Alibaba Group Holding Limited’s (NYSE:BABA) digital technology unit Alibaba Cloud Intelligence collaborated with Chinese mining giant Shaanxi Coal and Chemical Industry Group in its bid to win state-owned enterprise clients.
The Western Energy Cloud platform, backed by Alibaba Cloud, helps to accelerate the digitization of the energy industry in Western China – home to Xian-based Shaanxi Coal, SCMP reports.
Alibaba Cloud aims to drive business intelligence innovation by integrating industry-specific large models with business systems and processes.
Alibaba Cloud’s sales fell 2% year on year to 18.6 billion yuan ($2.6 billion) in the first quarter, contributing 9% of Alibaba Group’s total revenue.
Alibaba will spin off its cloud unit into an independently-run entity with five other units, each potentially seeking fundraising avenues through initial public offerings.
Price Action: BABA shares traded lower by 0.05% at $86.10 premarket on the last check Friday.
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