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| Alibaba plans to invest $1 billion in Turkey |
Alibaba Group Chairman Michael Evans said during a visit to Turquoise Media Group in Istanbul that the Chinese e-commerce giant plans to invest more than $1 billion in Turkey, The Daily newspaper reported Sunday morning..
Turkey's vast manufacturing capacity makes it the most beneficial country to the world in this sector, Evans said, adding that Alibaba continues to invest in large and small companies and take advantage of Turkey's manufacturing capacity and huge export potential to Europe and the United States. Transfer. Point out that many of the G20 countries have consumption capacity but no production capacity.
Evans also commented on a question about Trendyol, the largest e-commerce company in Turkey backed by Alibaba, which has become the ten largest grain company in Turkey, which means that the number one company in Turkey is valued at more than 10 billion US dollars.
When asked about Alibaba's intention to go public for its shares in Turkey via Trendyol, Evans said, "There are pros and cons to going public. I think it's beneficial to be a public company. But Trendyol's management is the people who have that point to make the decision."
Meanwhile, Trendyol Group Chairman Caglayan Cetin said that the company has many investors and there is currently no need to raise capital through an IPO.
Cetin also said that for the first time, the Turkish brand has become the main sponsor of the Olympics, and ready-made clothes, souvenirs and other products sold during the Olympics will be manufactured in Turkey and exported to 100 countries.
In particular, Trendyol, which is one of the most popular online retail platforms in Turkey, has won the support of foreign investors and holds a leading position in the country's online retail market.
After acquiring Trendyol in 2018, Alibaba increased its stake in the company to 86.5% after the transaction.
In January 2022, it was reported that Trendyol planned to double its IPO in New York or London when overseas sales accounted for 30% or 35% of total sales.