- Investors continued to take profit off stocks that had seen a good run-up year-to-date and redeployed some proceeds into energy and materials names as well as reopening trades.
- Chinese equities were particularly hard-hit amidst the fanning of the flames of U.S.-China political tensions and a pending increase in stamp duty on stock trades in Hong Kong.
- The "stay in place" directive imposed by the government resulted in a surprising boom in gifting, facilitated by e-commerce platforms and their formidable logistics units.
- Alibaba Group's offline operations also sought to capture the retail dollars, with most outlets remaining open during the festive holiday.
- The collaborations with their suppliers demonstrate how Alibaba and the other e-commerce players are able to achieve ever-higher sales in a multi-faceted manner that ensures their success.
For further details see:
Alibaba's Ecosystem Is Proving Its Mettle, Defying Immense Headwinds