Despite better Q2 results than Alibaba, Temu reviews strategy

The quarterly results to the end of June for Alibaba (sales up 4%, including down by 1% for retail) and Temu (sales up 86%) worried financial markets. Rising competition from TikTok and other pure-players, combined with a slowdown in Chinese consumer spending, prompted both players to review strategies.

Through Morgane Monteiro, Sophie Baqué. Published on 02 September 2024 à 10h30 - Update on 09 September 2024 à 16h11

 

Following disappointing Q2 results, Alibaba decided on August 28 to convert the Hong Kong stock market listing (since 2019) to a primary listing. The company’s aim is to strengthen the presence on Asian markets. The move comes against a backdrop of a slowing Chinese economy and falling consumer spending.…

Morgane Monteiro, Sophie Baqué