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It aims to support existing e-commerce businesses and the rise of "New Digital Entrepreneurs" by the initiative.
These "New Digital Entrepreneurs" are building digital businesses enabled by new online infrastructure to operate their B2C e-commerce stores on platforms like Shopify Inc (NYSE: SHOP) or as third-party sellers on retail e-commerce sites like Amazon.com Inc (NASDAQ: AMZN).
Over the last year, transactions involving U.S. businesses on Alibaba.com were up by over 150%.
Price Action: BABA shares traded lower by 1.94% at $167.40 on the last check Thursday.
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