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Alibaba and Coupang in the spotlight
Gerhard Kling, Ingyu Oh & Chris Rowley
To cite this article: Gerhard Kling, Ingyu Oh & Chris Rowley (2023) Alibaba and Coupang in the
spotlight, Asia Pacific Business Review, 29:2, 267-278, DOI: 10.1080/13602381.2023.2177936
To link to this article: https://doi.org/10.1080/13602381.2023.2177936
Published online: 10 Feb 2023.
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INTRODUCTION
Alibaba and Coupang in the spotlight
Gerhard Kling
a
, Ingyu Oh
b,c
and Chris Rowley
d,e
a
Business School, University of Aberdeen, Aberdeen, UK;
b
Department of Global Engagement, Kansai Gaidai
University, Osaka, Japan;
c
International Centre for Organization & Innovation Studies, Singapore;
d
Kellogg
College, University of Oxford, Oxford, UK;
e
Bayes Business School, City, University of London, London, UK
ABSTRACT
Alibaba and Coupang had enjoyed a period of success, starting with
their IPOs. However, both companies have underperformed
Amazon during the last 12 months. This special issue explores the
underlying drivers for their tumultuous performance outcomes,
including governance, political risks and internationalization strate-
gies. This introduction paper sets the scene by studying the market
perspective based on analyst reports, nancial statements and
stock market data. To understand growth expectations, we decom-
pose current share prices into their present value, explained by
current earnings and future value, driven by future growth and
protability. Exogenous factors such as the recent increase in inter-
est rates, woes of governance problems associated with foreign
corporations in South Korea and China’s anti-monopoly drive
aimed at its tech giants have contributed to weaker performance.
Our analysis of implied growth rates suggests that the market
expects annual revenue growth above 11% for the foreseeable
future. These expectations will be hard to meet, requiring
a rethink of business models and processes.
ARTICLE HISTORY
Received 10 January 2023
Accepted 3 February 2023
KEYWORDS
Alibaba; Coupang;
e-commerce; IPO; South
Korea; China; share prices
Introduction
The COVID-19 pandemic has threatened the viability of traditional retailers, which are
aected by lockdowns. In contrast, e-commerce has witnessed rapid growth globally.
Western media’s attention has focused on the dominant position of Amazon and its
impact on the high street, overlooking the two most potent rivals: Alibaba and
Coupang. Both e-commerce giants have established a dominant position in their home
markets, China and South Korea. Moreover, both companies have global ambitions,
oering services outside their home region. Interestingly, rivals that can challenge
Amazon’s dominance have not emerged in other regions, such as Europe.
Coupang’s IPO on 11th March 2021 at the New York Stock Exchange (NYSE) has
propelled the company’s reputation to new highs among investors, which beneted
from a price surge of more than 40% on the same day. Coupang’s IPO was the largest
by a foreign rm in the US since Alibaba Group Holding’s IPO in 2014. Both e-commerce
giants have almost unlimited access to nance and a low cost of capital to fund their
future expansion.
CONTACT Ingyu Oh oingyu@kansaigaidai.ac.jp
ASIA PACIFIC BUSINESS REVIEW
2023, VOL. 29, NO. 2, 267–278
https://doi.org/10.1080/13602381.2023.2177936
© 2023 Informa UK Limited, trading as Taylor & Francis Group
However, times are changing, this time fortuitously triggered by high inations. The
stock market performance of Coupang has been disappointing lately, bogged down
notably by the government measures against the thwarts of foreign capital (e.g. capital
ights witnessed by a US hedge fund Lone Star) and labour-management disputes over
wages. The ‘China Tech Crackdown’ has aected Alibaba’s performance in line with other
Chinese tech giants. China’s Anti-Monopoly Law, introduced in 2008, was initially aimed at
foreign market entries. Current policy discussions seem to target tech giants, labelled as
an anti-monopoly agenda. These regulatory uncertainties have considerably impacted
Alibaba’s stock market performance.
This paper introduces the special issue by exploring market expectations. Can changes
in growth expectations and protability explain the underwhelming performance? Are
there any dierences between the three companies? Can these dierences be attributed
to underlying strategic decisions? The special issue investigates these and other questions
in detail.
How to satisfy markets?
We obtain nancial data from Bloomberg and Yahoo Finance (using an API). Additional
data is collected from annual reports and analysts’ reports. Stock market data includes
daily share prices (open, low, high, close), dividends (if applicable) and trading volumes.
Financial data includes items from the income statement and balance sheet. We apply
techniques developed in nancial analysis to assess market expectations and nancial
performance. Assumptions regarding the cost of capital are applied due to dierences in
corporate governance and access to capital. Additional assumptions are outlined in our
empirical results if required.
Since 1
st
November 2021, Alibaba’s and Coupang’s stock market performance has
lagged behind Amazon’s performance. Figure 1 plots the relative strength, which refers
to benchmarking share prices against Amazon’s share price. Hence, both companies
underperformed compared to Amazon in this period.
Decomposing current share prices into a present value explained by current earnings
and a future value due to future growth and protability reveals dierent patterns (see
Figure 2). Alibaba exhibits the highest proportion of its share price, being explained by
present earrings, followed by Amazon. However, Coupang’s share price is entirely dened
by future growth and the assumption that the company will become protable. Having
a high dependence on future growth makes these companies more exposed to changes
in the cost of capital. The discount factor disproportionately impacts rm value if the
majority of cash ows are expected to occur in the distant future. The current macro-
economic environment with high ination and interest rate raises will amplify these
dependencies.
The main driver of future value is revenue growth. Historically, all three companies
demonstrated high growth potential. Over the last four years, compound annual growth
rates (CAGRs) reached 19.2% for Amazon, 22.7% for Alibaba, and an astonishing 46.0% for
Coupang. However, Coupang’s much smaller rm size enables higher growth rates. In
terms of past protability, progress is more mixed. Amazon achieved a CAGR in earnings
per share (EPS) of 33.9%, whereas Alibaba’s CAGR was −9.2% as it struggled to maintain
268 G. KLING ET AL.
past levels of protability. Based on past performance, Amazon’s track record is more
convincing than its two rivals.
Current valuation levels imply high revenue growth rates above 11% per year. This
analysis assumes a steady state and constant growth from 2023 to 2033. A xed level of
cost of capital is assumed. Given the size of their current business, Amazon and Alibaba
need to reach unprecedented levels of revenue to justify current valuations. Figure 3
.4 .6 .8 1 2.1
01oct2021 01jan2022 01apr2022 01jul2022 01oct2022
Time dimension
CPNG compared to AMZN BABA compared to AMZN
Figure 1. Relative strength Coupang and Alibaba compared to Amazon since 1 November 2021.
0% 20% 40% 60% 80% 100%
AMZN
BABA
CPNG
Current Future
Figure 2. Decomposition of share price.
ASIA PACIFIC BUSINESS REVIEW 269
shows implied growth rates for dierent levels of cost of capital. The latter is expected to
increase amid monetary tightening.
Analysts’ consensus-based forecasts for revenue growth are in line with implied growth
rates derived in Figure 3 – but the challenge is maintaining high growth for an extended
period. Analysts expect Coupang to grow by 14.9%, Alibaba by 11.0%, and Amazon by
10.6%, respectively.
What drives performance?
The literature explores underlying factors that aect value drivers, including business
models (Cho and Cho 2020; Seo, Kim, and Youn 2018; Trabucchi, Talenti, and Buganza
2019), sustainability (Yun et al. 2020), domestic e-commerce markets and global expan-
sion (Anwar 2017; Kuah and Wang 2017; Kwak, Zhang, and Yu 2019).
This special issue explores Alibaba and Coupang’s past success and future
potential in e-commerce, FinTech, and other industries. Oh, Koh, and Kim (2022)
focus on Coupang’s IPO success, corporate governance and political risk, whereas
Shao (2023) analyses Alibaba’s IPO and dual-class shares (DCS). Pesqué-Cela, Li, and
Kim (2022) and Wei et al. (2022) explore the relationships between companies,
investors and stock markets. Tian and Li (2022) and Wang, Kling, and Li (2022)
investigate Alibaba’s global expansion and acquisitions. Finally, the COVID pan-
demic has transformed retail and e-commerce. Wang, Jiang, and Liu (2022) show
that oering nancial services can enhance the quality of e-commerce platforms.
Enatsu, Horio, and Ishiyama (2022) study the entrepreneurial learning process using
the case of SoftBank Academia. The papers collected in this issue can be summar-
ized in the following fashion (Table 1).
12.9%
14.7%
16.3%
17.7%
11.4%
13.2%
14.7%
16.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
5% 6% 7% 8%
AMZN BABA
Figure 3. Implied growth rates from 2023 to 2033.
270 G. KLING ET AL.
Table 1. Summary of papers.
Author Research Questions Findings Thoretical Implications Practical Implications
Oh, I., Koh, Y. and
Kim, Y.K.
1) Why do venture capital firms want an
IPO at the NYSE; 2) Why would Wall
Street investors find Coupang’s IPO
more attractive than other competing
public offerings; 3) Where will this
lead VCs in the future?
1) If corporate governance (CG) disparity
between venture capital (VS) spinoffs
and host country institutions exists
due to VC’s American managerial
ideology, VCs will list their offshore
firms at the NYSE; 2) When the
institutional incongruence between
host and VC countries is intensified by
the overall political risk in a host
country, VCs will seek a third IPO
country, most probably the US, to
neutralize such risks; 3) If VC spinoffs
are operating in countries that offer
inadequate investor protection (i.e.
the origin of home country effect) to
potential global investors, VC will
satisfy both predictor and contextual
conditions before IPOs at the NYS: 4)
Growth-first VC spinoffs with few
high-tech assets operating in
a politically risky host country will
offer dual class shares (DCS) stock
options to expat CEOs for rapid
growth through external financing
and a subsequent listing on the NYSE.
1) Coupang’s emulation of Alibaba was
a consequence of political risks
stemming from the mismatch
between the CG institutions of South
Korea and those of the US or global
VCs’ ideal host countries; 2) DCS was
necessary in order to brace the
transnational migrant CEO’s
controlling power, whose expertise
was in knowing both cultures and
institutions very well; 3) The
incumbent CEO’s expertise is not in
technology or future visions but
rather in neutralizing political risks
and securing sufficient external
capital for rapid growth; 4) Variant
interest entity (VIE) can be explained
better by political risks or CEO risks
than institutional differences between
countries.
1) For global VCs desiring to expand in
countries where political risks are high
due to the mismatch of CG institutions
and/or austere labour union militancy,
it is highly recommended that they
adopt VIE and DCS for their spinoffs if
the incoming CEO is either a host
country citizen or a transnational
migrant; 2) To alleviate these negative
contextual conditions during high
growth periods, VCs must be well
situated in the global financial
network in order to gain significant
support from highly esteemed IPO
underwriters; 3) When IPOs eventually
become a substantial success, VCs
must then carefully plan their exiting
schedules in order not to reveal IPO
overpricing untimely that can cause
rapid share price plumeting.
(Continued)
ASIA PACIFIC BUSINESS REVIEW 271
Table 1. (Continued).
Author Research Questions Findings Thoretical Implications Practical Implications
Wei, K., Xiao, L.,
Fang, Y. and
Jiang, C.
What are the underlying drivers for
Alibaba’s IPO success at the NYSE?
1) A company’s choice of IPO market is
driven by fast-track access to finance,
legitimacy signalling and better
investor protection in mature capital
markets with a sound institutional
environment; 2) Companies seek an
overseas IPO market that may
accommodate their internal
characteristics and facilitate their
ambitious global development
strategy; 3) The growing industries
(i.e. the high-tech IT sector) with
outstanding capital market
performance help attract global
investors and contribute to Alibaba’s
overseas IPO successl 4) Companies’
sound fundamentals and strategic
alliances, coupled with effective IPO
campaign activities, are the key
driving force for their overseas IPO
success.
1) While firms may take advantage of
institutional differences in
formulating internationalization
strategies, the real impact should be
considered in conjunction with
associated political and regulatory
risks; 2) Since it is not possible to
quantify the contribution of each
predictive signal to IPO performance,
these signalling factors should not be
considered in isolation but as
a ‘bundle’, jointly determining IPO
performance; 3) The prior IPO
endorsement by reputable venture
capital and alliances serves as third-
party assurance in boosting investors’
confidence.
1) Well-planned roadshow campaigns
effectively promoted Alibaba to
potential investors and helped attract
key institutional investors and
analysts’ coverage; 2) Alibaba
employed a professional team of
lawyers and accountants to address
regulatory issues, such as the
disclosure of the company’s business
model, proceeds, competition,
corporate governance, risks, and
executive compensation; 3) Given
little progress in talks between China
and the US, Alibaba applied for
a primary listing in Hong Kong, which
was approved in August 2022.
(Continued)
272 G. KLING ET AL.
Table 1. (Continued).
Author Research Questions Findings Thoretical Implications Practical Implications
Pesqué-Cela, V.,
Li, J. and Kim,
Y.K.
Whether and how venture capital-
backed companies from emerging
markets use CSR to overcome the
liability of foreignness when going
public in the US?
1) Such firms strategically increase their
CSR activities prior to their IPO in
order to signal legitimacy to
investors; 2) Firms with both strong
and weak CSR signalling strategies (as
measured by signal cost, frequency
and consistency) are equally likely to
have successful IPOs when they are
backed by reputable venture capital
firms.
1) For CSR signals to be credible, they
should be costly, frequent and
consistent over time; 2) The finding
that CSR can be used strategically by
emerging market firms (and their
venture capital investors) to signal
their quality and raise capital in
foreign markets complements
existing studies showing a positive
relationship between CSR and access
to (lower-cost) capital; 3) CSR
investments are not only ethically
imperative but also economically
efficient to the extent that they
enable firms reduce information
asymmetries with potential investors
in foreign markets; 4) our findings
point to the importance of
considering the impact of non-
intentional and/or externally
generated signals on the signalling
process and, ultimately, the
equilibrium outcomes; 5) this paper
incorporates into the analysis
a greater range of signals, and
a longer time frame.
1) Receiving backing from reputable
venture capital firms is critical to
a successful IPO abroad; 2) We also
point to the importance of adopting
strong CSR signalling strategies
among firms to distinguish
themselves from low-quality IPO firms
and avoid potential investor concerns
about false signalling and CSR-
washing.
Shao, S. 1) The transformation of corporate
ownership structure in the new era; 2)
The impact of DCS structure on IPO
and long-term development by
clarifying the organizational structure
and mechanism of Alibaba’s
partnership system
1) Alibaba stands out from the
comparison of the industry in terms of
its profitability, growth ability, earning
ability and risk control ability after the
implementation of the DCS system; 2)
The agency cost of the enterprise is
reduced, the profitability,
development ability and cash ability
of the enterprise are increased and
the operation risk of the enterprise is
effectively controlled.
The findings in this paper support
human capital theory and equity
theory that link DSC to Alibaba’s
institutional innovation.
Alibaba can be a good example for other
e-commerce firms to emulate when it
comes to DCS.
(Continued)
ASIA PACIFIC BUSINESS REVIEW 273
Table 1. (Continued).
Author Research Questions Findings Thoretical Implications Practical Implications
Tian, L. and Li, X. Whether Alibaba can integrate itself into
the local market (e.g. in Southeast
Asia) and create value with a global
acquisition under its e-commerce
business model?
Alibaba successfully integrates with
Lazada, which creates value in both
the short and long term.
1) Based on the Fama-French five-factor
model, we find that Alibaba’s
acquisition of Lazada creates short-
term value; 2) Comprehensive
consideration of value creation in
different dimensions helps cast new
light on previous research that merely
considers the value effect from
a single dimension (e.g. PCA
framework).
1) Cross-border M&As can indeed help
a firm’s value increase, but managers
should also pay attention to the
changes and risks of financial
indicators; 2) Since e-commerce
companies are in a typical high-risk
and asset-light industry, managers
need to pay attention to changes in
their cash flow and strengthen capital
management when conducting cross-
border M&As; 3) Alibaba makes full
use of the advantages of big data and
cloud computing to help with
overseas M&As.
Wang, Z., Kling,
G. and Li, J.
Whether political embeddedness
influences firms’ propensity for
conducting cross-border M&As and
their success?
Using panel data with 30,314 firm-year
observations from 2000 to 2015, we
find that non-SOEs conduct more
cross-border M&As than SOEs and
they benefit more from M&A
activities. And the successful case of
Alibaba acquiring Lazada explain the
quantitative results.
1) Firms’ political embeddedness plays
a major role in affecting firms’ M&A
activities and their success; 2) This
paper adds to the literature in political
economy by enriching the findings of
the effects of political embeddedness
in emerging markets; and 3) We
summarize possible countermeasures
from the successful case of Alibaba
acquiring Lazada to mitigate the
negative influence of political
embeddedness and benefit more
from cross-border M&As.
1) Before the acquisition, Politically
embedded enterprises (PEEs) can
alleviate the political resistance by
providing help to the target country; 2)
Help from third-party professional
organizations is also worth considering
in order to produce better predictions of
growth potentials; 3) PEEs should
streamline the payment process for the
payment approach; 4) On the premise
of sufficient funds, PEEs can increase the
proportion of cash payments to avoid
equity dilution concerns; 5) PEEs should
respect local culture and adequately
retain the original corporate culture,
which is helpful to eliminate the
resistance of target companies; 6) it
would be better to gradually optimize
the business model or services based on
the original business model to avoid
losing existing customers; and 7) The
‘Partner-like’ control mode
implemented by Alibaba is worth
learning from.
(Continued)
274 G. KLING ET AL.
Table 1. (Continued).
Author Research Questions Findings Thoretical Implications Practical Implications
Wang, J., Jiang,
L. and Liu, W.
1) Whether the quality of additional
financial services affects sellers’
satisfaction and loyalty to
e-commerce platforms; 2) Whether
sellers’ financial pressured and
government financial support during
the pandemic moderate the
satisfaction-loyalty relationship?
1) Better financial service quality
enhances sellers’ satisfaction with the
platform, which in turn translates into
platform loyalty; 2) The moderating
effects are observed.
1) Additional services could be an
influential factor in the success of
e-commerce platforms; 2) Sellers are
encouraged to take advantage of the
services provided by the platform in
order to ease external environmental
uncertainties and challenges
Governments and institutions should
provide more financial support to
sellers (small and micro enterprises) in
order to foster a sustainable business
environ-ment, which would also help
to prevent monopolization by a small
number of platforms
Enatsu, I., Horio,
M. and
Ishiyama, N.
What is a theoretical model of
interaction between individual and
collective levels of entrepreneurial
learning?
The entrepreneurial learning process,
which spans individual and collective
levels, features elements of SoftBank
Group’s business process such as
‘comradely association’ and ‘Cluster of
No. 1 Strategy’.
1) Individual learning in an
entrepreneurial community causes
collective learning, even as collective
learning alters individual learning; 2)
Our findings not only show that
entrepreneurial learning is a parallel
process between individual
development and the growth of
a firm, but also reveal the mutual
influence between the development
of individual entrepreneurs and their
general situation.
The formation of an entrepreneurial
community should be practised by
for-profit firms and public
organizations that support firms and
non-profit organizations.
ASIA PACIFIC BUSINESS REVIEW 275
As Table 1 shows, papers collected in this special issue are divided into three thematic
groups. Firstly, theoretical papers address the fundamental questions of the need of an
IPO in the US and the success factors of IPO, while e-commerce rms are operated in less
mature markets than the US. Oh, Koh, and Kim (2022) and Wei et al. (2022) highlight the
importance of the rise of transnational venture capital rms in the e-commerce sector and
underscores the process of ameliorating corporate governance problems in China and
Korea before going to New York for IPO. Pesqué-Cela, Li, and Kim (2022) add to this
debate by addressing the importance of signalling and sending out CSR messages to
potential investors in New York in addition to all other mechanisms relevant to the
success of IPO in the US. Related to this topic of corporate governance is the rising
importance of DCS (Shao 2023).
Secondly, China-specic papers deal with the question of how Alibaba has expanded its
services into foreign countries through foreign acquisitions. Tian and Li (2022) are concerned
with a question of Alibaba’s international strategy and analyses its short- and long-term values
when the Chinese e-commerce giant chooses to acquire a local Southeast Asian e-commerce
rm to integrate with the local market. On the other hand, Wang, Kling, and Li (2022) try to
evaluate the eect of political embeddedness on the decision to adopt an M&A strategy in
international expansion. Using the case of Alibaba’s acquisition of Lazada for the Southeast
Asian market, they nd that political embeddedness explains the M&A behaviour of the
Chinese e-commerce giant in the Southeast Asian market. Moreover, Wang, Jiang, and Liu
(2022) look into the question of how e-commerce rms in China survives during the pandemic
by testing the hypothesis of whether additional nancial services would enhance customer
loyalty.
Thirdly, Enatsu, Horio, and Ishiyama (2022) tackles the transnational venture capital
rm, SoftBank, which owns both Alibaba and Coupang and raises the issue of entrepre-
neurial education in the rm to see how that makes the rm’s nancial decisions viable
from one generation to another. Surprisingly, the paper nds that intrarm education of
nancial entrepreneurialism remains a pivotal aspect of future survival of SoftBank, which
other similar rms should emulate.
Conclusion
Our analysis presented in this paper shows that stock market performance has been dis-
appointing in the last 12 months. Exogenous factors such as the increase in interest rates,
Korea’s woes against the US-Japan capital investments in the e-commerce industries and
China’s move against its tech giants have contributed to weak performance. Despite these,
market expectations remain high, suggesting that stock markets will punch companies that
fail to meet expectations. In order for SoftBank, a Japanese global capital management rm, to
sustain its two largest international portfolios of Alibaba and Coupang, the Japanese FinTech
giant has to resolve serious political risks emanating from its host countries of China and
Korea. These two countries, where Amazon has never attempted to inltrate into their
markets, are very suspicious of foreign capitals and their domination of host markets, while
their stocks are listed at the NYSE.
Listing the Alibaba and Coupang stocks at the NYSE via a system of dual class shares was to
neutralize the governance problems of both Chinese and Korean rms, although this failed to
neutralize political risks in the two hosting countries by worsening the trust structure between
276 G. KLING ET AL.
foreign capitals and hosting country government, labour forces and consumers. The collec-
tion of papers in this issue tackles these contradictory problems inherent in the globalization
strategy of a Japanese nancial management rm operating in the e-commerce sector, which
has benetted a lot during the pandemic unlike the traditional retail sector of the economy.
Research on the movement of foreign capitals in the e-commerce market where Amazon has
not yet started its operation needs further investigation starting from the very questions we
raised in this issue.
Disclosure statement
No potential conict of interest was reported by the author(s).
Notes on contributors
Gerhard Kling holds a Chair in Finance at the University of Aberdeen. Before joining Aberdeen, he
was Professor of International Business and Management at SOAS University of London, a Professor
of Finance at the University of Southampton and held academic posts at UWE and Utrecht
University. He worked as a Practice Specialist in Corporate Finance at McKinsey & Company. He
studied Economics and Mathematics (BSc and MSc).
Ingyu Oh is Professor of Organizational Studies, International Business, and Cultural Industries at
Kansai Gaidai University, Japan. He is the Managing Editor of Asia Pacic Business Review. His
research focuses on corporate governance, institutional approach to motivation, eciency, knowl-
edge management and innovation in complex organizations. He has published 12+ books and over
60 referred articles in journals like Journal of Knowledge Management, Asian Business and
Management, Third World Quarterly, and Asia Pacic Business Review.
Chris Rowley is Visiting Fellow, Kellogg College, University of Oxford, and Professor Emeritus at
Bayes Business School, City, University of London, UK and was Visiting Professor at the Graduate
School of Education, Tohoku University, Japan and Research Fellow at the Korea Foundation, South
Korea. He has over 30 years’ experience in university systems in the UK, Europe and Asia and has
won several international grants and has published over 800 articles, books, chapters, and practi-
tioner pieces. He regularly provides interviews, expert comments and opinion pieces to the inter-
national media, including news services, TV, radio and practitioner outlets.
ORCID
Gerhard Kling http://orcid.org/0000-0002-3029-7269
Ingyu Oh http://orcid.org/0000-0002-1645-8767
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