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Alibaba Shares Lower on Thursday
Shares in Chinese E-commerce giant Alibaba are trading almost 2% lower pre-market on Thursday. Alibaba has had a broadly positive year with price breaking out to fresh all-time highs. However, as of writing, shares are trading a little off those recent highs.
The company announced this week that it is opening a pilot factory in Hangzhou, a city in Eastern China. The move is part of Alibaba’s “smart manufacturing” initiative. It reflects the continued expansion beyond Alibaba’s core E-commerce business and into other areas such as online retail supply.
In a statement issued to announce the new opening, the company said that the factory will be managed by an internal unit called Xunxi Digital Technology Company. The unit will mainly deal with clothing retailers.
“Smart manufacturing” is a term which Alibaba-watchers will be familiar with. In 2016, Alibaba founder Jack Ma outlined it as one of the key trends and business o...
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