News this week: China’s largest e-commerce company, Alibaba
Group, posted strong results in the fourth quarter after announcing the
company will prepare its IPO in the U.S. in the near future.
Net profit in the quarter was US$1.4 billion, up from US$642
million from the same quarter in the previous year. Revenues in the period grew
66% compared with the same quarter in 2012, amounting to US$3.1 billion. The
company attributed the 11th November online shopping festival as a
key driver of growth, during which Tmall.com
and Taobao.com, Alibaba’s consumer-focused
e-commerce platforms, reported a combined value of goods traded on their
platform of RMB 35 billion (US$5.62 billion) in a single day.
According to media reports, Alibaba’s IPO is expected to be
one of the largest since Facebook and is estimated to value the company at more
than US$130 billion.
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