(Yicai) April 9 -- Alibaba Cloud Intelligence Group, the Chinese internet giant's cloud computing arm, announced price cuts of as much as 59 percent in overseas markets just over a month after its steepest-ever price reductions in China.

The prices of over 500 products in the computing, storage, network, database, and Big Data categories in 13 regions worldwide, including Singapore, Japan, South Korea, the United States, and the United Arab Emirates, will be reduced by an average of 23 percent, the firm said yesterday.

Following the cuts, Alibaba Cloud's products are cheaper overseas than those of other major rivals, the Hangzhou-based company noted. Last year, the firm revealed that its international business had grown by more than 20 times over the past five years.

Alibaba Cloud first lowered prices on April 26 last year, initiating a chain reaction in the sector. Soon after, Tencent Cloud slashed its by 40 percent, China Telecom's State Cloud by 90 percent, and JD Cloud began offering its “lowest online prices.”

Alibaba Cloud trimmed prices to a record low in China on Feb. 29 this year.

The firm also has released new products and ecological incentive policies in overseas markets. The products are mainly for developing artificial intelligence applications, while the policies have increased partner commission rates and lifted investment in building localized service systems.

Alibaba Cloud has been improving its revenue by cutting income from project-based contracts with narrower profit margins, its parent company said in a fourth-quarter financial report released on Feb. 7. Operating revenue rose 3 percent to CNY28.1 billion (USD3.9 billion), while earnings before interest, taxes, and amortization surged 86 percent to CNY2.4 billion.

Editor: Martin Kadiev