Hangzhou, 1st November: Last week, the largest e-commerce company in China, the Alibaba Group, released its financial results for the quarter ended 30th September 2019. The company posted total revenues of US$16.7 billion, up 40% year-on-year. Meanwhile, the group’s net income jumped 288% in the same quarter, reaching US$9.9 billion.

In its B2B business, revenues from Alibaba’s B2B business in China, primarily generated through 1688.com, grew by 31% to US$459 million. While its international B2B business, primarily operating through Alibaba.com, generated revenues of US$341 million, an increase of 20% year-on-year. In total, B2B revenues in the quarter accounted for just 4.8% of the group’s overall revenues.