Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

4/16/2014 (11 months ago)

Catholic Online (www.catholic.org)

Gigantic e-commerce site has more revenue than Amazon and eBay - combined

Ali Baba for those in the west usually means the storybook leader of a gang of fearless, 40 thieves. But this will soon change. A massive e-commerce site from China, Alibaba, with revenue larger than Amazon and eBay combined has decided to go public in the United States.

Yahoo's dominance has since dwindled as Alibaba has since grown into a global powerhouse.

Yahoo's dominance has since dwindled as Alibaba has since grown into a global powerhouse.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/16/2014 (11 months ago)

Published in Technology

Keywords: Alibaba, China, e-commerce, public offering


LOS ANGELES, CA (Catholic Online) - The announcement comes after long speculation that it would list in Hong Kong. Alibaba could raise up to $15 billion at an estimated valuation of up to $200 billion.

"We expect it to be the largest tech IPO ever, the largest IPO of the year, the largest Chinese IPO of the year," Max Wolff, chief economist and strategist at Citizen VC says. "It's a big number, probably a record-breaker by any metric."

Check out our fine selection of Bibles -- by going here!

The public offering comes as part of a wave of Chinese companies going public in the U.S. this year. Twitter-like platform Weibo is set to begin trading on the NASDAQ on Thursday and Alibaba rival JD.com filed for a $1.5-billion listing in January.

The announcement has brought ample investor interest that swirled around Facebook in 2012 and Twitter in 2013.

Often compared to eBay and PayPal, Alibaba's interests are far wider. Alibaba encompasses banking, maps, cloud computing, online music service and TV and film production. The company also has a stake in Weibo, the microblogging platform that is going public in the U.S. this week.

Founded in 1999 by a group of 18 people, Alibaba is led by Jack Ma, a former English teacher from Hangzhou, a city near Shanghai. Yahoo was an early investor and still owns about a quarter of the company; Japan's SoftBank has a substantial 37 percent share.

Yahoo reported its quarterly earnings this week, revealing that revenue at Alibaba surged 66 percent, to $3.06 billion, in the fourth quarter compared with a year earlier. Its net income more than doubled to $1.36 billion.

That makes Yahoo's 24 percent stake worth $42 billion. Which is more than Yahoo's own market capitalization, according to an estimate by private company financial intelligence provider PrivCo.

"Yahoo made a huge and, in retrospect, very smart investment in Alibaba when Alibaba was very small and Yahoo wasn't," Wolff said.

Yahoo's dominance has since dwindled as Alibaba has since grown into a global powerhouse.

Going public in the U.S. has become an attractive option for Chinese companies. Stock exchanges in mainland China are struggling and subject to restrictive controls, including a 10 percent daily limit on how much a stock can gain or lose after the first day of trading.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Technology

Is Facebook changing? Facebook plans to conquer the virtual world this year Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

Facebook's chief technology officer, Mike Schroepfer promised that the Virtual Reality (VR) program will come into life within the year. The Oculus headset, which was on their top secret list before, was announced to be available soon, but the exact release date is not ... continue reading


Smartphones and Internet may be putting your child's mental health in jeopardy Watch

Image of

By Hannah Raissa Marfil

The number of young people being admitted for mental treatments since 2010 has rapidly increased. Julie Lynn Evans, a psychotherapist for over 25 years now, is grateful for the additional funding being sent into mental health services, but she believes the dilemma ... continue reading


Stealth fighter jets in U.S. set to get massive upgrades Watch

Image of Pentagon officials have stressed the importance of developing the new long-range strike bomber calling it critical to national security and nuclear deterrence.

By Catholic Online (NEWS CONSORTIUM)

A mainstay of United States military defense, stealth bombers have been around since the Seventies. The Air Force's aging fleet is now ready for an expensive makeover. The Pentagon intends to develop a high-priority, super-classified, next-generation bomber. ... continue reading


Will you say 'hello' to Barbie? Mattel's new Barbie doll is 'creeping out' parents, raising concerns of privacy Watch

Image of Hello Barbie will allow its owner to carry on a conversation through recorded audio and WiFi.

By Hannah Raissa Marfil (NEWS CONSORTIUM)

Classic toy doll, Barbie, has been reinvented after the makers, Mattel received numerous requests for a Barbie doll that kids can talk to, according to a spokesperson of the toy company. Mattel's response is WiFi connected "Hello Barbie" that comes with an installed ... continue reading


Scientists find way to eliminate inherited diseases with genetically modified human eggs Watch

Image of

By Abigail James (NEWS CONSORTIUM)

New gene-editing techniques are being improved and could soon eliminate inherited diseases from future generations by modifying the DNA of human egg cells. LOS ANGELES, CA (Catholic Online) - Although the idea of editing chromosomes in human eggs or sperm is feared, ... continue reading


Hidden spy cameras discovered at United States post office, installation confirmed by USPIS Watch

Image of freerepublic.com

By Hannah Raissa Marfil (NEWS CONSORTIUM)

A hidden camera disappeared just after an hour of being discovered at a Denver local post office, Fox31 Denver reported. People became alarmed that they are being watched as they drop-off their mails with the possibility of the camera collecting their facial features ... continue reading


Your selfie can now be seen by millions: Charity campaign puts selfies on billboards for donations Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

By participating in the Ultimate Selfie Campaign (#ultimateselfiecampaign), people can now have millions of people across the United States see their selfie or favorite photo on digital billboards, while helping charities with a $25 donation. The project was an ... continue reading


BIG, BIG things predicated on Apple's 'Smartwatch' Watch

Image of A solid gold version aimed at the very rich will tarnish a brand that promises

By Catholic Online (NEWS CONSORTIUM)

While Apple remains unusually successful, there are already naysayers lining up to predict that the company's forthcoming "Smartwatch" will be a flop. Many details about the new gadget remain under wraps. Questions remain about the watch's price, the battery ... continue reading


Let there be light: New urine-powered light bulbs bring light to refugee camps Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

"Pee Power" is what the people are calling this strange innovation. British students and researchers, from the University of the West of England and the OxFam global aid agency, have invented a mode in which light bulbs can be powered by urine. The University has ... continue reading


Zombie Apocalypse: Safest plan is to 'head for the hills,' according to experts Watch

Image of In the event of a zombie apocalypse, cities would fall quickly. However, it would take weeks for zombies to penetrate into less densely populated areas.

By Catholic Online (NEWS CONSORTIUM)

In the event the dead return to life and begin to cannibalize the living, turning them into hordes of the shuffling undead, theoretically - there would be few options. Researchers at Cornell University offer a practical bit of advice should this happen - head ... continue reading


All Technology News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Isaiah 50:4-7
4 Lord Yahweh has given me a disciple's tongue, for ... Read More

Psalm, Psalms 22:8-9, 17-18, 19-20, 23-24
8 'He trusted himself to Yahweh, let Yahweh set him ... Read More

Gospel, Mark 15:1-39
1 First thing in the morning, the chief priests, ... Read More

Reading 2, Philippians 2:6-11
6 Who, being in the form of God, did not count ... Read More

Saint of the Day

Saint of the Day for March 29th, 2015 Image

St. Berthold
March 29: Considered by some historians to be the founder of the Carmelite ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter