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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

Published Wed, Sep 9, 2015 · 09:50 PM
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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.

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