Alibaba is reported to have laid off around 10,000 employees in just three months

Alibaba announced an increase of 50 percent in its net profit in June.

Chinese online retailer Alibaba Group Holding has fired about 10,000 workers within three months, different reports in the media said.

These cuts come following Alibabareported an increase of 50 percent in its net earnings in June. The move is to reduce costs amid slow growth in sales as well as a slower economic growth across the nation.

The online retailer dismissed more than 9,241 employees in its June-July quarter. According to reports, the company cut its headcount by 245,700.

The company posted a 50 percent decrease in net income in the June quarter to CNY 22.74 billion (roughly the equivalent of Rs. 26,948 crore) in the quarter ending June, down from CNY 45.14 billion (roughly roughly Rs. 53,118 crore) during the same time period in the same period last year.

Alibaba was established in 1999. The company was subject to significant changes when Ma transferred the responsibilities of Chief Executive Officer at the time to Daniel Zhang in 2015 and was appointed Chairman in the year 2019.

In July Alibaba revealed plans to seek a primary public listing Hong Kong opening up the company to a huge collection of mainland China investors for the first time, news reports stated.

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Alibaba was listed on the stock exchange at New York, the US in September 2014 , and then launched a second listing in Hong Kong in November 2019. The move will see Alibaba becoming the first major company to have its primary listing for each of New York and Hong Kong.

This is in following of Beijing’s crackdown against Ant Group which triggered the suspension of Ant Ant Group’s $37 billion (roughly the equivalent of Rs. 2,93,400 crore) Initial Public Offering (IPO). Ant’s Controller Jack Mahas also has not been visible in the media after he criticized China’s regulators as well as its government-owned banks, in an address held in October.

The dual listing has become an unforgiving reminding that within China the Communist Party is not the only one. or business is more significant in China than China’s Communist party. The announcement by Alibaba to list its primary listings on the mainland of Hong Kong, the company will also continue to have its listing on China and the United States.

The announcement was made on Tuesday. It will see Alibaba become the first major dual-primary listed company on both the New York Stock Exchange and Hong Kong Stock Exchange, benefiting from a new rule that allows two primary listing, as reported by Al Jazeera.

In January in January, the Hong Kong Stock Exchange (HKEX) announced that it would permit innovative Chinese companies with weighted voting rights, or variable interest entities – in which companies set up an offshore company that allows foreign investors to invest in shares – operate dual primary listings within the city.

Alibaba’s chief executive Daniel Zhang said that the company is looking at a different primary listing platform to help create the development of a wider and more diverse investors base

Alibaba was once a favorite of tech stock investors, however the online retailer was able to see its stock prices plummet following the time Beijing introduced a massive clampdown on private businesses that landed Alibaba with an $2.8 billion (roughly around Rs. 22,198 crore) penalty and stopped its initial public offerings (IPO) that it planned to conduct with its subsidiary Ant.

Alibaba’s stock surged four percent at the beginning the trading day in Hong Kong amid expectations the move will give mainland China investors more access to the company’s shares.

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