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Another good story he shared was how he came up with the name Alibaba. He said he wanted a name that would be globally acceptable and when he asked Americans what they thought he said it resonated. People assumed?it was a reference to the folk tale, “Ali Baba and the Forty Thieves.”

Anticipated D-share listings by domestic companies appear to highlight the desire of Chinese regulators to broaden the fundraising channels for the former.

Ant attributes the upsurge to deepened internet penetration, a quick takeoff in smartphone usage, and the consequent easier access to micro loan services which are unattainable through conventional financial institutions.

Another business opportunity occurred to him when he learned that walnut hulls could be used in making dyes. Wang cooperated with a tech company in the city of Chengdu to extract plant pigment from hulls to make hair dye.

Annual per capita consumption of dairy products in China is around 36 kilograms a year, while the figure is around 50 kg in Japan and South Korea. Industry experts said China's dairy market is expected to continue to grow significantly.