Alibaba Group reports March quarter 2016 and full fiscal year 2016 results.
March Quarter 2016 Results:
Source: Alibaba Group
In Marth quarter 2016, Koubei, the online platform for local businesses jointly established by Alibaba Group and Ant Financial Services Group in September 2015, generated more than RMB21 billion (US$3B) in payment volume transacted via Alipay, a quarter-over-quarter increase of 33%. (Alipay is the only payment option on Koubei.)
Average daily transaction volume reached 5.5 million in the past March. There have been more than 800,000 merchants on Koubei platform.
Online video service iQiyi.com launches two virtual reality (VR) apps, iVR Panorama Cinema (for entertainment content) and iVR Game Room (for games), for all-in-one VR devices, as well as a VR feature for its own video streaming app.
The company has reached an agreement with Wuxi Soulpower Culture Media Co., Ltd., a Chinese 3D production company, to produce a VR fantasy film, Iron fists of the Despicable.
Alibaba Entrepreneurs Fund, a not-for-profit initiative launched in 2015, announces to invest in three Hong Kong-based startups, YEECHOO, GoGoVan and Shopline.
Alibaba Entrepreneurs Fund has two separate funds for Hong Kong and Twaiwan, respectively.