Billionaire Investor Says Chinese People Work Harder And Western Companies Could Face Deep Trouble After Alibaba IPO
Noah Berger/Bloomberg via Getty Images
The billionaire investor described the Alibaba IPO as a "major landmark event" that is as significant as the Google IPO, and said Chinese internet companies will create "one global battlefield" with western companies over the next decade.
He warned that a lot of US and European companies are still denying the significance of Chinese internet companies, and that the Alibaba IPO will only make more people aware of the booming Chinese tech industry.
Moritz also stressed how the work ethic of Chinese people is contributing to Alibaba's massive growth. When you combine that with the talent they have, he said, it becomes a "formidable combination."
"Alibaba is also valuable because of the drive of its leaders and the indefatigable work ethic of the company - people just work a lot harder in China than they do anywhere else," he said.
While Alibaba's IPO is indeed considered a historical event, it is worth noting that Sequoia is an early investor and shareholder of Alibaba. Sequoia is also one of the most active US VC firms in China, having opened its first China fund in 2005, according to the WSJ.
Alibaba is expected to raise over $20 billion when it goes public this Friday.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Having an regional accent can be bad for your interviews, especially an Indian one: study
- Dirty laundry? Major clothing companies like Zara and H&M under scrutiny for allegedly fuelling deforestation in Brazil
- 5 Best places to visit near Darjeeling
- Climate change could become main driver of biodiversity decline by mid-century: Study
- RBI initiates transition plan: Small finance banks to ascend to universal banking status
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market