The logo of Alibaba Group is seen during Alibaba Group's 11.11 Singles' Day global shopping festival at the company's headquarters in Hangzhou, Zhejiang province, China, November 10, 2019. REUTERS/Aly Song
The outbreak has mobilised China’s largest company by market capitalisation to act quickly. Just days after Wuhan, the epicentre of so-called SARS-CoV-2, was effectively quarantined, Alibaba announced a 1 billion yuan fund dedicated to buying and delivering medical supplies to virus-hit areas. This week, Alibaba followed up with additional steps to assist local firms.
The financial impact of these goodies looks manageable for Alibaba boss Daniel Zhang. The $600 billion company, which is due to report quarterly earnings later on Thursday, is forecast to generate some 520 billon yuan in revenue in the fiscal year ending March, according to estimates on Refinitiv. Advertising, rather than fees and commissions, matter more for Alibaba’s top line. The giveaways being offered would reduce the top line by just 1%, China Renaissance analysts estimate.
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