Tencent pips Alibaba as Asia's biggest Internet company
It caps a 10-month slide for China's e-commerce giant that wiped US$140.7b from its market value
Hong Kong
ALIBABA Group Holding surrendered the title of Asia's largest Internet company to Tencent Holdings, capping a 10-month slide for the e-commerce giant that wiped US$140.7 billion from its market value.
Shares of Alibaba fell 4.7 per cent to US$60.91 in New York on Tuesday, making the online marketplace worth US$153 billion. That's below Tencent's value for the first time since billionaire Jack Ma oversaw Alibaba's record-breaking initial public offering (IPO) in September 2014.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Brokers’ take: DBS cuts Venture Corp price target after Q1 earnings miss
Garmin’s Q1 results beat on strong demand for fitness, auto products
Foxconn’s musical chairs sound like punk rock
US sets up board to advise on safe, secure use of AI
Regulate AI? How US, EU and China are going about It
Meta’s results are best viewed through rose-tinted AI glasses