For all its clout, Alibaba remains at the mercy of the Chinese government
is cursed with a rational mind should ponder Alibaba’s faith in eight, the luckiest single digit in China. On November 26th China’s e-commerce juggernaut sold HK$88bn of secondary shares on the Hong Kong Stock Exchange under the stock symbol 9988—88 is not only a homonym for, but also signifies double luck. As soon as the gong was banged to launch trading, the shares soared from HK$176 to the auspicious price of HK$188. Luck was on Alibaba’s side.
Alibaba’s ability to achieve its ambitions should not be underestimated. But even the most bullish analysts say that overtaking Amazon is a long shot. The two firms have different business models. Alibaba provides a platform that links buyers and sellers on its biggest sites, Taobao and Tmall, and it mostly makes money from sellers spending money to push their wares higher up the search rankings. Unlike Amazon, it does not sell its own goods, meaning it has no need for inventory and warehousing.
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