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Alibaba Stock Surges 3.53% Amid Strategic Service Trade Expansion and Share Buyback
AInvestThursday, Nov 7, 2024 5:32 pm ET
1min read
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On November 7, Alibaba's stock saw a notable increase of 3.53%, underscoring the company's recent advancements and strategic moves in the service trade sector.

At a bustling trade recruitment event organized by Alibaba's International Station in Shenzhen, the focus was on facilitating the global reach of service trade through cross-border e-commerce. The event drew a substantial number of merchants, highlighting Alibaba International Station’s latest initiative. New primary industry categories have been established for service trade enterprises, offering specialized support particularly in logistics, inspection, design, and technical outsourcing services.

Wu Lingli, the head of service trade at Alibaba International Station, emphasized the platform's commitment to bolstering service trade enterprises' capabilities. The intent is to empower small and medium-sized enterprises in this sector to gain greater market access via the platform. The rise in demand for service trades echoes broader trends, as indicated by China's service trade growth metrics.

Recent insights from Alibaba's survey of international buyers reveal that a significant portion, 57%, utilize third-party professional services, with many searching online for service information and opting for cross-border services. This points to a shifting landscape where buyers seek more than just physical products; they are increasingly interested in cross-national services.

To cater to this growing interest, Alibaba International Station is leveraging its newly upgraded AI-powered processes. Wu Lingli remarked on the potential of digital trade enhancements, aiming to offer streamlined and comprehensive services to a broader array of merchants, thereby identifying new growth opportunities in trade.

In financial movements, Alibaba announced a buyback of 1,654,384 shares on November 6, valued at approximately USD 19.96 million. This stock repurchase reflects Alibaba's effort to consolidate its market position and optimize shareholder value, indicative of its strategic financial management practices.

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