In response to Alibaba’s shares dropping due to the threat of the coronavirus, the Chinese E-commerce giant announced on Thursday that they will launch an online shopping festival. The name of the festival and the date which it will take place are yet to be confirmed, but Alibaba has said that it will offer £111 million worth of spending subsidies towards the festival.

J&P Comments

Although Alibaba has seen a consistent annual growth of over 30% for years, the coronavirus could possibly pose a threat to this growth if it continues to affect the sales of the platform in the same way. Hopefully the online shopping festival will be able to boost sales for the company.