News

Alibaba Launches Sponsor Deal in Pyeongchang

Alibaba headquarters

Alibaba Group Holding Ltd is launching a project in Pyeongchang, targeting the athletes. Alibaba executives stated that the project will create a “smarter” and more connected athlete’s village and stadia. They claimed that it will also make all Olympics stakeholders “more money”.

Most of Alibaba’s plans are still concepts. This is mostly because it has not had enough time to implement its technology after signing a deal last year.

The deal was worth hundreds of millions of dollars. It turned Alibaba into a cloud and e-commerce partner of the International Olympic Committee.

IOC president Thomas Bach stated that some of Alibaba’s plans “can become operational pretty soon”. However, Alibaba’s founder Jack Ma said they expect the plans to come to fruition during 2022’s Winter Games in Beijing.

“We want to make the Olympic Games so everyone can make more money,” said Ma. He then added that by “everyone”, he meant groups like host cities’ organizing committees, athletes, and sponsors.

Alibaba is one of the few top Olympics sponsors signed with the IOC till 2028. The company also said that it wants to upgrade the technology that keeps the Games running.

The AI and technology conglomerate revealed its “sports brain” on Saturday. It is a suite of software products meant to improve the back office of how they run the sports events.

Alibaba has around 200 to 300 employees on the ground in Pyeongchang. They are tasked to study how the games are run and help find ways to save money for future hosts.

Foxconn to Use Shanghai IPO Proceeds to Fund $4B Projects

Foxconn name and logo on white background

Taiwan’s Foxconn said that it will use proceeds from a Shanghai listing of one subsidiary to fund its eight projects. The projects went to a total of 27.3 billion yuan or $4 billion.

The company said that it approved a plan to list its subsidiary, Foxconn Industrial Internet Co Ltd (FII) on the Shanghai Stock Exchange.

FII makes electronic devices, cloud service equipment, and industrial robots. It did not provide any details about the IPO nor when it will take place.

FII briefly discussed the project in a listing prospectus it provided to the China Securities Regulatory Commission late on Friday. There the company said that the projects focused on building smart manufacturing platforms, cloud computing services, and 5G solutions.

Foxconn is the world’s largest contract electronics manufacturer and is formerly known as Hon Hai Precision Industry Co.

BWorldFinance is your primary source of news in the financial market, technology, and more. Visit bworldfinance.com now and get the latest happenings on the market. Register an account now and begin your investing journey!

Leave a Reply