Stock Is Nothing But a Blip – Yahoo News” on August 26, 2019, also Finance.Yahoo.com with their article: “Does Alibaba Group Holding Limited (NYSE:BABA) Create Value For Shareholders? – Yahoo Finance” published on May 29, 2019, Seekingalpha.com published: “Alibaba bids farewell to Jack Ma – Seeking Alpha” on September 10, 2019. More interesting news about Alibaba Group Holding Limited (NYSE:BABA) were released by: Seekingalpha.com and their article: “Forget The Trade War – Buy Alibaba – Seeking Alpha” published on August 23, 2019 as well as Seekingalpha.com‘s news article titled: “Alibaba And Tencent Deserve Better Appreciation – Seeking Alpha” with publication date: August 19, 2019.

Opus Investment Management Inc, which manages about $8.16 billion and $531.23M US Long portfolio, decreased its stake in Kimberly (NYSE:KMB) by 5,000 shares to 35,000 shares, valued at $4.67M in 2019Q2, according to the filing. It also reduced its holding in Paychex Inc. (NASDAQ:PAYX) by 5,000 shares in the quarter, leaving it with 84,700 shares, and cut its stake in Duke Energy Corp. (NYSE:DUK).

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Moon Capital Management Lowered Liberty Global Plc (LBTYK) Holding as Valuation Rose …

… 2019, also Seekingalpha.com with their article: “Tracking Seth Klarman’s Baupost Group Holdings – Q2 2019 Update – Seeking Alpha” published …

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Wunderlich Capital Managemnt increased its stake in Alibaba (BABA) by 20.2% based on its latest 2019Q1 regulatory filing with the SEC. Wunderlich Capital Managemnt bought 2,209 shares as the company’s stock declined 8.56% . The institutional investor held 13,142 shares of the business services company at the end of 2019Q1, valued at $2.40 million, up from 10,933 at the end of the previous reported quarter. Wunderlich Capital Managemnt who had been investing in Alibaba for a number of months, seems to be bullish on the $455.70B market cap company. The stock decreased 1.57% or $2.79 during the last trading session, reaching $174.99. About 9.82 million shares traded. Alibaba Group Holding Limited (NYSE:BABA) has declined 6.34% since September 11, 2018 and is downtrending. It has underperformed by 6.34% the S&P500. Some Historical BABA News: 14/03/2018 – Top-Performing China Fund Manager Says Alibaba, YY, Look Cheap; 29/05/2018 – Alibaba leads consortium in $1.4 bln deal for stake in Chinese courier ZTO; 20/03/2018 – Altaba Grapples With Its Huge Alibaba Stake — Barrons.com; 18/04/2018 – Cloud Foundry Now Available on Asia’s Leading Cloud Provider Alibaba Cloud; 23/05/2018 – ANT FINANCIAL SAYS IT WILL WORK WITH CHINA EVERBRIGHT BANK TO HELP IT DEVELOP AREAS SUCH AS PRIVATE AND HYBRID CLOUD PLATFORMS, INTERNET FINANCE AND Al-DRIVEN APPLICATIONS; 26/03/2018 – UNCTAD and Alibaba Business School Kick Off eFounders Initiative for Asian Entrepreneurs; 13/04/2018 – RUSSIAN BILLIONAIRE MIKHAIL PROKHOROV SELLS 49 PCT IN BROOKLYN NETS TO ALIBABA GROUP CO-FOUNDER JOE TSAI – TEAM WEBSITE; 18/03/2018 – Alibaba-backed company: China’s car market will grow close to 20 percent in the next five years; 04/05/2018 – ALIBABA – ANNUAL ACTIVE CONSUMERS ON CHINA RETAIL MARKETPLACES REACHED 552 MLN AT YR-END, UP 37 MLN FROM 12-MONTH PERIOD ENDED DECEMBER 31, 2017; 01/04/2018 – ALIBABA GROUP HOLDING LTD- UPON COMPLETION, ZHANG XUHAO TO BECOME CHAIRMAN OF ELE.ME AND SPECIAL ADVISOR TO ALIBABA’S CEO ON NEW RETAIL STRATEGY

Moon Capital Management Llc decreased its stake in Liberty Global Plc (LBTYK) by 1.42% based on its latest 2019Q1 regulatory filing with the SEC. Moon Capital Management Llc sold 1,190 shares as the company’s stock rose 0.89% . The institutional investor held 82,475 shares of the television services company at the end of 2019Q1, valued at $2.00B, down from 83,665 at the end of the previous reported quarter. Moon Capital Management Llc who had been investing in Liberty Global Plc for a number of months, seems to be less bullish one the $19.65B market cap company. The stock increased 1.46% or $0.39 during the last trading session, reaching $27.14. About 12.33 million shares traded or 202.62% up from the average. Liberty Global Plc (NASDAQ:LBTYK) has declined 0.99% since September 11, 2018 and is downtrending. It has underperformed by 0.99% the S&P500. Some Historical LBTYK News: 09/05/2018 – Vodafone challenges Deutsche Telekom with $21.8 bln Liberty deal; 09/05/2018 – Vodafone Confirms Deal to Buy Some Liberty Global European Assets for Nearly $22 Billion; 09/05/2018 – Vodafone to pay $21.8 bln for Liberty assets to boost European presence; 08/05/2018 – LIBERTY GLOBAL PLC QTRLY REVENUE $4,156.1 MLN, UP 4.2 PCT; 10/05/2018 – S&PGRBulletin: Liberty Global Rtgs Not Affected By Assets Sale; 05/03/2018 – LIBERTY GLOBAL CEO MIKE FRIES SPEAKS AT CONFERENCE; 08/05/2018 – Vodafone Close to Deal to Buy Liberty Global European Assets; 08/05/2018 – Vodafone nears €18bn deal for chunk of Liberty Global; 09/05/2018 – Vodafone strikes €18.4bn takeover Liberty Global assets; 11/05/2018 – $VOD.GB, LBTYA: As the head of the #Monopolkommission the # Vodafone # Unitymedia Deal

More notable recent Alibaba Group Holding Limited (NYSE:BABA) news were published by: Finance.Yahoo.com which released: “With Alibaba Stock, the Risks Simply Outweigh the Rewards – Yahoo Finance” on September 09, 2019, also Seekingalpha.com with their article: “Alibaba bids farewell to Jack Ma – Seeking Alpha” published on September 10, 2019, Seekingalpha.com published: “Alibaba And Tencent Deserve Better Appreciation – Seeking Alpha” on August 19, 2019. More interesting news about Alibaba Group Holding Limited (NYSE:BABA) were released by: Seekingalpha.com and their article: “Alibaba Q1 2020 Earnings Preview – Seeking Alpha” published on August 14, 2019 as well as Marketwatch.com‘s news article titled: “Alibaba earnings: Cloud, B2B provide ‘insulation’ amid economic concerns – MarketWatch” with publication date: August 13, 2019.

Moon Capital Management Llc, which manages about $166.36 million and $87.00B US Long portfolio, upped its stake in 3M Co (NYSE:MMM) by 6 shares to 1,629 shares, valued at $338.47 million in 2019Q1, according to the filing. It also increased its holding in Jefferies Finl Group Inc by 32,204 shares in the quarter, for a total of 182,417 shares, and has risen its stake in Apple Inc (NASDAQ:AAPL).

More notable recent Liberty Global Plc (NASDAQ:LBTYK) news were published by: Finance.Yahoo.com which released: “Here’s What Hedge Funds Think About Liberty Global Plc (LBTYK) – Yahoo Finance” on June 07, 2019, also Seekingalpha.com with their article: “Tracking Seth Klarman’s Baupost Group Holdings – Q2 2019 Update – Seeking Alpha” published on August 16, 2019, Finance.Yahoo.com published: “Seth Klarman’s Baupost Boosts Liberty, Reduces eBay – Yahoo Finance” on August 15, 2019. More interesting news about Liberty Global Plc (NASDAQ:LBTYK) were released by: Streetinsider.com and their article: “Buffett’s Berkshire Hathaway Raises Stakes in Amazon (AMZN), Bank of America (BAC) – 13F – StreetInsider.com” published on August 14, 2019 as well as Streetinsider.com‘s news article titled: “Liberty Global (LBTYA) Announces Preliminary Results of Modified Dutch Auction Tender Offers – StreetInsider.com” with publication date: September 10, 2019.

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China tech trailblazer Jack Ma passes $460bn torch at Alibaba

The leadership change also opens a new chapter in the relationship between Alibaba and SoftBank Group. The Japanese conglomerate, which owns …

SHANGHAI/NEW YORK — Two decades after launching his company in an apartment with 17 colleagues and students, the English teacher-turned-entrepreneur Jack Ma Yun has stepped down as chairman of Alibaba Group Holding after building an empire worth $460 billion and reshaping China’s consumer landscape through technological innovation.

Ma announced his retirement Tuesday during Alibaba’s 20th anniversary celebration at a stadium in its home city of Hangzhou. Speaking before roughly 60,000 attendees, Ma said he had been preparing for this moment for a decade, including finding a successor.

That role falls to CEO Daniel Zhang Yong. Though Ma retains a seat on Alibaba’s board, he is expected to leave it once his term ends in July 2020. Ma, who is China’s richest man — worth $34.6 billion according to Forbes — says he plans to return to education and focus on charitable work.

The departing leader said the theme of Tuesday’s handover was “not Jack Ma’s retirement, but the onset of a system’s succession.”

Zhang, who took the reins as CEO in 2015, is known as the mastermind behind many of Alibaba’s creations including its Singles Day shopping festival. Before joining Alibaba, Zhang served as chief financial officer of video gaming company Shanda Interactive Entertainment, after a stint as an accountant at PwC.

In a video interview published by Alibaba in December, Zhang laid out his vision for the company’s next decade.

Much work lies ahead “to help enterprises streamline their business and improve efficiency with the power of digital technology, and to make social and public service smarter,” Zhang said.

Daniel Zhang Yong seen with employees at Alibaba headquarters in Hangzhou on the eve of the Nov.11 Global Shopping Festival in 2018. © Getty Images

“This is what I think Alibaba will devote itself to over the next 10 years: to provide the kinds of business infrastructure needed to make doing business in the digital economy era easier and facilitate whole industries,” he said.

This evolution already can be observed in the rapid growth of Alibaba’s enterprise-facing business segments in recent years, including cloud services.

It also echoes the broader trend of the Chinese tech world turning toward business-to-business opportunities, as the imminent fading of the country’s demographic dividend — and the consumer potential that came with population growth — appears to be a common anxiety.

A similar shift can be seen on the American West Coast, where growth from cloud services is lifting shares of Amazon and Microsoft. Among relatively young companies, IPOs this year of enterprise communication tools Slack and Zoom overshadowed those of consumer-focused Uber Technologies and Pinterest.

The leadership change also opens a new chapter in the relationship between Alibaba and SoftBank Group. The Japanese conglomerate, which owns 26% of Alibaba, invested in the company mere months after its founding, and CEO Masayoshi Son shares a close personal bond with Ma.

SoftBank counts on the roughly 13 trillion yen ($121 billion) in unrealized capital gains from its Alibaba investment as a sort of collateral for the group’s wide-ranging tech investments.

According to Ma, Alibaba has three goals: lasting for 102 years — in other words, from the 20th century to the 22nd; providing services to China’s small and midsize enterprises; and becoming the world’s largest e-commerce company.

Time will tell whether Alibaba reaches the first goal, but the other two have been achieved. The company led the global e-commerce industry in retail gross merchandise volume last fiscal year at 5.73 trillion yuan ($804 billion), surpassing Amazon.com. It reported a 37% rise in net profit to a record 87.6 billion yuan for the year through March, with the core e-commerce business still serving as the main growth driver.

Alibaba’s valuation has more than doubled to roughly $460 billion since its September 2014 listing on the New York Stock Exchange.

Jack Ma performs at Alibaba’s 20th-anniversary celebration in Hangzhou in eastern China’s Zhejiang province on Sept. 10. © AP

Ma realized the internet’s potential early on. During a visit to the U.S. 20 years ago, he asserted that information technology would change the world.

Now Alibaba sells everything consumers need for daily life and more, and can even deliver it within a day in many areas. Its 670-million-strong domestic user base is a sign of modern China’s affluence.

And Alibaba unit Ant Financial’s Alipay mobile payment service, which boasts more than 1 billion users worldwide, helped usher in China’s cashless revolution.

At Tuesday’s event, Ma said that “Alibaba’s future lies not in proving we can rake in 102 years of profits, but in proving we are willing to shoulder 102 years of responsibility.”

Later, Ma and Zhang took to the stage together, dressed in studded leather jackets, to co-perform songs including “You Raise Me Up” as part of the celebration.

Ma, meanwhile, essentially leaves unsolved the question of how to continue expanding the company while working with a Chinese government that is tightening its grip on the private sector. Alibaba has garnered generous support from Beijing, but at the cost of forcing Ma to toe the Communist Party line in his public remarks.

Keeping the government at arm’s length is a challenge shared by the younger tech businesses like Bytedance, operator of popular short video app TikTok, that have sprung up in Alibaba’s wake.

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