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Alibaba Health Information Technologyi

Alibaba Health is the flagship healthcare platform of Alibaba Group Holding. Through two direct online stores, it sells prescription and over-the-counter medications, health supplements and skincare products to customers, who can also access its online consultation service. The company was formerly known as Citic 21CN, a drug data services company. In 2014, Alibaba and a Chinese private equity firm co-founded by Alibaba founder Jack Ma bought a controlling stake in Citic 21CN and changed its name. Alibaba also owns the South China Morning Post.

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Chinese healthcare stocks plunged in Hong Kong after Chinese media reported that Beijing is mulling a ban on sales of medicines on third-party e-commerce platforms.

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Local stocks capped a three-day winning run as investors found deep values among Big Tech trading near an all-time low. China Life Insurance and developer Modern Land tumbled on internal crises. HSBC also gained.

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Stocks declined as the current earnings season offered little sparks, with Alibaba Health warning of impending losses. Modern Land reneged on a dollar bond repayment.

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Alibaba Health recorded first-half earnings of US$42.4 million, its first profitable report since 2015, with Covid-19 fuelling awareness and demand for its goods and services.

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Alibaba Group’s flagship health care platform completes US$1.3 billion new share sale, marking biggest ever health care follow-on offering in Hong Kong.

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Alibaba Group’s flagship health care platform will sell 400 million new shares priced between HK$20.05-HS$20.50 each to raise up to the equivalent of US$1.06 billion, according to deal’s term sheet.

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Alibaba Health said on Wednesday it would strengthen partnerships with upstream pharmaceutical companies to further expand its direct online drug sales, after reporting a narrower net loss for the full year of 2019, thanks to wider adoption of online drug purchases during the coronavirus pandemic.