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China tech

Alibaba can advance in 2023, says CEO, after China's COVID U-turn

Daniel Zhang takes greater control of tech group's important cloud business

Alibaba CEO Daniel Zhang has struck a cautiously optimistic tone in his outlook for the company in 2023.    © Reuters

HONG KONG -- Alibaba Group Holding can "advance" in 2023, Chairman and CEO Daniel Zhang told staff Thursday, suggesting the Chinese company hopes to move on from a period of turmoil caused by Beijing's crackdown on the tech sector.

"The key word for the new year prospects I wrote down earlier this year is 'firm and stable'... as we begin 2023, I hope the key word for the new year will be 'advance,'" Zhang said in an internal letter to employees that also referenced China's abrupt U-turn on its zero-COVID strategy.

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