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After doubts about Alibaba's future, co-founder Joe Tsai says: ‘We're back'

·1 min

Chinese e-commerce giant Alibaba is optimistic about its future prospects, according to co-founder Joe Tsai. After a period of pressure, the company believes it is back on track to be a top market player. Alibaba has faced competition from other e-commerce players and livestreaming sales platforms. Tsai expects the penetration of e-commerce in China to exceed 40% in the next five years. The company recently underwent internal changes and restructured its management. While Alibaba’s U.S.-traded shares have remained stable, its fintech affiliate Ant Group’s IPO was suspended, and the company was fined for alleged monopolistic behavior. Despite increased competition and U.S.-China tensions, Alibaba remains focused on building its artificial intelligence capabilities.