Chinese tech giant Alibaba posts 8% rise in revenue for past fiscal year

Chinese e-commerce giant Alibaba announced Tuesday a modest increase in annual revenue, as the firm pursues a major overhaul and regulatory curbs on the country's tech sector are relaxed. China's tech sector has suffered under a regulatory crackdown by Beijing that began in 2020, prompted in part by the government's fears that too much power and capital had been amassed by a few firms.