Hangzhou, 26th May: Last week, China’s largest e-commerce company, the Alibaba Group, announced its financial results for the year ended 31st March 2022. Revenues in the year were US$135 billion, representing year-on-year growth of 19%. However, the company posted a 59% drop in net income, down to US$9.8 billion. Diluted earnings per share in the year were RMB 22.74 (US$3.59).

Just 4.1% of total revenues were generated from its B2B businesses, amounting at US$5.5 billion. Revenues from Alibaba’s B2B business in China, mainly through its 1688.com platform, increased by 17% year-on-year, reaching US$2.6 billion. Meanwhile, the international B2B business, Alibaba.com, generated revenues of US$2.9 billion, up 28% year-on-year.