The spokesperson of Taobao＆Tmall Group denied the media reports that Alibaba Group Holding Limited is going to shut down Alibaba LST and merge it with 1688. The Alibaba LST platform is making targeted adjustments to its business based on overall market demand, aiming to better serve users rather than completely shutting down.
A statements attributable to a Taobao＆Tmall spokesperson:
Ling Shou Tong (LST) remains part of the Taobao＆Tmall Group. Ling Shou Tong is not shutting down or merging with 1688. It is currently making business adjustments based on market demand, aiming to better serve its users.
On March 15, there were reports from industry media that Alibaba Group Holding Limited is rumored to be shutting down Alibaba LST. It is reported that a message was posted in a ToB software executive group: Dear user! Due to the restructuring of the group architecture, Alibaba LST will be adjusted to merge with Taobao＆Tmall Group and 1688 website. Starting at 22:00 on March 18th, the Alibaba LST platform business will temporarily suspend operations.
Alibaba LST was established in 2015 and by 2020 had already accumulated 1.5 million store customers, making it China’s undisputed number one fast-moving consumer goods B2B platform. However, Alibaba LST’s rapid development came to a halt in 2021. In that year, Lin Xiaohai, the CEO who led Alibaba LST ‘from zero to one,’ was transferred to Sun Art Retail Group. Since then, there have been few updates about Alibaba LST online. At that time, there were six million mom-and-pop stores in China, with over 20% of them being Alibaba LST’s customers – an impressive achievement.
SEE ALSO: Alibaba Will Gradually Withdraw from Traditional Brick-and-Mortar Retail Industry
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