Alibaba has paused the public listing of its supermarket chain because of what it sees as a volatile market and Sport Archivescanceled its cloud unit spin off, the company announced on Thursday alongside reports of its earnings for the three months to September. The US’s decision to tighten controls on exports of advanced AI chips to China has created uncertainties, says Joe Tsai, Alibaba chairman, adding that the company will instead chase “sustainable growth” based on AI-driven demand and operate its cloud computing services independently. Meanwhile, Alibaba has put grocery chain Freshippo’s IPO on pause citing market conditions and the need to reevaluate various factors. Alibaba generated RMB 224.79 billion ($46.03 billion) in revenue in the July to September period, up 9% from a year earlier, with revenue from its international digital commerce group that operates Lazada and AliExpress seeing a 53% earnings increase, again recording the highest growth rate among its six groups, and partially offsetting lackluster domestic performance. [Alibaba]
