Singles Day could provide some relief to investors amid concerns that the U.S.-China trade war and stock market drops in the mainland have hit Chinese consumer appetite. Alibaba is facing a number of headwinds with shares down nearly 16 percent this year due to weakening investors sentiment towards Chinese technology companies because of the trade war. And the company recently cut its revenue guidance for the fiscal year.
Ahead of Singles Day, Daniel Zhang, CEO of Alibaba told CNBC in an exclusive interview that aired earlier this week, that the U.S.-China trade tensions could be an opportunity for the firm.
“Well, I would say nobody likes trade war and nobody likes the uncertainty of the economic condition. But what we always do is that to try to find opportunities in the tough time. If people have some pain points, this means some opportunities. How to help people in the tough time to get more business, not only in China but also in the global markets,” Zhang told CNBC.
“For Alibaba, we always think about our mission, which is make it easy to do business anywhere. I think it’s more relevant today in this condition,” he added.
Alibaba also pledged last week to help businesses sell $200 billion worth of goods to China in the next five year.