Alibaba continues to be one of the biggest beneficiaries of the pandemic. Sales beat expectations and net profit rose 56 per cent in the fourth quarter of 2020. Yet growth at China’s largest ecommerce group is under threat, as Beijing’s regulatory crackdown continues.
Sales rose 37 per cent as changing consumer buying habits boosted demand for online shopping. But the pace of sales growth has been slowing. For most quarters in the past five years it was more than 50 per cent.
More concerning is the potential damage from antitrust probes. The main focus of investigations has centred on ecommerce and fintech sectors — both Alibaba’s core businesses. A massive regulator-led overhaul is under way at its digital payments affiliate Ant Group.
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