Arab Today, arab today alibaba stock price should be based on company performance
Last Updated : GMT 20:08:36
Arab Today, arab today
Arab Today, arab today

Alibaba: Stock price should be based on company performance

Arab Today, arab today

Arab Today, arab today Alibaba: Stock price should be based on company performance

Alibaba Group
Hangzhou - XINHUA

Alibaba said on Wednesday stock prices should be based on company performance.

"Comments about the Chinese economy will not affect our confidence in allowing our performance to speak for the company," said the e-commerce giant's Vice Chairman Joe Cai.

Alibaba's stock price tumbled 4.69 percent on Tuesday to 60.91 U.S. dollars per share, well below the IPO price of 68 dollars per share.

The company denied media reports that its gross merchandise volume is expected to grow only from 1 to 9 percent in the second quarter, saying it held 18.59 billion U.S. dollars in cash, cash equivalent and short-term investments as of June 30, 2015.

The company's revenues went up 28 percent in the second quarter, a slowdown in growth from 45 percent in the first quarter of this year.

The slower revenue growth came as a slowing economy dragged down consumer spending in the world's second-largest economy.

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