HKG:9988

68 stories mentioning HKG:9988Updated 7d ago

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Alibaba, US Payments Partner to Pay $600 Million in Drug-Import Probe

Alibaba Group (HKG:9988) and its US payments processor, AUS Merchant Services, agreed to pay a combined $600 million to resolve an investigation by the US Justice Department into illegal pharmaceutical sales on the company's e-commerce platforms.The Chinese tech and e-commerce firm admitted that between January 2016 and December 2024, it failed to prevent roughly 80,000 product sales on Alibaba.com and AliExpress.com that involved unlawful imports of pharmaceuticals, controlled substances, listed chemicals and pill presses, according to a Wednesday notice from the Justice Department.In a statement issued to, Alibaba described the settlement as a "mutually satisfactory resolution with U.S. regulators.""This settlement reflects a thorough regulatory process with Alibaba's full cooperation and our commitment to best-in-class standards of control, policies, and measures against non-compliant product sales."The products involved in the investigation have a combined gross merchandise value exceeding $200 million, the DOJ said, adding that federal agents made more than 40 undercover purchases of illegal drugs and counterfeiting equipment during the probe.Separately, AUS admitted that from January 2020 to December 2023, it accepted US dollar-denominated wire and credit-card payments on behalf of overseas Alibaba merchants.Under a non-prosecution agreement, Alibaba will pay a $125 million criminal penalty and forfeit $200 million, while AUS, formerly known as Alipay US, will pay an $85 million penalty and forfeit $190 million.First Assistant U.S. Attorney Charles C. Calenda for the District of Rhode Island called it "the largest monetary settlement in the history of the District of Rhode Island."Alibaba did not immediately respond to' request for comment.Assistant Attorney General Brett A. Shumate of the Justice Department's Civil Division, said, "Companies operating online marketplaces - whether based in the United States or abroad - must implement appropriate safeguards to prevent bad actors from exploiting their platforms. If they fail to do so, the Department will hold them accountable."The settlement marks the latest US action against Alibaba after the US Department of Defense in June added the company to its list of "Chinese military companies" under Section 1260H of the National Defense Authorization Act, alongside Baidu (HKG:9888), BYD (HKG:1211, SHE:002594), Nio (HKG:9866), WuXi AppTec (HKG:2359, SHA:603259), Robosense Technology (HKG:2498) and more.Last week, Alibaba sued the Pentagon, seeking to overturn the designation and accusing the department of acting without factual basis or fair process in branding it as a threat to national security."The determinations have no basis in fact or law... To label Alibaba a 'Chinese military company' is to brand it an instrument of the Chinese military and a threat to US national security," Alibaba wrote.

HKG:9988

Asia30d ago

US Lobbying Firms Cut Ties With Alibaba, Tencent Over Pentagon Rules

Alibaba (HKG:9988) and Tencent (HKG:0700) are losing Washington lobbyists after both companies were added to the Pentagon's list of "Chinese military companies."Lobbying disclosures filed over the past week show Alibaba has lost five firms and Tencent has lost four, including Brownstein Hyatt Farber Schreck, Mercury Public Affairs and MO Strategies, all of which previously represented both companies.The departures come as new U.S. restrictions force lobbying firms to choose between representing Chinese clients and U.S. defense contractors.The companies were designated under the Pentagon's Section 1260H list, which identifies entities the Defense Department alleges have links to China's military or support military-civil fusion efforts.Under a law taking effect Tuesday, the Defense Department will be barred from working with contractors represented by lobbyists who also represent companies on the Section 1260H list.Alibaba and Tencent have denied ties to China's military. Alibaba has sued the U.S. government seeking removal from the list, arguing the designation has "no basis in fact or law."In its lawsuit, the tech giant also said the new lobbying restrictions "has already resulted in several firms and lobbyists indicating that they will end their relationship with Alibaba."Tencent and Alibaba did not immediately respond to' request for comment regarding the lobbyist move.

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Asia34d ago

AI Allegations, Demand for AI Monetization Proof Spark China Tech Selloff; Hui Lyu Ecological Technology Down 10%

Chinese shares declined Friday as tech stocks came under fire amid allegations of Alibaba's (HKG:9988) illegal extraction of Claude's AI capabilities and investors balked at massive spending on artificial intelligence.The Shanghai Composite Index, the main gauge of Chinese stocks, fell 2.2% to 4,027.27. The Shenzhen Component Index plunged 3.4% to 15,782.22.Anthropic, the makers of the Claude artificial intelligence model, accused Alibaba of illegally scraping Claude AI data via 28.8 million exchanges from 25,000 fake accounts between April and June.Meanwhile, Gary Dugan of The Global CIO Office said markets are now demanding tangible monetization for AI companies, not just narratives, The South China Morning Post reported. He said the sell-off reflects growing skepticism over whether massive AI capital spending can justify stretched valuations in an uncertain macro environment.While investors still like AI, they are unwilling to pay one price that assumes everything-long-term growth, better margins, and market dominance-all at once. The market is pivoting to execution from concept, which is a healthy reset but will lead to greater performance dispersion among players.On the regulatory front, the People's Bank of China will increase the overnight reverse repurchase operation in its open market operations on June 29 and June 30. The operation will adopt a fixed interest rate and quantity bidding. Analysts see the move as a major step toward aligning with U.S. policy rate structures.The central bank also injected 500 billion yuan into the country's banking system via a one-year medium-term lending facility operation to stabilize banking system liquidity. The move will result in a net injection of 200 billion yuan after offsetting maturing funds of 300 billion yuan.In company news, Hui Lyu Ecological Technology (SHE:001267) 51%-owned Wuhan Junheng is injecting 110 million yuan into wholly-owned Hubei Junheng to shore up funding for the Ezhou optical module production base. Shares of the landscaping company closed 10% lower Thursday.

Shanghai Composite^SZSEHKG:9988SHE:001267

Asia34d ago

China Shares Slide at Market Open on Tech Selloff

Chinese shares opened lower on Friday as tech stocks took a hit after U.S. artificial intelligence company Anthropic accused Chinese e-commerce giant Alibaba Group (HKG:9988) of extracting the capabilities of its Claude AI model.The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.5% lower at 4,098.69. The Shenzhen Component Index declined 0.8% to 16,211.41.Anthropic alleged that between April 22 and June 5, Alibaba conducted a distillation effort, in which a less capable model is trained via the outputs of a stronger one, using nearly 25,000 fraudulent accounts to generate nearly 29 million exchanges with Claude.The move furthered China's ability to reach the advanced capabilities of Claude's AI model, Mythos ⁠Preview, Anthropic claimed.However, Nomura analyst Jialong Shi told The Wall Street Journal: "Given this is not the first distillation allegation targeting Chinese firms, I expect the reputational damage ... to be small."

Shanghai Composite^SZSEHKG:9988

Asia35d ago

Hong Kong Stocks Retreat as AI Valuation Concerns Persist; Trip.com Slips on Profit Decline

Hong Kong stocks fell on Thursday as caution over lofty AI valuations outweighed upbeat earnings and forecasts from U.S. chipmakers.The Hang Seng Index fell 1.4%, or 335.27 points, to close at 23,076.91, while the Hang Seng China Enterprises Index dropped 2.0%, or 156.59 points, to finish at 7,608.38.Strong results from U.S. chipmakers Micron and Qualcomm helped ease some concerns over the AI rally, but investors remained wary that valuations had become stretched after gains.Meanwhile, benchmark oil prices fell Thursday to their lowest levels since before the conflict began as a preliminary U.S.-Iran agreement paved the way for shipping to resume through the Strait of Hormuz.Markets are now pricing in a 34.2% chance of at least a 25-basis-point rate hike at the Federal Reserve's July meeting and a 67% chance of a rate increase in September.In corporate news, Trip.com (HKG:9961) closed nearly 11% lower after posting a decline in first-quarter profit.Meanwhile, Alibaba (HKG:9988) declined over 4% after Anthropic accused it of using thousands of fake accounts to improperly extract capabilities from its Claude artificial intelligence model, according to a June 10 letter to US lawmakers, which was recently made public.The U.S. AI startup alleged that Alibaba generated more than 28.8 million interactions through 25,000 fake accounts between April 22 and June 5.

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Asia35d ago

Market Chatter: Anthropic Accuses Alibaba of Illegal Extraction of Claude Data

Anthropic accused Alibaba (HKG:9988) of illicitly extracting capabilities of the U.S. AI company, Reuters reported Wednesday, citing a letter.The makers of the Claude artificial intelligence model alleged that Alibaba extracted content between April 22 and June 5 by initiating more than 28.8 million exchanges using 25,000 fake accounts, the report said.Alibaba has yet to respond to' request for a comment on the matter.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:9988

Asia35d ago

Anthropic Claims Alibaba 'Illicitly' Accessed Claude For Qwen Model Training

Artificial intelligence major Anthropic has accused Alibaba (HKG:9988) of "illicitly" accessing its Claude model to train its Qwen AI model, according to a June 10 letter to US lawmakers, which was recently made public.The letter, addressed to Sen. Tim Scott, R-S.C., and Sen. Elizabeth Warren, D-Mass., said Alibaba carried out "the largest known distillation attack on Anthropic to date."Anthropic claimed that Alibaba's Qwen AI used thousands of fraudulent accounts to piggyback on Claude's "most valuable capabilities," including software engineering and agentic reasoning capabilities.The firm asked the lawmakers to facilitate threat information sharing between U.S. AI labs and close loopholes that allow Chinese entities access to advanced U.S. chips.Anthropic blocked Chinese entities' access to Claude AI last year citing "legal, regulatory, and security risks."Alibaba did not immediately respond to a request for comment from.Shares of Alibaba fell nearly 5% in recent trade in Hong Kong.

HKG:9988

Asia36d ago

Market Chatter: Alibaba Looks to Sell Lingxi Games Arm

Alibaba (HKG:9988) is looking to sell its Lingxi Games division for 7 billion yuan to 9 billion yuan, The Standard and other mainland media reported Tuesday.China Ruyi (HKG:0136), 37 Interactive Entertainment Network Technology (SHE:002555), Zhejiang Century Huatong Group (SHE:002602), and Giant Network (SHE:002558) are among the buyers, the reports said.Alibaba, Ruyi, 37 Interactive, Century, and Giant Network did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:0136HKG:9988SHE:002555SHE:002558SHE:002602

Asia36d ago

Market Chatter: Alibaba Chip Unit Sees First Capital Injection in Years

Alibaba's (HKG:9988) chip design unit, T-Head, received its first capital injection in more than three years last week, with its registered capital rising to 1 billion yuan from 300 million yuan, the South China Morning Post reported Tuesday.The fresh capital comes amid a push by Alibaba to integrate T-Head's semiconductors with its cloud operations and Qwen foundational models, the report said.Alibaba did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:9988

Asia36d ago

Alibaba Takes US Government to Court Over Military Ties Allegation

Alibaba (HKG:9988) has sued the U.S. government seeking removal from a Pentagon list of companies alleged to have links to China's military, according to a court filing Tuesday.The lawsuit, filed in federal court in San Jose, California, challenges the U.S. Department of Defense's decision to add Alibaba to its list of "Chinese military companies" earlier this month.The Pentagon alleged that Alibaba is a "military-civil fusion contributor" to China's defense industrial base through ties to the Ministry of Industry and Information Technology and an indirect affiliation with SASAC, China's state-owned assets regulator.Alibaba said the designation has "no basis in fact or law," arguing that it is governed by an independent board and that its products and services are focused on retail, logistics, and enterprise technology rather than military applications.The Chinese technology giant argued that the designation exposes it to broader U.S. restrictions and state divestment initiatives, while fueling calls to remove it from U.S. exchanges and supply chains.The company said the designation has already caused reputational and commercial harm by undermining confidence among its U.S. partners.

HKG:9988

US Markets36d ago

After WuXi AppTec, Alibaba Sues Pentagon to Contest Chinese Military Company Designation

Alibaba Group (HKG:9988) has sued the US Department of Defense on Tuesday, seeking to overturn its designation as a "Chinese military company" and accusing the Pentagon of acting without factual basis or fair process in branding it as a threat to national security.The lawsuit was filed in the US District Court for the Northern District of California in San Jose, also naming Secretary of Defense Pete Hegseth, Deputy Secretary Stephen Feinberg, and Assistant Secretary for Industrial Base Policy Michael Cadenazzi as defendants."The determinations have no basis in fact or law... To label Alibaba a 'Chinese military company' is to brand it an instrument of the Chinese military and a threat to US national security," Alibaba wrote.The Pentagon added Alibaba and several other Chinese companies to its Section 1260H list on June 8, tagging the e-commerce and tech company as "a military-civil fusion contributor to the Chinese defense industrial base because it is affiliated with" the Ministry of Industry and Information Technology.Prior to the lawsuit, Alibaba had denied this designation, calling it "a mistake," according to a June 9 Hong Kong bourse filing."There is no basis to conclude that Alibaba Group should be placed on the CMC List. Alibaba Group is not a Chinese military company nor part of any military-civil fusion strategy."Alibaba at the time warned that it would "take all available legal action against attempts to misrepresent the company."In its lawsuit, Alibaba said it is owned by a broad, public shareholder base, and since early 2025, the only investors to hold 5% or more of its stock are three American financial institutions: JPMorgan, Citigroup, and BlackRock."No individual shareholder controls the company, and no state-owned entity has ever controlled the company," Alibaba argued.The company also stressed that it "has no affiliation with MIIT, SASAC, or the [People's Liberation Army]."SASAC, or the State-owned Assets Supervision and Administration Commission, acts as the state's investor and manages the country's non-financial state-owned enterprises.Alibaba's complaint also noted that it held talks with the Department of Defense prior to the designation. Alibaba said it met with Pentagon officials on Jan. 21 to present information and answer any concerns.The company said it then submitted additional evidence on Jan. 30, detailing its longstanding cooperation with the US government, including a letter from the Director of the National Intellectual Property Rights Coordination Center, part of the US Department of Homeland Security.However, on Feb. 13, the Pentagon posted an updated 1260H list, designating Alibaba as a Chinese military company before withdrawing it within an hour, citing a need to review "the most recent information available."Alibaba said the Department declined to disclose to the company what information it was relying on.Starting June 30, 2026, the Pentagon will be prohibited from "enter[ing] into, renew[ing], or extend[ing] a contract for the procurement of goods, services, or technology" from companies on the designated list.Effective June 30, 2027, the ban extends to the procurement of goods or services that "include goods or services produced or developed by" companies on the list.A spokesperson for the Pentagon declined to comment to, saying the Department does not comment on ongoing litigation.China's Ministry of Commerce had already threatened to retaliate after the Pentagon added Alibaba, Baidu (HKG:9888), BYD (HKG:1211, SHE:002594), Nio (HKG:9866), WuXi AppTec (HKG:2359, SHA:603259) and Robosense Technology (HKG:2498) to the list.The updated list supersedes an earlier version from January 2025, and reinstated ChangXin Memory Technologies and Yangtze Memory Technologies on the list after they were withdrawn from the February version. Both companies are among China's leading memory chipmakers and are currently pursuing public listings.Alibaba is not the first Chinese company to contest the 1260H designation. WuXi AppTec filed its own suit against the Pentagon on June 11, describing its inclusion as "the product of political pressure."In January 2021, Xiaomi (HKG:1810) also sued the US after it was designated as one of several "Communist Chinese military companies" (CCMC) under the National Defense Authorization Act of 1999.The smartphone maker was then removed from the list in May 2021, with the US District Court for the District of Columbia issuing a final order vacating the Pentagon's designation of Xiaomi as a CCMC.Alibaba has also asked the court in California to vacate the designation as "arbitrary and capricious."

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Asia37d ago

China Bars 46 More US Companies in Expanded Crackdown

China has expanded its restrictions against U.S. companies, banning 46 more firms, including Lockheed Martin and Raytheon Missiles & Defense, from government procurements, the Ministry of Finance announced Monday.The measure halts government purchases of these companies' products and exempts them from operating in China.The updated list also includes subsidiaries of Lockheed Martin and Raytheon, as well as General Atomics Aeronautical Systems and Boeing Defense, Space & Security, among others.The move builds on a separate crackdown earlier on Monday, when the Ministry of Commerce blacklisted 10 US tech and defense firms, including Aveox, Red Cat Holdings, and Teal Drones.The development follows the Trump administration's military designation on Chinese tech firms, including Alibaba (HKG:9988), Baidu (HKG:9888), BYD (HKG:1211, SHE:002594), and Nio (HKG:9866, SGX:NIO).

Shanghai Composite^SZSEHKG:1211HKG:9866HKG:9888HKG:9988SGX:NIOSHE:002594

Asia38d ago

Shanghai Able Digital Expands AI Collaboration With Alibaba Cloud

Shanghai Able Digital Science&Tech (HKG:2687) entered into a framework agreement with Alibaba's (HKG:9988) cloud unit to deepen cooperation in artificial intelligence and jointly develop industrial AI applications, according to a Monday Hong Kong bourse filing.The companies will collaborate on knowledge tokenization for large language models and the joint development of physical AI technologies.

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Asia41d ago

Alibaba Cloud Opens Fifth Japanese Data Center

Alibaba Group's (HKG:9988) unit Alibaba Cloud launched its fifth data center in Japan on Thursday, according to a same-day release by the unit.With the center, the cloud-computing aims to help Japanese consumers meet their advanced cloud and AI service needs across multiple key niches, including retail, gaming, entertainment, and manufacturing.The center will provide services including elastic computing, storage, containerization, networking, security, databases, and advanced developer tools.

HKG:9988

Asia42d ago

Alibaba Launches Third Cloud Hub in Europe

Alibaba's (HKG:9988) cloud unit on Wednesday announced the launch of a third cloud hub in Europe to meet demand from customers across the region.The new facility is based in Paris, France, and complements existing infrastructure in Germany and the United Kingdom, Alibaba Cloud said.The firm also plans to introduce a suite of agentic artificial intelligence services to European customers later this year, it said.

HKG:9988

Asia44d ago

Alibaba Rolls Out First Suite of AI Models for Robots

Alibaba (HKG:9988) rolled out the Qwen Robot Suite, its first suite of artificial intelligence models for robots, the South China Morning Post reported Tuesday.Alibaba owns the SCMP.The launch comes as the Chinese tech sector pivots from chatbot development to AI agents that can work complex tasks, Reuters reported separately the same day.

HKG:9988

Asia45d ago

Beijing Slams US for 'Military' Designation of Large Chinese Firms

China's Commerce Ministry expressed "strong dissatisfaction and firm opposition" to the U.S. government's action to include several large Chinese firms on a list of those aiding its military, it said Saturday.The statements come after the U.S. Defense Department named Chinese companies such as Alibaba (HKG:9988), Baidu (HKG:9888), and BYD (HKG:1211, SHE:002594), and Nio (HKG:9866, SGX:NIO) as supporters of the People's Liberation Army.Beijing called on Washington to stop its "erroneous practices" and provide non-discriminatory treatment to Chinese firms.

Shanghai Composite^SZSEHKG:1211HKG:9866HKG:9888HKG:9988SGX:NIOSHE:002594

US Markets45d ago

China Threatens Retaliation After Pentagon Adds Alibaba, Baidu, BYD to Military Blacklist

China's Ministry of Commerce on Saturday threatened to retaliate after the US Defense Department added a number of Chinese companies, including Alibaba (HKG:9988), Baidu (HKG:9888) and BYD (HKG:1211, SHE:002594), to its list of firms it deems linked with the Chinese military."China will resolutely and forcefully retaliate, and the US will bear full responsibility for the consequences," a spokesperson for the Ministry of Commerce said over the weekend, adding that "China expresses its strong dissatisfaction and firm opposition" to the designations.The Pentagon published its updated Section 1260H list on June 8, which supersedes an earlier version from January 2025. The updated roster now also includes electric-vehicle maker Nio (HKG:9866), pharmaceutical research and manufacturing services provider WuXi AppTec (HKG:2359, SHA:603259), AI robotics company Robosense Technology (HKG:2498), and Unitree Robotics, which is currently pursuing an initial public offering in Shanghai. Nvidia recently said it plans to collaborate with Unitree to build robots.The list also names telcos China Mobile (HKG:0941, SHA:600941), China Telecom (HKG:0728, SHA:601728), and China Unicom (HKG:0762), as well as chipmaker Semiconductor Manufacturing International (HKG:0981, SHA:688981), Huawei Technologies, Contemporary Amperex Technology (SHE:300750, HKG:3750) and Tencent (HKG:0700), most of which were added in January.The June update also reinstated ChangXin Memory Technologies and Yangtze Memory Technologies on the list after they were withdrawn from the February version. Both companies are among China's leading memory chipmakers and are currently pursuing public listings.As the Pentagon noted, being on the list means an entity is identified as a contributor to China's "Military-Civil Fusion strategy," supporting the modernization goals of the People's Liberation Army "by ensuring it can acquire advanced technologies and expertise developed by PRC companies, universities, and research programs that appear to be civilian entities."While these Chinese companies face no formal sanctions under the list, the Pentagon is prohibited from entering into, renewing or extending contracts with them or acquiring their products starting June 30, 2026.Several newly listed companies pushed back, with Alibaba saying it is "not a Chinese military company nor part of any military-civil fusion strategy." The company warned that it will take "all available legal action against attempts to misrepresent the company."Baidu said there was "no justification" for its inclusion, adding that it does not expect the designation to impact its business.BYD, which recently toppled Tesla as the world's top electric vehicle seller, echoed Alibaba and Baidu's statements, adding that the move will not impact its business.Meanwhile, analysts from Jefferies said the update was largely anticipated, noting that an earlier version of the list had briefly appeared in February before being withdrawn without explanation.Jefferies also noted on June 9 that while the Defense Department is prohibited from procurement of goods and services from entities in the list, "it does not restrict US citizens from engaging in trading activity with the listed companies."In a separate Jefferies note on June 9, analysts from the bank said 10 companies were removed from the list, including, most notably, CNOOC (HKG:0883, SHA:600938)."The immediate implication for companies on the 1260H list is that they are prohibited from providing any goods or services to the US military directly or via contractors. We believe the final decision-maker is the US president," said Jefferies."President Trump has just concluded his China trip, and, in our view, the US-China relationship is moving in an incrementally positive direction. In our view, President Trump is largely occupied with Iran, the high oil price (thus higher inflation risk), and the upcoming mid-term election, implying there will be less motivation for the US to escalate geopolitical tension with China."

Shanghai Composite^SZSEHKG:0700HKG:0728HKG:0762HKG:0883HKG:0941HKG:0981HKG:1211HKG:2359HKG:2498HKG:3750HKG:9866HKG:9888HKG:9988SHA:600938SHA:600941SHA:601728SHA:603259SHA:688981SHE:002594SHE:300750

Asia48d ago

Hong Kong Stocks Gain on Prospects for US-Iran Peace Deal; Alibaba Gains on Pupu Bid

Hong Kong stocks rebounded Friday on hopes for a breakthrough in U.S.-Iran negotiations.The Hang Seng Index rose 1.9%, or 468.81 points, to close at 24,718.10, while the Hang Seng China Enterprises Index gained 1.9%, or 157.35 points, to finish at 8,374.43.U.S. President Donald Trump said Thursday that a peace agreement with Iran could be reached as soon as this weekend, just hours after warning of further military action if talks failed.According to Iranian media, Foreign Ministry spokesperson Esmaeil Baghaei said the agreement was largely complete and reiterated that Iran would not compromise on its red lines.Oil prices fell to their lowest levels in two months, easing concerns over inflation and the potential economic fallout.In corporate news, Alibaba (HKG:9988) closed nearly 3% higher after Bloomberg News reported that it had offered $1.5 billion to acquire the Chinese grocery-delivery platform Pupu.Fujian-based Pupu is one of the few remaining independent online grocery platforms in China, according to the report.

Hang SengHKG:9988

Asia48d ago

Market Chatter: Alibaba Said to Offer $1.5 Billion for Grocery Platform Pupu

Alibaba (HKG:9988) has offered $1.5 billion to acquire Chinese online grocery platform Pupu, Bloomberg News reported on Friday, citing people familiar with the matter.The reported offer exceeds an earlier $600 million bid from Sun Art Retail (HKG:6808), a former Alibaba affiliate now backed by private equity firm DCP Capital, the report said.Fujian-based Pupu is one of the few remaining independent online grocery platforms in China and has attracted interest as major internet companies seek to expand their presence in fresh food retailing, according to the report.An Alibaba representative did not respond to a comment request from Bloomberg, while DCP and a Pupu representative refused to comment, the news agency said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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