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Alibaba Cloud: Price Cut for Int'l Customers is Release of Tech Premium
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Alibaba Cloud, a subsidiary of BABA-SW (09988.HK), announced earlier this month that it launched a new pricing strategy for international customers, reducing the price of its public cloud products by an average of 23%. Leo Liu, Vice President of International Business, and General Manager of Hong Kong SAR, Macau SAR and Philippines, Alibaba Cloud Intelligence, explained that the price reduction is a technology premium for customers after achieving the iterative updating of the underlying technology, efficiency improvement and cost reduction. He emphasised that Alibaba Cloud would not do price cuts at a loss, describing it as positive behaviour with promising feedback from customers. Alibaba Cloud built its own data centre in Hong Kong in 2015 and established the "Alibaba Cloud Hong Kong and Macao Eco Alliance" in 2018, which currently has more than 300 partners. Liu commented that 2024 is the tenth year of Alibaba Cloud's business in Hong Kong, serving more than 40,000 customers, with a cumulative investment of more than $10 billion. The cloud subsidiary logged double-digit YoY revenue growth in the past 3 years. Alibaba Cloud will continue to invest in Hong Kong as it envisions that generative AI and digital convergence in Hong Kong has just begun and there is still more room for development in the future, Liu said. In addition, Alibaba Cloud announced the launch of the Independent Software Vendor (ISV) Acceleration Program in 2024, aiming to attract 100 technology partners to build a comprehensive ecosystem and promote Hong Kong's digital transformation. AAStocks Financial News |
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