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Monday, March 4, 2024
HomeLatest NewsAmazon will close its app store in China next July

Amazon will close its app store in China next July

Date: March 4, 2024 Time: 00:49:10

The Chinese subsidiary of the US e-commerce giant Amazon announced Wednesday that it will close its app store in the Asian country on July 17, reports the Yicai economic news portal. The company will ensure that it will continue to invest in the country and that the decision will not affect the businesses that are still maintained in China, focused on cross-border electronic commerce and other segments such as cloud computing.

Amazon entered the Chinese market in 2004 after buying the Joyo.com portal for 75 million dollars, and, although it came to control more than 15% of the market share of the e-commerce sector in China, in 2019 that figure had dropped to less than 1% due to the rise of local competitors such as Taobao – Alibaba’s main portal – or JD.com.

In June 2022, Amazon already announced a similar decision by reporting that it would withdraw its Kindle e-book service at the end of the first half of this year.

Meanwhile, Alibaba increases its borders

The Chinese giant of electronic commerce, Alibaba obtained a profit of 9,540 million euros, which represents an increase of 17% compared to the previous year. In addition, the company separates its intelligence business for cloud computing (‘cloud’) and approves the IPO for two of its subsidiaries.

These initiatives will result in the division of Alibaba into six independent subsidiaries that will be eligible to go public on their own, with the exception of its main e-commerce portals in China, Taobao and Tmall, which will remain wholly owned by the firm.

Cainiao and Freshippo, a bag

The group’s financial director, Toby Xu, also revealed that the board has approved a process to begin seeking external financing for the international digital commerce division and announced the aforementioned IPO processes for Cainiao and Freshippo.

Although the market where the aforementioned operations will be carried out is not clearly specified. The document does establish deadlines: 12 months for the spin-off of the ‘cloud’ intelligence division, between 12 and 18 for Cainiao’s IPO, and between 6 and 12 for Freshippo’s.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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