Alibaba’s revenues increase by 8% as Chinese regulations loosen

The Chinese e-commerce behemoth Alibaba said today that its current fiscal year revenues slightly increased as the nation’s legislative constraints on the technology industry loosened.

One of the biggest companies in China’s internet sector, the Hangzhou-based business offers a variety of services from retail to digital payments, artificial intelligence to entertainment.

Alibaba posted sales of 941.2 billion yuan (130.4 billion dollars) in the fiscal year ended March 31, a year-on-year increase of 8 percent, a company statement said.

Net income for the period stood at 71.3 billion yuan, an increase of 9 percent year-on-year.

Alibaba said last year that it will divide into six companies, each with its own board of directors and director, as part of a major reorganization.

China’s digital industry has been subject to a tidal wave of regulations since 2020 because of government concerns that a small number of enterprises are amassing an excessive amount of wealth and influence.