Alibaba Group Holding Ltd, China’s biggest e-commerce firm topped first-quarter revenue estimates on Aug. 23 but said investments in its food delivery business would continue to weigh on profits.
The company said it had formed a holding company for local services and food delivery firms Ele.me and Koubei, for which it had received over $3 billion in new investment commitments, including from SoftBank Group Corp and Alibaba itself.
