<p>China's top e-commerce platform Alibaba Group Holding Ltd reported a forecast-beating 64 per cent surge in quarterly revenue on Thursday, as more people shopped online due to the coronavirus pandemic.</p>.<p>But the strong performance was overshadowed by intense regulatory crackdown that resulted in the suspension of a $37 billion IPO of its affiliate Ant Group and a $2.8 billion fine for anti-competitive business practices.</p>.<p>Net loss attributable to ordinary shareholders was 5.48 billion yuan, or 1.99 per American depository share (ADS), compared with a profit of 3.16 billion yuan, or 1.16 yuan per ADS, a year earlier.</p>.<p>Competition from smaller rivals is also heating up, with Pinduoduo Inc overtaking Alibaba to become China's largest e-commerce platform by users.</p>.<p>Alibaba's US listed shares have fallen more than 30 per cent since hitting a record high in late October when its founder Jack Ma delivered a speech in Shanghai criticizing China's financial regulators.</p>.<p>Revenue rose to 187.4 billion yuan ($29.03 billion) in the three months ended March 31, higher than 180.41 billion yuan forecast by 30 analysts compiled by Refinitiv.</p>
<p>China's top e-commerce platform Alibaba Group Holding Ltd reported a forecast-beating 64 per cent surge in quarterly revenue on Thursday, as more people shopped online due to the coronavirus pandemic.</p>.<p>But the strong performance was overshadowed by intense regulatory crackdown that resulted in the suspension of a $37 billion IPO of its affiliate Ant Group and a $2.8 billion fine for anti-competitive business practices.</p>.<p>Net loss attributable to ordinary shareholders was 5.48 billion yuan, or 1.99 per American depository share (ADS), compared with a profit of 3.16 billion yuan, or 1.16 yuan per ADS, a year earlier.</p>.<p>Competition from smaller rivals is also heating up, with Pinduoduo Inc overtaking Alibaba to become China's largest e-commerce platform by users.</p>.<p>Alibaba's US listed shares have fallen more than 30 per cent since hitting a record high in late October when its founder Jack Ma delivered a speech in Shanghai criticizing China's financial regulators.</p>.<p>Revenue rose to 187.4 billion yuan ($29.03 billion) in the three months ended March 31, higher than 180.41 billion yuan forecast by 30 analysts compiled by Refinitiv.</p>