Breaking News

Asia Today ISSN 1861-4604 Sunday, September 24, 2017

Headline

Europe World

Alibaba Group becomes the most valuable Asian company as market value soars to $360 billion

The e-commerce platform

Share on Facebook June 10, 2017, Reporter : Big News Network, Reader : 444

news

BEIJING, China - The world’s largest online shopping platform, Alibaba Group Holding defied analyst estimates on Thursday, as its market value soared to $360 billion on bullish sales forecast.> BNN
 
The e-commerce platform operator’s fiscal 2018 sales may increase by up to 49 percent, 10 percentage points higher than estimates.
Alibaba’s became the most valuable Asian company, surpassing its nearest rival by more than 8 percent.
 
The company’s shares jumped 13.3 percent overnight to a record $142.30 on the New York bourse.
 
This boosted the company’s market capitalisation to $360 billion, 8.4 percent more than Tencent Holdings as the most valuable Asian company.
The company’s digital advertising continues to grow while new ventures into cloud computing and digital entertainment are seen to be paying off.
The Hangzhou-based company, owner of the South China Morning Post said in a statement that revenue will increase by between 45 percent and 49 percent in the year ending March 2018. 
 
New Street Research’s analyst Kirk Boodry, who was expecting a 40 percent growth said, “The revenue guidance was a positive surprise. The main driver is the power of their data analytics platform, as they can provide very detailed and accurate consumer targeting for advertisers, who are increasingly keen to spend money with Alibaba.”
 
Alibaba’s Taobao and Tmall sites, that were founded by former English teacher Jack Ma Yun in 1999 are the go-to platforms for China’s 448 million online shoppers.
 
This has taken the company’s gross merchandise volume up to $547 billion for the year ended March 31. 
 
Sales for the company’s fiscal 2017 rose 56 percent to a record 158.27 billion yuan ($23.29 billion).
 
Maggie Wu, chief financial officer said during Alibaba’s annual investor event in Hangzhou, “Despite having a larger base, we continue to accelerate our revenue growth.”
She further added that the revenue projection “is going to be voted by the feet of the merchants and consumers, and we have the confidence that based on the data and technology we have, we are going to achieve that.”
 
Experts added that Alibaba’s forecast is easing any concern that China’s slowing economy could weigh on online sales. 
 
Wu meanwhile added that revenue growth and the increase of Alibaba’s retail transaction volume are “decoupling.”
 
Hou Xiaotian , who has a “buy” recommendation on the stock said that Alibaba’s accelerated growth reflects the “winner takes all” trend in the global technology industry.
 
Adding, “With Alibaba’s advantage in data and technology, it’s in a much better position in finding the next big thing and seizing new opportunities than any other smaller company.”

All News of China

More Euro Asia news of the month

Photos Chinese sex toy maker launches app to ‘share girlfriends‘

BEIJING, China - When it comes to the sex toys industry - not much shocked the world in the initial days of the industry’s boom....

Photos Hong Kong Singer, Actress Josie Ho Making New Music

HONG KONG - To say that Josie Ho has been busy is an understatement. The Hong Kong singer and actress is putting out new music,...

Photos China Gears Up For Five-Yearly Party Congress as Xi Shores up Position

Authorities in China have stepped up nationwide "stability maintenance" measures targeting anyone with a critical opinion of...

Photos Asia tensed again: India and China headed for risky conflict

BEIJING, China - A battle is threatening to break out between India and China, over the disputed Doklam Plateau, which is claimed by...

Photos Furious China accuses U.S. of stirring regional conflict

BEIJING, China - Even as tensions due to North Korea’s nuclear attack threat to the U.S. continues to ratchet up tensions in Asia,...

Photos China irked by territorial disputes, but Jinping won’t budge

BEIJING, China - With China engulfed in multiple territorial disputes, some dating back to more than ten years, Chinese President Xi...

Photos China continues ‘militarizing’ South China Sea, but its provocations have left U.S. fuming

BEIJING, China - On Sunday, the Pentagon alleged that a Chinese J-10 fighter jet performed an "unsafe" intercept of a U.S....

Photos Chinese Hospital Says Health of Ailing Dissident, Nobel Laureate Failing

The hospital treating ailing Chinese dissident Liu Xiaobo for late-stage liver cancer says the Nobel Peace laureate's is suffering...

Photos A global embarrassment: Trump and his White House has attracted Asia’s fury after getting everything wrong

WASHINGTON, U.S. - No, this time Asia is not displeased with something U.S. President Donald Trump did - its about what he said…...

Most Popular
Last News
Previous
Next
Flying Reimagined

Sports

Bundesliga announce Bibiana Steinhaus as first female referee

gallery thumbnail Bibiana Steinhaus will make history in Germany on Sunday when she becomes the first woman to read more ..

Shakib consolidates top spot in ICC Rankings

gallery thumbnail Dubai [UAE], August 31 (ANI): Bangladesh's Shakib Al Hasan has consolidated his position at read more ..

Falcons TTC emerge as champions in inaugural UTT Barcelona star Neymar agrees terms with Paris Saint-Germain - source 22nd Asian Athletics C'ships: Tintu Luka poised to defend women's 800m title Champions Trophy final: India opt to field against Pak Bangladesh rise to sixth in ODI rankings

Stock Index

Sunday, September 24, 2017

Life Style

Previous
Next

Photo Gallery

  • [Alternative text]
  • [Alternative text]
Previous line
Next line
Previous photo
Next photo
Previous
Next
Photos
Photos

FEUILLETON

Previous
Next

ASIA IS HOME TO 60 PERCENT OF THE WORLD'S POPULATION, BOASTING RAPID ECONOMIC GROWTH.
AsiaToday is more than just a network with the latest Asian and International developments. With programmes covering politics, business, sport, socio-culture, environment and travel coupled with constant investment in new technologies. AsiaToday continues to be the pre-eminent multi-platform provider of news content, upcoming events and press release.

Submit Press Release Submit Event

Editor-in Chief: Mir Monaz Haque - Sub Editor: Abritti Chawdhury - Seniour Editor: Dr. Golam Mohiuddin - Managing Editor: David Andersen - Special Editor India: Tathagata Sarkar
Published Online by: South Asia Forum e.V. Berlin (Reg. 95 AR 1329/01) c/o. Rashid - Weser Str. 83, D-12059 Berlin, Germany Educational News Portal