Alibaba CEO Explains Why Employees Won't Get Red Envelopes
Alibaba CEO Jack Ma wrote in a blog post that employees would not be receiving traditional hongbao gifts this year. He cited unexceptional results.By Jake Godin | February 13, 2015
Every Chinese New Year, companies across China practice the tradition of gifting hongbao, or red packets filled with cash, to their employees.
You would think employees from a Chinese e-commerce giant such as Alibaba, which went public last September to the tune of $25 billion, would fare pretty well, right? Wrong. (Video via Alibaba)