Quick takes

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Alibaba stays quiet about 11.11 stats

Alibaba’s management used to spend much of November pushing coverage of its always incredible sales and revenue stats from is 11.11 one-day sales festival, but both JD.com and Alibaba have started a new holiday tradition by staying very quiet about revenues from the event. The Register has a good summary of what happened on 11.11.

UFI’s Global Congress in Vegas a strong success

In case you missed it, UFI’s first-ever Global Congress held in the U.S. attracted 500 delegates from over 50 countries. At the congress, UFI announced that it would establish a new North American chapter. UFI now operates five chapters: Asia-Pacific, Central & South America, Europe, Middle East & Africa, and North America.

IEG posts post of €9.6m in Q3

Led by former UFI President, Corrado Peraboni, IEG Group reported revenues of €152m and a net profit of €9.6m. IEG is increasingly focused on Asia. Recent shows included CARA – Cafè and Restaurant Asia (an F&B event), and SIJE – the Singapore Jewelry Expo.

RX’s in-cosmetics Asia attracts 40% international buyers

While still rather small, RX’s in-cosmetics Asia managed to attract nearly 12,000 buyers of which 40% were international. RX reported that there were over 580 exhibitors at the event which was held at BITEC in Bangkok.

BOL’s revenues up 15% in Q3

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Bangkok, 9th November: Business Online (BOL), a leading online information service provider in Thailand, has reported its financial results for the quarter ended 30th September 2023. Revenues in the quarter were US$6.3 million, representing a year-on-year increase of 15%.

The company’s net profit grew 10% from the same quarter of 2022, reaching US$2.7 million. The company attributed the growth in revenues the increased revenues from existing customers and growth from new customers.

AWE and KINTEX sign partnership

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Hong Kong & Seoul, 21st November: Last week, Hong Kong’s AsiaWorld-Expo (AWE) and Korea International Exhibition Centre (KINTEX) signed an agreement to cooperate. The partnership aims to deepen collaboration between the two venues.

It is also designed to “promote the development of the MICE industry in the Asia-Pacific region, with encompassing various key areas of collaboration.” The venues will leverage the experience and local expertise of both teams. AWE and KINTEX agree to promote expo and cultural events with “joint effort and cross-city power of alliance.” The venues also hope to generate incremental economic impact for both Hong Kong and Seoul.

Baidu posts US$900m profit in Q3

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Beijing, 21st November: Earlier this week, Baidu, the leading Chinese language Internet search provider, released its financial results for the quarter ended 30th September 2023. Revenues in the quarter were US$4.7 billion, an increase of 6% year-on-year.

The company posted a net profit of US$916 million in the quarter, compared with a loss of US$21 million in the same quarter in 2022.

Alibaba posts huge net profit of US$3.7b

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Hangzhou, 16th November: Last week, the Alibaba Group, one of China’s leading e-commerce companies, released its financial results for the quarter ended 30th September 2023. The company recorded total revenues of US$31 billion, up 9% year-on-year. Most impressively, Alibaba posted a net profit of US$3.7 billion, compared with a net loss of US$2.9 billion in the same quarter in 2022.

Revenues from Alibaba’s B2B business in China under its Taobao and Tmall Group, primarily generated through 1688.com, were US$698 million, representing an increase of 18% year-on-year. Revenues from its international B2B business under its Alibaba International Digital Commerce Group, primarily operating through Alibaba.com, increased by 9%, amounting to US$758 million.