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  • Alibaba Reduced Investment On Its Own Messaging APP Laiwang 0 comments
    Mar 24, 2014 6:49 AM | about stocks: BABA, TCTZF

    24,March,2014

    Alibaba is reducing investment on Laiwang, its own instant messaging application and starts to focus on e-business.

    • Laiwang will not compete directly with WeChat. Alibaba Group adjusted organizational structure earlier in March to shift the focus back to e-business. The business sectors which are not closely related with e-business are classified as non-core business, including Laiwang, the social network product. Alibaba will frozen the headcount of Laiwang recently. The current employees will not be downsized but will be transferred to other departments. Jack Ma suggested that Laiwang would continue to run, but the strategies should be changed and couldn't't be high-key as it used to be.

    Stocks: BABA, TCTZF
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