This case study uses Alibaba/Ant Group as an example to show how the meteoric growth of e-commerce and the platform economy in China has transformed the way that business is done and has made Chinese consumers into some of the world’s most active online sellers and purchasers. It focuses especially on the constantly evolving interactions between Alibaba/Ant Group, the Chinese government, and international investors. The case study demonstrates that the expansion of large Chinese corporations within China and overseas, as well as their occasional setbacks, cannot be understood without a broader knowledge of the legal structures underpinning cross-border investment and awareness of multiple competing political interests in China.

The case also gives insights into the multinational links of Chinese e-commerce firms, such as international buyers purchasing Chinese goods online through Taobao and AliExpress, investors buying Alibaba’s shares on the New York Stock Exchange (NYSE), and Alibaba acquiring e-commerce firms overseas, especially in Southeast Asia and developing countries elsewhere.

Finally, the case explains how e-commerce platforms like Alibaba/Ant Group evolved into online banking and financial services. Their huge size and financial complexity have led to systemic risks, and this has caused the Chinese government to regulate these firms more tightly.