- Alibaba Group Holding Limited (NYSE: BABA) CEO Daniel Zhang termed last financial year its "most severe" external environment in decades as it battled multiple headwinds from regulatory scrutiny to a Covid-19 resurgence, CNBC reports.
- In his shareholder letter, Zhang highlighted the profound impact of the massive uncertainties brought about by the pandemic, the new expectations of the Internet sector in China, and the high frequency of international geopolitical conflicts.
- Alibaba posted its slowest revenue growth on record in FY22, and its share price collapsed by over 50%.
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