Alibaba tops Amazon as biggest e-commerce company

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A receptionist works at Alibaba's headquarters in Hangzhou, capital of east China's Zhejiang Province. [Photo/Xinhua] 

Chinese e-commerce giant Alibaba surpassed its U.S. counterpart Amazon as the world's biggest e-commerce company Tuesday as the Hangzhou-based company reached the threshold of US$470 billion in market value.

Shares of Alibaba rose over 1.2 percent in mid-session on Tuesday to US$184.32, hitting a market capitalization of US$472.1 billion. Meanwhile, stock of U.S. online retailer Amazon declined 0.87 percent to US$982.35 a share, making the company's market value total US$471.9 billion.

Analysts said Alibaba regained its title of the world's biggest e-commerce company after over two years thanks to its incredible performance this year.

As one of the top performers in the New York Stock Exchange, Alibaba has gained over 100 percent since January, while Amazon rose nearly 30 percent.

The Chinese company's stock soared 12 percent in the past two months after it announced better-than-expected quarterly earnings in August.

Alibaba's net profit jumped 96 percent to more than US$2.1 billion year-on-year in the first fiscal quarter ending June, beating market expectations.

Moreover, the number of active buyers on Alibaba's retail platform climbed to 466 million, accounting for about one third of the Chinese population.

Investment banks J.P. Morgan and Morgan Stanley raised their long-term price targets for Alibaba from US$190,170 to US$205,200 respectively after the release of its quarterly report.

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