Alibaba adds US$42b in market cap on strong sales forecast

Hong Kong

ALIBABA Group Holding Ltd's market value surged by US$42 billion after the company forecast sales growth that topped every analyst's estimate, defying expectations that gains would slow by dint of a decelerating economy and its own sheer scale.

China's largest e-commerce company forecast 45-49 per cent revenue growth for the year ending March, sustaining a near-unbroken run of 40 per cent-plus annual rises and underscoring how investments in businesses beyond its bread-and-butter of online shopping are paying off.