Alibaba, the Chinese ecommerce behemoth that listed in New York last month, has muscled ahead of Walmart by one important measure: its market valuation now exceeds that of the world’s largest retailer by revenues.
Shares of Jack Ma’s Hangzhou-based group climbed as much as 2.8 per cent to touch a new record high of $100.50 yesterday, lifting its market capitalisation above $247bn.
At that level, Alibaba is just $2bn short of the list of the world’s 10 most valuable companies, within reach of Swiss pharmaceutical groups Roche and Novartis. Alibaba would have reshuffled the coveted top 10 had it not been for better than expected third-quarter results from Novartis.
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