Jack Ma, the Chairman of Alibaba Group Holding Ltd (NYSE:BABA) is set to visit the USA in efforts to attract businesses to the e-commerce company.
Jack Ma’s visit will feature New York and Chicago in this week, where he will try to market his firm over the growth potential that the American middle class stands to offer. The Chairman hopes that the mission will succeed, and if it does, it will be a golden opportunity for Alibaba to boost its profits beyond the boundaries of China.
His visit was also influenced by China’s slow economic growth that has hit a record low since the 90s. There is thus the need to overcome the pull by extending operations into other territories. It has also been Alibaba’s mission to expand on a global scale to encourage its users to trade from anywhere in the world. So far, the e-commerce company has 557 million users in China.
Alibaba reported that Jack Ma will hold meetings with a group of leaders representing various universal brands. His schedule will first feature New York where he will meet New York’s economic club at the Waldorf-Astoria. He will later travel to Chicago on Wednesday where he will meet up with about 300 business executives at one of the town halls. Mr. Ma will also hold talks with the Chief Executive Officer of American Express, Mr. Ken Chenault.
Rahm Emanuel, the mayor of Chicago, will also hold talks with Ma, to discuss prospects for job creation through exports to China. So far, there are a few American companies that are looking to partner up with Alibaba. The companies include Macys Inc and Costco Wholesale Corp. Such partnerships will allow them to capitalize on opportunities for extending their products to China.
Alibaba Group Holding Ltd (NYSE:BABA)’s current revenue outside its home country is only 4%. Ma plans to raise the cross border revenues up to 50%. The company’s share value dropped by 2.7 % to $88.29 during Monday’s opening. So far, the company has experienced an aggregate decline of 15% in 2015.
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