Alibaba leads Asian listed firms in market value

21:09, 18 September 2016

BEIJING. KAZINFORM - Alibaba Group Holding Ltd's market value surpassed all other Asian listed firms, according tothe e-commerce giant on Saturday, China Daily reports.

The world's largest e-commerce platform closed at $104.64 per share on the New York StockExchange Friday, totaling over $266 billion, the highest market capitalization of any Asianlisted firm.

Rallying share prices due to booming business and outstanding financial performance haveseen Internet companies catching up with traditional sectors. Another Chinese internetcompany, Tencent Holdings Ltd, topped the Asian listed-firms market capitalization earlier thismonth.

Alibaba reported stellar growth in the second quarter of this year, with revenue rising about 59percent year on year, the strongest rise since its IPO two years ago.

In addition to its e-commerce business, Alibaba is hoping for momentum in its financial, cloudcomputing and logistics services over the next decade.

Source: China Daily

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