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E-commerce

Alibaba Group now Asia’s richest company

Alibaba Group Holding has surpassed Tencent Holdings and China Mobile in market capitalisation to become Asia’s richest company.

Alibaba’s market value rose to US$261 billion in New York last week, overtaking Tencent’s US$255.98 billion capitalisation in Hong Kong on Thursday during a trading week shortened by a public holiday.

China Mobile was the region’s third-largest company, valued at $249.38 billion.

Alibaba’s shares have risen 28.8 per cent this year to $104.64, making the owner of Taobao.com and Tmall e-commerce platforms the world’s 10th-largest company by value, according to Bloomberg data. The world’s five most valuable companies now gain their revenue from technology or the internet – Apple, Alphabet, Microsoft Corp, Facebook and Amazon.com.

In Asia, technology and internet-related businesses have displaced oil refineries, manufacturers and banks in the top three spots.

Samsung Electronics of South Korea is the other technology company among Asia’s 10 most-valuable corporations, valued at $191.76 billion.

As well as e-commerce, Alibaba has businesses in internet finance, cloud computing, film investment and logistics. The Hangzhou-based company’s second-quarter revenue rose 59 per cent, the strongest since its 2014 initial public offering in New York.

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