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By Catholic Online (NEWS CONSORTIUM)

4/16/2014 (1 year 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 (1 year 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."

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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.

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That, rejecting the culture of indifference, we may care for our neighbours who suffer, especially the sick and the poor.
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