Alibaba Group Holding Limited (NYSE:BABA) stock continues to attract investor interest despite reports suggesting a possible contraction in Chinese manufacturing in June.
On the flip side, the company said that Alibaba’s grocery unit Freshippo expanded its number of physical stores in China on Friday as it prepares to spin off from its parent company and go public.
Freshippo, known as Hema in China, plans to open 12 new stores across mainland China in significant cities, including Beijing, Shanghai, and Guangzhou, CNBC reports.
Alibaba’s Freshippo tries to blend the company’s strength in e-commerce and logistics with the more traditional shopping experience.
Last week, JD.Com, Inc (NASDAQ:JD) set up a new business unit to house its grocery business 7Fresh, with a company veteran to lead the division.
Also, Alibaba’s rival Chinese online fashion retailer Shein has confidentially filed for a U.S. listing.
Shein has been eyeing a U.S. IPO for at least three years, but U.S. scrutiny of Chinese accounting practices, market volatility fueled by the pandemic, and Russia’s war in Ukraine resisted it from proceeding, Reuters reports.
Price Action: BABA shares traded lower by 0.12% at $83.45 premarket on the last check Friday.
